mam98031 • Volunteer Community Member • Buyer/Seller since 1999
@tiggy4 wrote:The change of rules regarding the requirement of bank details being given to ebay so they can transfer the money to you. If you have money accumulated with ebay from sales and they suddenly declare that the only way you get it back is to give them your bank details otherwise risk losing the money completely then that seems like extortion. I'll give your money back when you give me your private financial information. That is quite different than choosing not to do business with them because they have this new requirement. In this case they already posses your money and are refusing to return it.
Ok, that makes more sense now. While new to some sellers it is old hat for others. MP has existed on Ebay for over three years. Last summer Ebay started onboarding sellers in groups each month. There goal is to have all sellers in MP by the end of the year and so far it looks like they are certainly on target to make that happen.
They don't "suddenly declare" anything regarding this program. Ebay sends out email letting a buyer know a few weeks before putting that seller into MP that they are schedules to enter the program and by what date you need to register. There are follow up emails as well. It may be that you didn't see these emails, but that doesn't mean they weren't sent.
If you don't want to attach you main checking account, you are NOT required to do so. They just want you to attach A checking account. What I have done myself and what I recommend to others is to open another bank account at your bank. Make sure the name PERFECTLY matches the name you have on your Ebay account, not even a middle initial difference. They must perfectly match. Then just attach this account. I have all my online sales drop into a separate checking account. It makes things so much cleaner and bookkeeping is easier. Your concerns are easily resolved.
@tiggy4 wrote:You're right, they didn't suddenly declare the policy but that's not really the point. Nowhere in the terms does it say they will hold your funds hostage unless you provide them a bank account, main or otherwise. Don't even object to their policy. What I'm asking how can they hold my money, not theirs, unless I provide my private bank account details, again, main or otherwise. They are perfectly capable of sending me a check and call it a day but they refuse to do that. Still sounds like extortion to me.
If you understood the process in which MP uses, then it would be logical for you to know that they have to have your bank info to process your payments. So yes it is clearly stated in the policies. It is what MP does. They collect the payments from buyers, those take 1-2 days to clear payments, then they move to Available for transfer. On the next available business day the money is transferred to the seller's checking account if they have daily deposits or the next Tuesday for those with weekly payouts. Payouts ONLY happen on Business days. This is just how this process works. There is no alternative payout method. Maybe someday, but not so far in the three years it has existed.
With the balance of that, I can't help. I simply don't know the answer to that, sorry.
@babywatermellon wrote:With so many payment options available as Zele, VenMo, etc. - NO, eBay DOES not need to have all our bank and personal info. Given that - opening of a new bank account should not be the only option.
This is Ebay's site, they own it, they do NOT have to accept Zele, Venmo or any other payment method if they do not want to. That is Ebay's decision to make, as they own the site. Just as every single site out there has set what they want as payment methods. That is NEVER determined by the users of the sites, but the owner of the sites. Etsy, Ebay, Amazon, Target, Macy, Mercari, Posmark, Offerup, Overstock, etc.
There is also NO REQUIREMENT to set up a new checking account for the purposes of signing up for MP. It is recommended by many users, to include me, but it is not required. You are welcome to use an existing Checking account if you want to do that.
There is only three things MP asks you when it is time for you to sign up. Bank Routing number, Checking Account Number and the last 4 digits of your SSN. If you provide all the correct information the first try and it can be verified, they will not be needing any additional information.
The only time they need additional information is when they are having trouble verifying your identity. And there is a specific format they must follow by law. It is part of the Federal Banking rules as well as the Anti Money Laundering law.
Look at this article. It will detail what you need to register and some of the things you should VERIFY BEFORE signing up. Doing that will greatly reduce any problems that have been happening to others.
![Video [Russian Language]: Answers to common Payoneer registration issues](/t5/image/serverpage/image-id/750612i41F587DBC26EF24C/image-size/large?v=v2&px=999)
