SELLER BEWARE - Managed Payments FORCES you to keep a bank account on file!

[joshua_boatright]

It's bad enough that they're forcing us into this wretched "Managed Payments" system (and there have been dozens of discussions that issue), but in case you're not aware, once you've added a bank account to Ebay for payouts, you MUST keep a bank account on file, at all times, for all eternity. If you try to delete an account, you get this message "You always need a payout method so we can pay you. Please add another checking account first before deleting this one." 

Now, I get it that they want to push this direct payment system (so they don't have to shell out more money to PayPal), but at least Paypal always lets me remove my bank information, at any time, for any reason. (I'm not just talking about CHANGING it, I'm talking about REMOVING it). In fact, every other business I've ever worked with allows me to remove personal data at any time, regardless of my reasons. It's MY DATA!

This is a huge personal security risk, because if (God forbid) Ebay or the third-party European company "Adyen" that they've outsourced our payment handling to ever got hacked, our PERSONAL BANK ACCOUNT INFO would be in the wind.  Bank account data is arguably the most high-risk type of data you can have stored on a third-party server, and (all due respect to third-party company Adyen) this new system simply doesn't have the credibility and track record of PayPal. If a credit card is compromised, you can just cancel the card. If your Bank account is compromised, you risk losing your very livelihood.

 THIS IS STRAIGHT-UP UNETHICAL! If you want to force us to use a bank account to accept payments, so be it. But, forcing us to maintain a persistent bank account on your server whether we wish to or not (and even if we're not listing or selling anything for an extended period of time) is just plain wrong. Please fix this wretched system to allow full control over our personal data (not just REPLACING data, but DELETING data.) 

Sorry for the anger, but even as we speak, my personal bank info is floating on a server somewhere, and I HAVE ZERO MEANS TO REMOVE IT! (Short of closing my account and losing all my feedback, which even then, still doesn't assure me that my personal data will be removed.)

[rebell45 · Accepted solution]

First, I agree with you that I don't like a company like eBay storing my private financial data, given their inability to keep their website and systems functioning reliably. And now giving a foreign company access to the same data has convinced me that I won't be selling here much longer ( I haven't been invited to join MP yet).

That said, it was suggested that you set up a separate bank account, unconnected to any personal accounts so that you don't risk them compromising your personal funds. Many credit unions offer free checking accounts with only a small amount required to join. As for them deleting your data if you close your account, no, your not assured that they will actually delete your data, but that's probably true about any website you have ever entered your data on. I'm sure everything you've ever put online is still out there somewhere.

[themayqueen]

i agree 100 percent. I tried to remove my bank info, as i am not going to sell  with the managed payments or ebay any longer. But they are  forcing  me to keep my bank info on there, for no reason. I intend to force them to remove it. if i can remember to  post , i will update this .

First stop: BBB i think. Because there is NO reason for them to keep our  info and managed payments registration if we aren't selling.

Might go further than that.

So glad you posted!

[themayqueen]

this is a  major cause for concern. we should get some kind of  way to make them remove our info once we close down our selling  on ebay. We cant sell without it,  so they won't need to worry about us trying that. They should never be allowed to    make our info  vulnerable   for  infinite time, but should remove it if not going to use it. Also, nobody told me it's being  further accessed or handled by other companies.

[themayqueen]

that's no solution, IF YOU ALREADY SET UP THE BANK INFO WITH MANAGED PAYMENTS. the point is , how to remove it as it is already compromising our bank security.

[glasser]

Lots of places have your bank account information. If you pay bills via auto payments they likely have it, the IRS has it if you get direct deposit of tax refunds, PP has it if you verified your account. Any one of those could be hacked at anytime. 

You need more than the number to be a risk they need your other credentials like login information.

Make sure on your account that you have strong authentication at minimum a good unique password. Preferably you are using something else to like a security key or some other multifactor solution. As you bank what they offer.

eBay did just post an FAQ on some of these topics 

Have questions about payments? Check out this post... - The eBay Community

[themayqueen]

i don't accept your excuses. NO online  venue should refuse to allow you to remove payment methods you  will never use there. Or to force us to replace it with another we won't use. this is outrageous. As for other online  places, THOSE  ARE BEING USED BY ME.  huge difference. There is an actual reason for it to be there. But there is NO reason for   all my  confidential info to be on this site for managed payments, if i won't be using them. THEY SHOULD BE REMOVABLE . end of story.

it's not only banking info, they  have ALL our essential info, including  a photo ID.

don't try, you will not convince me, I am very security minded and not about to go slack. Also, privacy minded.

[themayqueen]

and what kind of joke is that, they def take your login credentials to  get it connected.

 how could you not be aware of all the hacking that goes on?

[redmodelt]

Mine have been on file at eBay and Pay-Pal as long as I have been on both. OMG it is the end of the world! LOL That is how I pay my fees and have been doing it so for about just as long.

[themayqueen]

i rarely input my banking  info on websites, and  most or all have some policy of removal on request.

 i sense some usage of my  data by ebay,  other than MY use of it ( since i decided not to use  it as a seller) and  that is setting off alarm bells. companies and even  my state, DO sell and share our otherwise confidential info  and a lot of it. Very shocking.

but ok i just realized your idea of setting up a separate account  COULD work, and then change  to that for my mgd payments. BUT i still would want my  unused previous  bank acct info to NOT be stored.

It's also disturbing and alarming that they also want my photo ID, along with my banking info , to be stored on thier servers. THAT's also  giving me serious doubts and questions as to WHY they want this info.  Sounds so shady, and any hacks are gonna have all that info together.  i have sold on ebay for many years, and they never needed it til now. It's really none of thier business,  and so i am NOT selling on ebay and may never again.

[themayqueen]

you are so right, and this whole thing has become so  uncomfortably Big Brotherish, with every  possible implication that involves, that i have so far declined to use Managed Payments and  am not selling on ebay right now. But they got my banking info, and i also want it removed but found no way to do it.

[rochills1]

What's to stop a seller (who no longer wishes to sell) from simply closing down the checking account attached to their ebay managed payments?

Yeah, if it's your primary checking account, that doesn't work so well.

But some of us created another separate checking account for the purpose of using it for managed payments.

Kind of hard for some entity to hack into an account that no longer exists.

I don't want to close down my ebay account completely, as I will still buy things from time to time. But if ebay refuses to allow us to detach them from our checking account, closing that checking account would seem the only alternative available short of closing our ebay accounts completely (unless, of course, there's some fine print disclaimer buried in their eula agreement someplace threatening us with expulsion if we do).

[annadryl]

Keep it coming, this is good~

[rochills1]

That popcorn could use a little more butter.....

I just talked to an ebay rep, and indeed you will have to either close down your ebay account or go to your bank and close down your checking account. No other options available.

If your seller account is attached to a critical checking account that you cannot close down, some banks (like Chase with me) offer the option to add another one or two checking accounts for free.

You could open another account with a minimal balance, change that account to your managed payments account, then go back next week and close that new account. They will never know the managed payments account is closed if there aren't any sales transactions or debts assigned to it. So just make sure it's been over 30 days since your last sales delivery, you are clear of potential refund liabilities, and you don't owe ebay any fees before you proceed to close that account.

And yes, I know about PayPal's 6 month return policy. I'm not really concerned about PayPal scammers wanting to return something 5 months after the sale. That's just another reason to close down that managed payments account if you are no longer selling on ebay.

[blevblev]

How about this...open another checking account, transfer the payment info to that account, and then close the bank account. Hey presto! Problem solved.