Payout on Hold for 3 Months but trying to close LLC

[heatherleach]

Good morning ya’ll,

 I have been seeing in Ebay for just shy of a year and have nothing but trouble with this platform.  They are currently holding over $1400.00 of mine for nearly 90 days. 
My payouts were going to my CashApp card with no issues for 6 months. Then Cash App decided to return my payout, informed me they will no longer accept eBay payouts, and then ended the conversation. The payout  was sent back to Ebay.

i do not have another banking about with my business name on it. Since this happened I’ve attempted to open 5 accounts in my business name. They gave all been denied. 
eBay will not switch my account back to a personal, will not send the money to my accounts, and recently also ended all of my listings. 
I’m ready to close my LLC BUT if I do that will eBay Flat out deny me my money?

 How can I get paid?

 Which discounts need to be provided to be a business seller? - I gave them all I had but their representative stated I don’t have enough info in file to be a business (website does not request much documentation). 
so frustrated and confused

[ckimodog]

@heatherleach 

If you are not getting the nod from eBay to continue to selling, you will probably see your money in about 6 months depending on the state you live in .  It will go to the states unclaimed funds department.  You can pick it up there with proper and current ID.  

Sorry for your situation.  Best of luck in the future. 

[heatherleach]

They have delisted all of the items on my account.  They keep asking for verification of a bank account with my business name which I don't have. I even paid for the remaining documents needed rather than just my EIN (which is more than my State requires for online reselling). eBay refuses to payout to even my legal name! 

.... Sigh.

thank you CKimodog, I appreciate you taking the time to respond and for the information as well. I hope that you have a profitable day!

[lacemaker3]

@heatherleach,

You mentioned that you were using the EIN for your LLC documentation. Does eBay also have your SSN? I believe that is needed to be able to claim your funds from your state's unclaimed funds. 

You should probably look into that ASAP. Google your state's name and "unclaimed funds" to find the website, and find out what information you will need to provide to your state to prove that the funds from eBay belong to you. I believe it is usually your name and SSN number, but you should check what info they ask for.

I'm surprised that you were able to register a CashApp account for managed payments in the first place. Did you have trouble with that? How did you verify the account? CashApp states on their website that they are not a bank, which is a good indicator. For managed payments, it has to be an actual bank account.

Did you try opening a business account at an actual bank, or were you trying with other online payment services?

[soh.maryl]

"They keep asking for verification of a bank account with my business name which I don't have."

Under Managed Payments on eBay, you're required to have a bank account to receive deposits when you make a sale.  Are you saying you do not have a bank account?  

[candd205]

Try to open an account at a different bank. If you want to keep selling on eBay, there is no way to get around this.

[lacemaker3]

@heatherleach, oh dear. Apparently you are trying to use your EIN only, and not your SSN.

https://community.ebay.com/t5/Ask-a-Mentor/Banks-allowing-Business-Checking-account-with-only-EIN/td...

I don't believe this is going to be possible. Managed Payments requires that you provide an actual bank checking account, not an online payment service like CashApp. Banks require that you provide your SSN or TIN to open a bank account. Why can't you use your SSN and open a legitimate bank account?

[12345jamesstamps]

Your lucky Cash App returned your money.

The 1099K will include eBay as we know but it will also include Cash App now. Can you imagine getting 2 1099K for one pay out. Gonna need that social security number for a payout with anyone this year .

[tobaccocardyahoo]

An LLC without a bank account is a red flag for money laundering or other illegal activities.

You are having problems because you did not realize that and you cannot seem to get a bank account, perhaps also do to protection against money laundering.

You have money trapped in limbo because Cash App and Ebay are following their security procedures.

Walk into a bank, and do everything they require to open a bank account for the LLC. If you cannot, the results will probably be the same for every bank, and you can kiss your money goodbye.

[redmodelt]

When I signed up for my EIN, LLC was not even part of the requirement to do so, even as a sole proprietor.

Maybe I am wrong, but isn't LLC protection optional so is not required for a business to have or even need for selling on eBay even if you are selling under a business name? 

Might leave the LLC out of the equation for now and concentrate on getting checking account opened.

As suggested several times, you need to go to a bank and open a real checking account linked to your name or business name and address used along with your SSI and EIN numbers (as required by bank to open account). The information between the checking account and what is on eBay must match. 

While I am sure there are others, I would suggest staying away from Bank Of America. Because you used the term "ya'll" to open with, that night suggest you may be located in the Southern USA. If that is the case, there have been reported issues in the past with branches of BofA accounts not being able to be used for Managed Payouts in the Southern USA. 

[fab_finds4u]

If you have a business account they won't  switch back to a personal account then you need to have a business checking account linked to your business eBay account.