Managed payments

[tamiscollectiblesandtreasures]

If you have signed up for managed payments, and Ebay gets hacked.  All sellers on Ebay will lose all their money in their checking accounts, as well as savings, if they are tied into one bank.  I suggest opening a bank account that is only for Ebay., and not with a bank that has your checking or savings account.  Being hacked is a common occurrence.  It happens all the time to really big companies.  It is only a matter of time for this to happen to Ebay.  When you were taking your payments through Paypal, you were covered.  You are not covered if this happens with Ebay.

[little*blackdog]

My bank advised the same... to open a new checking account for eBay use only... and not use my personal checking account.  They told me even then, if eBay "makes a mistake" or their system is hacked, that (new) checking account would be totally at risk, and to keep only the minimum amount needed in it.  That an ACH account isn't protected and can have money "legally" withdrawn by others with access, as well as deposited, at any time, in any amount, with no consent from the account holder necessary.  It's very, very scary actually. 

[little*blackdog]

If the checking account had "overdraw protection" tied into a debit card or savings account, those accounts could be in jeopardy too. 

[muskingum_relics]

for me those are very legit reasons to refuse to not sign up !!

[rustydalmatian]

You should NEVER do any business on line with anything but a credit card.  Your debit card and checking account give you zero protection from scammers and hackers.

[pburn]

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@rustydalmatian wrote:

 Your debit card and checking account give you zero protection from scammers and hackers.

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I know you desperately want that to be true, but it isn't. When I've had episodes of having my debit card (and, thereby, my checking account)  hacked, my bank reversed the transactions immediately.

[gracieallen01]

Since it appears that you aren't a seller, but a buyer only, perhaps the circumstances - and financial institution response(s) - may be somewhat different?

[pburn]

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@gracieallen01 wrote:

Since it appears that you aren't a seller, but a buyer only, perhaps the circumstances - and financial institution response(s) - may be somewhat different?

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Now, what in the world would my eBay buyer/seller status have to do with whether my bank reverses a hacked debit card transaction? Do you think my bank knows anything about whether I buy or sell on eBay? Or would apply their policies differently if they did?

[pburn]

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@gracieallen01 wrote:

Since it appears that you aren't a seller, but a buyer only, 

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It appears you're not a seller, nor a buyer either . . . how do you think your bank would treat a breech of your debit card?

[gracieallen01]

No, I no longer sell on ebay, though I did for quite a few years.  However, my merchant account provider - who handles for my website and a couple of other area in which I sell - does have different criteria than a bank as far as handling a hack on my account with them and yet another criteria for handling the funds through the banking institution through which they work.

And, yes, the institutions with which I have my various credit cards will also, like yours, immediately reverse transactions if i were to report a breach of information - however, that is as a buyer, not a seller.

[mam98031]

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@gracieallen01 wrote:

No, I no longer sell on ebay, though I did for quite a few years.  However, my merchant account provider - who handles for my website and a couple of other area in which I sell - does have different criteria than a bank as far as handling a hack on my account with them and yet another criteria for handling the funds through the banking institution through which they work.

And, yes, the institutions with which I have my various credit cards will also, like yours, immediately reverse transactions if i were to report a breach of information - however, that is as a buyer, not a seller.

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So much has changed over the years.  There is likely no reason for you to stay current on the rule changes or policy changes on Ebay.  So what difference does it make about the other poster and how do you know they don't have another account in which they sell under.  Are you just trying to dismiss whatever they may say because you feel they don't have any grounds in which to share their experiences or opinions?

Your bank that issues the Debit Card is not likely to even consider your status on Ebay as a buyer or a seller.  You are a consumer / customer of that bank and that is what they are concerned with.  Whether or not your a seller is not likely to have any bearing whatsoever on the reported misuse of your Debit Card.

[mam98031]

@tamiscollectiblesandtreasures 

When dealing on the internet and having some of your financial information out there, there will always be a risk.  Whether it is here on Ebay, or on PayPal, or some site you have your charge card info on, etc.  Always a risk.  Just as there are risks about keeping financial information on your mobile devices or site login information.

There are always creative thieves out there very willing to try and steal your money and mine.  So we have to stay very vigilant.

Ebay has been around now for 25 years.  They were hacked once in 2014 but fortunately no financial data was lost.  Ebay has financial data on ALL SELLERS and has had for years.  Whether it is a CC number or a DC number or even a bank account.  Ebay protecting this information is not new.  They have done it for years.  It is all encrypted for security reasons too.  Just like many other sites do as well.  

So yes, we ALL should be very careful in how and what type of financial data is out there and protect it the best we can.  Having a separate checking account for online selling whether it is on this site or others is always good advice.  I have a separate checking account from my main checking account, at the same back, but my selling checking account is only used to collect deposits from the sites in which I sell on.  I transfer money out of there as I need it to another account.

How is this different than the checking account you have attached to your PP account for years?  Do you think it is at higher risk because it is Ebay instead of PP?  If so why?  Ebay owed PP up until 5 years ago.  The security on both sites is likely to be pretty even.

If you decide to open a checking account just for your online selling you don't have to open a savings account to go with it nor put any money into a savings account unless this is something you want to do.  

A site like Ebay, PP, Etsy, Amazon, etc.  it NOT a "common occurrence".  It is rare but you are right it is darn scary.  You can protect yourself.  You just need to learn how.

[mam98031]

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@muskingum_relics wrote:

for me those are very legit reasons to refuse to not sign up !!

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Then make sure you don't sign up to sell on any of the sites that require you to use their money processor.  You also may not want to have a PP account for the same reasons as this is information you provide them as well.  

[pburn]

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@gracieallen01 wrote:

No, I no longer sell on ebay, though I did for quite a few years.  However, my merchant account provider - who handles for my website and a couple of other area in which I sell - does have different criteria than a bank as far as handling a hack on my account with them and yet another criteria for handling the funds through the banking institution through which they work.

And, yes, the institutions with which I have my various credit cards will also, like yours, immediately reverse transactions if i were to report a breach of information - however, that is as a buyer, not a seller.

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I was responding to a comment that said:

"Your debit card and checking account give you zero protection from scammers and hackers."

The above comment does not mention anything about buying, selling, merchant account providers, or anything else. The member simply stated that debit cards and checking accounts are not protected from hackers. I disagreed.

My reply was focused on that statement only and was based on my personal experience. Your original response to my post had nothing to do with either the other member's comment or mine.

If my debit card is compromised and someone--anyone, no matter the source of the data breach--makes unauthorized charges, my bank will protect me. I don't care whether the breach came from Managed Payments or a gaming site or a porn site, I'm covered. I don't see what any of the detail you posted has to do with that position.

[mam98031]

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@pburn wrote:

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@gracieallen01 wrote:

No, I no longer sell on ebay, though I did for quite a few years.  However, my merchant account provider - who handles for my website and a couple of other area in which I sell - does have different criteria than a bank as far as handling a hack on my account with them and yet another criteria for handling the funds through the banking institution through which they work.

And, yes, the institutions with which I have my various credit cards will also, like yours, immediately reverse transactions if i were to report a breach of information - however, that is as a buyer, not a seller.

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I was responding to a comment that said:

"Your debit card and checking account give you zero protection from scammers and hackers."

The above comment does not mention anything about buying, selling, merchant account providers, or anything else. The member simply stated that debit cards and checking accounts are not protected from hackers. I disagreed.

My reply was focused on that statement only and was based on my personal experience. Your original response to my post had nothing to do with either the other member's comment or mine.

If my debit card is compromised and someone--anyone, no matter the source of the data breach--makes unauthorized charges, my bank will protect me. I don't care whether the breach came from Managed Payments or a gaming site or a porn site, I'm covered. I don't see what any of the detail you posted has to do with that position.

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Don't let @gracieallen01  post get to you.  I'm not sure why she is concerned because you might be a buyer only.  I don't know if you have another ID or not, nor does she.  But as you can see from her post you have above.  She too is not a seller on Ebay but a buyer only.  So I'm unclear as to why this even came up.  It makes no sense at all.