Payment sent to wrong bank. How to recover?

[davidsexton_0528]

Hi everyone, 

Need help with a tricky selling / payment deposit issue. 

I recently made a sale on ebay and the funds were sent to the bank account I have on file. After a few days of not seeing the payment in my checking account, I checked the transaction and saw that the account # of the deposit was right but the bank name was incorrect. Ebay sent my deposit to a bank with a very similar name in a neighboring state, but this bank has a different routing # and I do not have an account there.

Ebay customer service recommended checking if my bank received the ACH deposit. They confirmed that they did not. I also called the wrong bank that ebay sent the money to and they said they have not received it. They said the payment should be rejected due to wrong routing # / account #, so it won't show up as a pending ACH. 

Has anyone experienced this kind of thing before? Assuming the wrong bank rejects the deposit, will the money go back into my ebay account? How can I ensure that ebay is making the correct deposits so this doesn't happen again? 

Thanks for any insight.

[48hrs-clothing]

What the Bank told you is correct as payments go into an account name, number, Bank and routing # and payment from eBay will be rejected and returned to original source which is eBay's manage payment partner who will put this back in your account on eBay.

eBay's manage payment partner should be contacting ACH to check status of payment as only they would have access to the inter bank reference number of the said transaction.

If error in terms of name of the Bank was on your part then you have to wait till rejected payment makes it way back to eBay .

If error in terms of name of the Bank was on part of eBay then you don't have to wait and eBay should pay you now.

These kind of errors do happen and your responsibility is to make sure that your banking details on eBay are accurate and after this you have no worries as it is Banks problem to resolve.

[luckythewinner]

---

@davidsexton_0528 wrote:

I checked the transaction and saw that the account # of the deposit was right but the bank name was incorrect. Ebay sent my deposit to a bank with a very similar name in a neighboring state, but this bank has a different routing # and I do not have an account there.

---

You said the account number you gave eBay was correct.

You said the bank name you gave eBay was wrong.

So just to be absolutely clear - did you give eBay the correct routing number?

[lindyslucky]

This is exactly the thing I want to avoid with managed payments.

We had a B&M store & constant banking issues.

Its unlikely that I will spend a long time Pursuing the same amounts Im making.

Please let us know what happens.

I think one poster misinterpreted if I am right?

You did sign up with the correct bank, it was eBay's mistake, right? 

[davidsexton_0528]

Yes, I believe it was ebay's mistake. I use a very small regional credit union that isn't recognized by ebay, so I had to enter the account details manually. I provided account # and routing #, but it did not ask me or pre-load the bank's name. 

I did search the bank name, but all that did was confirm that they don't have a record of the bank (like Chase, Bank of America, etc.)

[davidsexton_0528]

Yep, I provided the routing # by copying from my credit union's website. 

[silverstatetreasureboxes]

@davidsexton_0528 

     David the routing number is unique to every financial institution, it doesn't matter if  " little town usa" has 2 credit unions with similar names. If you indeed put in your routing number to your bank or CU then that's where it will go. Have you rechecked your information given to ebay to see if it's correct?

[mam98031]

---

@lindyslucky wrote:

This is exactly the thing I want to avoid with managed payments.

We had a B&M store & constant banking issues.

Its unlikely that I will spend a long time Pursuing the same amounts Im making.

Please let us know what happens.

I think one poster misinterpreted if I am right?

You did sign up with the correct bank, it was eBay's mistake, right? 

---

@lindyslucky 

I know that the OP feels this is Ebay's fault and/or MP's fault but isn't likely.  MP can ONLY go off the information given.  If you give them the wrong routing number, then yes your deposit isn't going to come to the bank you expect it to come to.

The way to avoid this problem is in YOUR hands.  Make SURE the info you give MP when you register is CORRECT.  If you do that, then this issue will not happen.

All it takes is one character / number to be different and this problem can happen.  So be extra careful.

[mam98031]

---

@davidsexton_0528 wrote:

Yes, I believe it was ebay's mistake. I use a very small regional credit union that isn't recognized by ebay, so I had to enter the account details manually. I provided account # and routing #, but it did not ask me or pre-load the bank's name. 

I did search the bank name, but all that did was confirm that they don't have a record of the bank (like Chase, Bank of America, etc.)

---

Then it is likely when you entered that information there was a mistake made on your part.  It only takes one character to be off.  Ebay can ONLY go by the information YOU give them.  They do NOT take it upon themselves to adjust your information just because they want to.

[davidsexton_0528]

Thanks, all. Regardless of fault, i'm still not sure if / when the money is going to come back. Hopefully the money will bounce from the incorrect bank and go into the proper account (I deleted and re-entered the account info on file to make sure it's absolutely right). Does anyone have experience with ebay deposits bouncing (for any reason)? how long does it take for it to return to ebay?

[mam98031]

---

@davidsexton_0528 wrote:

Thanks, all. Regardless of fault, i'm still not sure if / when the money is going to come back. Hopefully the money will bounce from the incorrect bank and go into the proper account (I deleted and re-entered the account info on file to make sure it's absolutely right). Does anyone have experience with ebay deposits bouncing (for any reason)? how long does it take for it to return to ebay?

---

It will not bounce from the bank it was sent to into some other bank in which you feel was the appropriate bank.  They [the bank] has no way of know what the appropriate bank is.  They can ONLY go by the information given.  The money would bounce back to the Sender, which is MP.

You need to go to your MP set up and look VERY closely at the routing number you provided.  It is likely at least one character off.  Whether a number omitted or different but your issue is your routing number.

MP could ONLY transfer money per your information given.  They didn't change something on you without your permission and just send the money out to some other bank.  

This should be relatively easy to resolve, but you are going to need to do your proper research and then contact the MP team to get your account corrected.  They can then put in with the ACH system to have that deposit returned to them [MP].  They will NOT be able to get the bank that shouldn't have your money to send it to whatever the correct information is.  It will have to come back to MP first.

[releasethekraken_1]

What routing # did you give them? And what is the name of your bank? What is the name of the other bank?

[lindyslucky]

Thank you for your reply.

We never heard back from the OP on Facebook xactly whose fault the issue was. 

As I have stated, we had a B & M store in business since before we were born.

Always dealt with the same bank.

Also have had jobs where they direct deposit(not our regular bank).

We have had issues.

To think that switching over & using a completely new system would be completely glitch free is naive.

Yes, buyers & sellers will make mistakes, on all aspects of the change. 

So will the money processor.

Because, in the end, humans run things. 

Humans make mistakes.

Paypal was working for the most part just fine.

Change for the sake of change is just not ok.

i know it's all eBay's choice.

But, the switch to managed payments, and in our case, opening yet another financial account  was not necessary.

It DOES increase the chance of being hacked.

plus it's a hassle.

Too much time/ not enough$$$. 

[jda15121]

Transactions at banks are automated unless a customer manually fills out information. They won't change anything you give them. If you give them a deposit ticket and it is not theirs, they will not process it (can't). No idea what they do with it then. Bank names mean nothing. Nothing gets processed based on the banks name. 

[mam98031]

---

@lindyslucky wrote:

Thank you for your reply.

We never heard back from the OP on Facebook xactly whose fault the issue was. 

As I have stated, we had a B & M store in business since before we were born.

Always dealt with the same bank.

Also have had jobs where they direct deposit(not our regular bank).

We have had issues.

To think that switching over & using a completely new system would be completely glitch free is naive.

Yes, buyers & sellers will make mistakes, on all aspects of the change. 

So will the money processor.

Because, in the end, humans run things. 

Humans make mistakes.

Paypal was working for the most part just fine.

Change for the sake of change is just not ok.

i know it's all eBay's choice.

But, the switch to managed payments, and in our case, opening yet another financial account  was not necessary.

It DOES increase the chance of being hacked.

plus it's a hassle.

Too much time/ not enough$$$. 

---

@lindyslucky 

I never said MP was without issues.  We were talking about ONE issue that the OP is having, not a host of issues.  So it is not helpful to try and throw other things in the mix as it deflects and makes it more difficult to zero in on what the issue at hand might be.

So you are suggesting that the OP put in the right numbers and someone at Ebay took it upon themselves to change them which resulted in the problem the OP ended up with?  Why would they do that?

This "system" is not new.  It is THREE years old.  It may be new to you, but it isn't new to the site.  It has been up and running for three years.  

It wasn't necessary for Ebay to start MP is your opinion, which I respect.  Ebay doesn't see it the same way as you do clearly.

Ebay has maintained and protected financial information on many sellers for over 25 years.  ANY internet site is at risk to be hacked.  

If you aren't making enough money here, then of course you may not want to continue here.  But for many of us that simply is not the case.