Managed Payments

[gardeltango]

I just switched over to Managed Payments.  How long does it actually take for the payment to be deposited in your bank account?  I sold something on February 2 but the payment hasn't shown on my checking account yet and I'm supposed to ship the item out today.

[motodad201]

So for giggles I opened an online checking account.  Got routing number and account number as one would.  I skipped the SSN part when enrolling for managed payments.  After my checking account was opened I researched wire transfers to this bank.  Two weeks ago I ran into something very interesting which made me investigate the wire transfer procedures for my new online checking account.  So two weeks ago I attempted to wire money for the first time from my E*TRADE account to my normal bank in town.  Put down all the pertinent information in my E*TRADE account for the transfer such as routine number and account number.  Initially got a processing transfer message.  Five days go by and no money in my account.  So I  call E*TRADE. Rep looks into it and says it was rejected for wrong routing number. I look at my check blanks and give the guy the routing number again and verified I had typed in the correct number.  I had entered it correctly. So we discussed further and he said to contact my bank because many banks use an intermediary bank for wire transfers. I thought he was just trying to get rid of me.  So I contacted the bank.  They said yes they do and emailed me the additional info needed for the int. Bank.  E*TRADE called me half hour later and I gave him the additional info and bang money in the account. 

So this brings me to my concern with this new eBay program.  My online bank account also uses and intermediary bank for wire transfers. There is no where to enter that info with eBay. So I contacted an eBay rep and he was totally unaware this is even a possibility.  They have no way to even input this additional data.  He had never even heard of it.  Apparently this is not an uncommon thing for banks to use. The bank I use for my regular checking account is the oldest brick and mortar bank in my state and they use an intermediary bank.  I asked this eBay rep what happens if the wire transfers won’t go through.  He really didn’t give me a legit answer other than the money will just sit there until it can be transferred. They have no other way to pay you. So it will stay there indefinitely.  This could become a serious issue for eBay.  I mean monstrous.  Class action lawsuit type stuff.  So I’m going to sell a small item for trivial amount and see if the money actually makes it to my account.