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]

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.

[ga_open_box_llc]

Do you not have early pay out available? On my account, even though we have it set on weekly deposits,  we also have the option to request a payout early, and it would take 1-3 business days to process. This may be something you should consider in the future,  because now could possibly to late to request,  in order to get the funds when you need them.

[craft-stash]

eBays Madmoney is gone!

There will be NO SALES this weekend!

How can we buy anything with NO sales and the waiting a week to shop!

THIS is just another reason eBay is Irrelevant!

[1786davycrockett]

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.

[siamjane8 · Accepted solution]

    To actually answer your question instead of lecturing you on how you should have your payouts set up......

Typically what we have seen on a regular basis on our accounts:

       1. one of our accounts is set up for daily payments and when it falls on a holiday- it will be delayed one business day.

     2. our other account is set up for weekly payouts and if it falls on a Tuesday/holiday- ebay does NOT pay out the next day.....they hold the payment until the following week as regularly scheduled- so you will receive a 2 week payment then.

Its possible that it is different for some accounts but that is what has been true for the last 3 years on our accounts.

@sin-n-dex 

[sin-n-dex]

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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.

[12345jamesstamps]

I have instant payouts 24 / 7. Something you should consider getting . I can withdraw "available funds" anytime even on the 4th of July. I do have it set on "Tuesday Payouts" for this.

[sin-n-dex]

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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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It's not a holiday for me, our holiday was yesterday (banking holiday on Monday). When banks are closed in Canada, everything is processed the following day. I wasn't sure if this was the case in the US, or if because it's electronic it would just get processed and deposit automatically as usual (on the 4th, which is not a holiday here).

C.

[sin-n-dex]

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@siamjane8 wrote:

    To actually answer your question instead of lecturing you on how you should have your payouts set up......

Typically what we have seen on a regular basis on our accounts:

       1. one of our accounts is set up for daily payments and when it falls on a holiday- it will be delayed one business day.

     2. our other account is set up for weekly payouts and if it falls on a Tuesday/holiday- ebay does NOT pay out the next day.....they hold the payment until the following week as regularly scheduled- so you will receive a 2 week payment then.

Its possible that it is different for some accounts but that is what has been true for the last 3 years on our accounts.

@sin-n-dex 

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Thanks for answering, I don't think waiting a week is a big problem. I don't get to keep most of the money anyway... it's just what I tell the shop about when they'll get paid. I'll let them know we get two weeks of payment next week. Since I'm in Canada but on the US site, I'm not really sure how that would work... perhaps my payments actually come from Canada and this won't matter. The payments screen says next payout on July 4, but since it's a holiday in the US I wasn't sure what the usual process was for US sellers.

Anyway I think I'll just have to find out... I've only been in MP for a couple of years, so I haven't encountered every snag scenario that may occur with payments yet.

C.

[sin-n-dex]

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@12345jamesstamps wrote:

I have instant payouts 24 / 7. Something you should consider getting . I can withdraw "available funds" anytime even on the 4th of July. I do have it set on "Tuesday Payouts" for this.

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My receiving bank is in Canada, so I'm not sure it would be processed quite so efficiently. Plus Canadian banks charge businesses steep fees for transactions (or a high maintenance charge). I figured since I have to write a good portion of it in a cheque to the B&M store I don't really need the money immediately.

C.

[johnrj1226]

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

[buyselljack2016]

Switch to "daily" , and then after paid, switch back to not have to wait that extra full week.

[sin-n-dex]

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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.

[mam98031]

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@craft-stash wrote:

eBays Madmoney is gone!

There will be NO SALES this weekend!

How can we buy anything with NO sales and the waiting a week to shop!

THIS is just another reason eBay is Irrelevant!

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Nor does you post have anything to do with the subject of this thread.