One Checking Account?

[atari_king]

Hi All,

Right now my family has 4 ebay selling accounts and all the money from sales goes into 1 PayPal account.  Can we have the money from the sales from our 4 accounts go into 1 checking account with this managed payment mandate?

Thanks!

[kensgiftshop]

@atari_king 

Last I heard, you had to have a checking account for each Ebay account.

I don't know if they've changed it or not?

[atari_king]

There is no way we are going to get 4 checking accounts to keep track of - PayPal was so simple - why does everything have to become so complicated on ebay?

[lamber9347]

It is what it is I'm afraid. If you want to continue to sell using this platform you will have to make some adjustments in order to continue. Best of luck to you....

[mam98031]

I don't know of any rule that would require you to have 4 different accounts.  True each of the Ebay accounts have to have a checking account attached to it, but as far as I know this just should not be a problem.

You could even have the same SSN on all four accounts.  Which that SSN on the accounts is going to drive who gets the 1099K if one is required.

Now keep in mind that the name on the Ebay account has to match the SSN and the name on the Bank account.  As well as the physical addresses on the account has to match the bank account.

So if you have four accounts because four different people in your home are selling on Ebay, this is suddenly going to get trickier because you have to make sure the proper income is being reported to the IRS for each person.  Whether or not they get a 1099K issued.

Each of these members have to be 18+ in age too.

So give more details.  Are these four different people and you need four different SSNs on these accounts?  

[jda10121]

Contrary to the bad information, you have never needed more than one account and still don't.

[downunder-61]

Re read mams reply - if the identity does not match bank = eBay they will need different accounts for each person with an eBay account or the accounts can not be verified as stated

[jda10121]

So the name on your eBay account and the name on your bank account need to be identical. Either is simple to change so why would a sane person open a new bank account? FYI, it takes about 2 minutes to change your name on your eBay account.

[donsdetour]

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@atari_king wrote:

Hi All,

Right now my family has 4 ebay selling accounts and all the money from sales goes into 1 PayPal account.  Can we have the money from the sales from our 4 accounts go into 1 checking account with this managed payment mandate?

Thanks!

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That is very good way to have problems especially with income tax.

Best to set up each member on their own system.

[downunder-61]

I don't know how banks work in the US, but here in Australia we can't just change our name at the drop of a hat - we need to prove who we are, and I think you will find eBay under managed payments with Adyen is the same, but hey - you live there, you should know LOL

[khdang-54]

I think you couldn't do that.

[mam98031]

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@jda10121 wrote:

Contrary to the bad information, you have never needed more than one account and still don't.

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@jda10121 

I believe that is what I said but with more detail as the information still needs to match as I posted earlier.

[mam98031]

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@jda10121 wrote:

So the name on your eBay account and the name on your bank account need to be identical. Either is simple to change so why would a sane person open a new bank account? FYI, it takes about 2 minutes to change your name on your eBay account.

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@jda10121 

True, but you seem to be overlooking the fact that the OP may have 4 accounts because they belong to 4 different family members.  And if they are all changed to be the same name on all 4 accounts, that one person will then become responsible for the other 3 people's income tax impacts.  Until the OP further enlightens us on the needs of their family, there are different variations to this story.  We don't have all the information or the needs of the family.

[jda10121]

You are reading way too much into this. The simple answer to the OPs original question is: YES.

[mam98031]

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@jda10121 wrote:

You are reading way too much into this. The simple answer to the OPs original question is: YES.

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No I'm not.  This isn't a yes or no question.  It has other factors that have to be considered as I explained in my first post on the subject.