Why is eBay asking me to provide my bank information to get paid?

[thomas.402]

When I visit my selling page and review how I get paid I see the following: "Getting paid has changed: Fees and expenses will be deducted before you get paid out and the remainder of your earnings will go directly to your bank account, not your PayPal account. Get set up in a few easy steps."

When I go to the customer service site, it mentions no such option (see link below). I am very concerned about giving out may bank account info:.https://www.ebay.com/help/selling/getting-paid/getting-paid-items-sold?id=4135

What is going on here?

[wewenthard]

not only that - they literally want your online banking login credentials also. yeah, no. bye.

[beyond.lily]

etsy does

[dougand3]

ebay won't let me buy anything now from my only account. I do sell a few items a month, so must be a seller's account. Says they need to verify who I am with bank acct, SSN, et al.  Well, I've been doing this since 1999. Can you change a seller account to a buyer account? 

[releasethekraken_1]

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@dougand3 wrote:

ebay won't let me buy anything now from my only account. I do sell a few items a month, so must be a seller's account. Says they need to verify who I am with bank acct, SSN, et al.  Well, I've been doing this since 1999. Can you change a seller account to a buyer account? 

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Every eBay account is a "buyer's" account, i.e. you can use it to buy things. If you want also sell things, you have to do some extra steps (set up an automated fee payment source, etc.). And no, they're not keeping you from buying, at least not because you won't give them SSN, etc. That info is only needed it you want to continue to sell.

[tbeagin]

The logic is that they have direct access to take any amount they want, accidental or otherwise out of a checking account they've been given that access to. When I write a check I can rely on my bank paying the correct amount written out and in the number only area of the check. 

[tbeagin]

The 1099 thing is really pretty meaningless, if I sell something used that I bought with after income taxed money thats not really income unless I sell it for more than I paid for it and then only the amount of gain would be taxable and theres always associated expenses to offset. So the 1099 shouldn't be as scary to people as the idea of giving ebay access to withdrawal basically anything they want out of an account that I might use to pay my mortgage, or it contains my life savings etc..

[vendiwares]

You'll also need to give Adyen, eBay's Netherlands based payment processor, your name, date of birth, social security number, bank account number and a copy of a government issued photo i.d. You also give eBay / Adyen a power of attorney over your bank account. In some cases Adyen has required additional information such as copies of recent bills and a copy of cancelled check.

Since eBay expenses will now be deducted from your receipts, you will no longer be able to charge your eBay fees to your credit card. That means you will no longer receive a 1%, 1.5, or 2% rebate via your credit card rewards system on these expenses. For us this means an immediate 2% increase in all eBay fees. This was one of the major reasons Managed Payments was implemented - to save eBay having to pay credit card processing fees on eBay fees you paid with a credit card.

Do not under any circumstances give them this information! eBay had previously had data breaches in which customer information was stolen. The above information would come in real handy to identity thieves.

If feel the need to do so then you need to setup a two tier system of banking. I used this for years with PayPal. Obtain a free online banking accounts and give that bank's information to PayPal. Money deposited into this account is transferred to your main bank, which PayPal has no information on. The bank tied to PayPal maintains no balance and there are no automated transfers setup that PayPal could use to withdraw money from your main bank. There are many free online banks such as Capital One, Discover - some with signup bonuses.

Never trust eBay or PayPal!

[jucing]

Most people don't realize but once eBay posts transactions to your bank account, your bank will eventually ask YOU why do you have so many transactions from eBay AND will force you to change/upgrade your bank account to a COMMERCIAL bank account, no longer a personal bank account.  From there, the bank will require to report to the IRS, etc.  eBay will also get the power to withdraw from your bank account like ITS OWN!  And given that eBay's technology is not like Amazon, I am not sure so about giving eBay your SSN and your bank account!

According to eBay, you'll get a 1099-K, which will be sent to the IRS AND your local tax people for business taxes, license, etc., if you have more than 200 individual sell transactions AND (AND!!!) more than $20,000 of earnings fromt those transactions.

[jucing]

The best post! You're one of the few thinkers out there!  ALSO, eBay uses Adyen, which is based in the Netherlands.  That means if there is a data breach, they do NOT have to follow the laws of the USA!  It means you, the customers, will get screwed real bad!

[soh.maryl]

I hesitate to point this out, but has anyone noticed the date on the original post? 

[ab010]

ebay is withholding my money from buyers and it won't give it to me and i am pretty sure that's illegal. i will never give them my bank account or sign up for managed payments. as long as they give me my money i will leave the platform and never trade on it again. i am sick of ebay tirade of threats and abuses of us sellers and this is the last straw. do i really have to seek help from solicitor to get this sorted. enough is enough

[releasethekraken_1]

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@ab010 wrote:

ebay is withholding my money from buyers and it won't give it to me and i am pretty sure that's illegal. i will never give them my bank account or sign up for managed payments. as long as they give me my money i will leave the platform and never trade on it again. i am sick of ebay tirade of threats and abuses of us sellers and this is the last straw. do i really have to seek help from solicitor to get this sorted. enough is enough

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Your most recent sales were done under Managed Payments, so if you don't give them your bank info, you're not getting paid. If you want to waste time and money on a solicitor, who won't be able to help, by all means go ahead with that.

[jackstraw47]

Well, I wasn't sure what Management Payments meant if eBay sent me a notice about it, nor did I understand that eBay was changing its policy in such a major way. But ok...I am ok not using eBay anymore...now that I know what this policy is. I would never agree to giving them access to my bank account. But @releasethekraken_1  eBay bot is correct, they will not pay me the money that is in my account. They said to get that money I "will have to follow escheatment process in accordance with state and federal regulations". Which seems crazy since I am CLAIMING the funds, and escheatment seems to address unclaimed funds or accounts. Something seems off here.

I just hit the button to delete my account which it said may take 30 days 🤔

[releasethekraken_1]

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@jackstraw47 wrote:

Well, I wasn't sure what Management Payments meant if eBay sent me a notice about it, nor did I understand that eBay was changing its policy in such a major way. But ok...I am ok not using eBay anymore...now that I know what this policy is. I would never agree to giving them access to my bank account. But @releasethekraken_1  eBay bot is correct, they will not pay me the money that is in my account. They said to get that money I "will have to follow escheatment process in accordance with state and federal regulations". Which seems crazy since I am CLAIMING the funds, and escheatment seems to address unclaimed funds or accounts. Something seems off here.

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It's very simple. They have no legal way to give you the money AND record the fact that they gave you the money (e.g. your SSN or equivalent). So they turn it over to your state, and they won't give it to you without that info either.

[cheapalf]

Don't do it.  eBay will then have enough info on you and if they ever get hacked there is enough detail to impersonate you. Why would I want to give them a copy of my bank statements.  **bleep**