July 4 Payout

[sin-n-dex]

What happens on July 4? It's a bank holiday, so does that mean Payout happens and gets deposited on the 5th? Or do they wait until the 5th to do payout (my Payments screen says next payout is July 4). Or does it wait until the following week?

We don't have Tuesday holidays too often, so I'm not sure what protocol is. When Dec 28 was a holiday in Canada, eBay did the payout as normal on the Tuesday, but my bank got it the following morning because the 28th was a bank holiday. Not sure how this would work when the holiday is in the US where my eBay payout is coming from.

I know I'll find out by the 4th when I get the email (whether it's coming or not), but I already had to ask the B&M store to wait this past week for their money, now I've agreed to pay them to June 30 sales which means I want my payout on July 4 to make that happen (next day working at the store is July 5, so that's kind of why I need it then).

C.

[mam98031]

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@1786davycrockett wrote:

The money is transferred electronically.  The bank does not need to be open to accept the transfer of electronic funds.  

Whether or not your bank will record the electronic transaction depends upon your bank's business policies.

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That isn't completely accurate.  The ACH banking system has to be open to accept the money transfers and they are NOT open on ANY Federal Holiday, so Ebay can't even start the process on a Federal Holiday.  Ebay uses the ACH system to get our money from Ebay to our banks.

[mam98031]

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@sin-n-dex wrote:

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@mam98031 wrote:

What?  Yes it is a Federal Holiday and Yes banks are closed and Yes so is the ACH Banking system.  Just like every year.  Why do you think it is different or would be different this year?

If this day delay will present a problem for you, then go to your settings and change to a Daily Deposit so you get one on Monday.  You can always change it back to whatever you want to later.

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I don't live in the United States, I don't know how this US banking stuff works. That's why I asked.

C.

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But you aren't a new seller.  You are a long time seasoned seller.  

But if it is a problem, just make sure you change how often you want deposits send.  Best to make that change today so it is recorded before they do Tomorrows transfers.

[rustydalmatian]

You will receive your payment the second business day after eBay says they sent it out.  Saturday, Sunday and Holidays do not count as business days.  eBay does send out payments on these days, but the clock doesn't start ticking until the next business day.

[johnrj1226]

Depending on the bank deposits to your bank (checking account) can take various days.  For example the bank we have used for many years, deposits used to be in real time.   A few  years ago they changed - now it takes 2 business days to clear and longer when a Holiday falls on Fri or a Mon.   Banks  can and do have diff. policies.

PS we don't  have Boxing Day in the US and on  travels by vehicle South to get to Canada from the US in Detroit.

[buyselljack2016]

I always get the weekly deposit credited the next business day after eBay says they sent it out. (well, not always. Once I got it the same day)

[slippinjimmy]

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@sin-n-dex wrote:

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@johnrj1226 wrote:

You'er in Canada, July 4 is not a Holiday for you.

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I'm not 100% certain - but I thought my money came from eBay.com (the US site), which is why I asked.

Like I said, not 100% certain... when I had a holiday in Canada, the payout still happened, but the money showed up the next day because it was a bank holiday.

C.

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Your account is in Canada, a completely different entity does the Payouts for Canada so I doubt the July 4th US holiday would have any impact on your payout timing.

Canadian Payouts come from here:

[sin-n-dex]

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@mam98031 wrote:

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@1786davycrockett wrote:

The money is transferred electronically.  The bank does not need to be open to accept the transfer of electronic funds.  

Whether or not your bank will record the electronic transaction depends upon your bank's business policies.

---

That isn't completely accurate.  The ACH banking system has to be open to accept the money transfers and they are NOT open on ANY Federal Holiday, so Ebay can't even start the process on a Federal Holiday.  Ebay uses the ACH system to get our money from Ebay to our banks.

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That's what I was trying to find out... however I don't know if this will affect me since I'm actually registered in Canada, even though I'm treated as a US seller. There was no eBay Canada in 1998 when I joined, so some of the privileges of being a US seller still apply to my account, but new accounts I've created since do not have any US type privileges. (One was being paid in US funds for everything, but I have it convert to CDN funds for the bank transfer). Another is being able to buy USPS shipping on the site.

C.

[sin-n-dex]

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@mam98031 wrote:

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@sin-n-dex wrote:

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@mam98031 wrote:

What?  Yes it is a Federal Holiday and Yes banks are closed and Yes so is the ACH Banking system.  Just like every year.  Why do you think it is different or would be different this year?

If this day delay will present a problem for you, then go to your settings and change to a Daily Deposit so you get one on Monday.  You can always change it back to whatever you want to later.

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I don't live in the United States, I don't know how this US banking stuff works. That's why I asked.

C.

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But you aren't a new seller.  You are a long time seasoned seller.  

But if it is a problem, just make sure you change how often you want deposits send.  Best to make that change today so it is recorded before they do Tomorrows transfers.

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Coins was one of the last categories to switch to MP, so I've only been with MP just shortly over 2 years now (so the only "holiday" we had was Dec 28, on a day that was a deposit day), but since the holiday was not in the US, the ACH started on the 28th and the bank posted it on the 29th. Most of US holidays are on Mondays, so it's not a common thing to come across, but I wonder how it is when Dec 25 and Jan 1 both fall on Tuesday with weekly payouts. That's bound to happen eventually...

C.

[sin-n-dex]

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@rustydalmatian wrote:

You will receive your payment the second business day after eBay says they sent it out.  Saturday, Sunday and Holidays do not count as business days.  eBay does send out payments on these days, but the clock doesn't start ticking until the next business day.

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Not entirely correct... getting it the next business day only happened to me twice. The Tuesday payout is always posted between 4:25 and 4:40 pm on Tuesday (if eBay tells me they're sending me something).

Partly why I like to have the weekly payout is to keep better track of my money. I'm afraid I might lose track if they happen all the time, I wouldn't notice if one didn't show up. But I will move it daily as the others have suggested should I find I need it before next week. (The store is getting lots of it, so the part I keep is not so important for me to get immediately... it's being saved for a big purchase I'm making later this year).

C.

[sin-n-dex]

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@buyselljack2016 wrote:

I always get the weekly deposit credited the next business day after eBay says they sent it out. (well, not always. Once I got it the same day)

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Mine have always been the same day except this past week (and I found out there was a bank holiday on Monday, which might have affected how quickly my bank could process payments, at least that's what CSR at the bank told me on the phone when I followed up on it). I got it next day when it went out on the 28th which was a bank holiday in Canada (they move Christmas and Boxing Day to the Monday and Tuesday when it falls on a weekend.

C.

[sin-n-dex]

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@slippinjimmy wrote:

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@sin-n-dex wrote:

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@johnrj1226 wrote:

You'er in Canada, July 4 is not a Holiday for you.

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I'm not 100% certain - but I thought my money came from eBay.com (the US site), which is why I asked.

Like I said, not 100% certain... when I had a holiday in Canada, the payout still happened, but the money showed up the next day because it was a bank holiday.

C.

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Your account is in Canada, a completely different entity does the Payouts for Canada so I doubt the July 4th US holiday would have any impact on your payout timing.

Canadian Payouts come from here:

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Great, so I guess the point is moot... I'm going to guess my payouts come from there as they are in CAD (even though everything else I do on this site is in US funds).

I had just assumed since I was using dot com it would be a US based payout.

C.

[ms.rodriguez*]

Use a credit card. The worse way to pay is with Ebay funds.  Link a credit card to paypal and use that to buy. You get extra buyer protection.   Set up a credit card and have fun. Then as soon as you get the money in the bank, send those funds to pay for the credit card purchases.    Set it up with a credit card that gets points or miles.  The best thing about paying this way is that Ebay has to pay fees to the credit card companies and to paypal!   Why do you think that ebay pushes sellers to spend their funds?  It's only for THEIR benefit, not yours.

[siamjane8]

@sin-n-dex   Just an update to correct..... Tues is here and ebay "sent" the weekly payment today so i imagine it will enter the banking transfer system tomorrow and just be running a day late instead of them holding the funds for another week.

   That must be a recent change but a good one for sure.

[mam98031]

Same here.

[sin-n-dex]

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@siamjane8 wrote:

@sin-n-dex   Just an update to correct..... Tues is here and ebay "sent" the weekly payment today so i imagine it will enter the banking transfer system tomorrow and just be running a day late instead of them holding the funds for another week.

   That must be a recent change but a good one for sure.

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I got that email this morning. That was the part I was wondering about (if they'd do it on a holiday) but another poster pointed out my money comes from New Brunswick, Canada.

In any event, the payout email came, and at 4:33pm the money got put into my account. It's not a holiday today in Canada, so the banks are working. We had our bank holiday yesterday and my Paypal funds from yesterday came in at 9am this morning (which is generally what I expect when I initiate a transfer on a non-banking day).

So all good. I have a cheque for the B&M store, and I've already spent my share on a few things for the house and a floor fan, which we really need because it's 90 degrees out.

C.