mam98031 • Volunteer Community Member • Buyer/Seller since 1999
@gartreano-2 wrote:
My opinion: eBay requiring sellers to link there personal bank accounts and to give eBay SS# information seems very wrong. Sellers should boycott and stop using eBay.
When anyone agrees with eBay's new rules. They are allowing eBay to have full access of entering and removing any amount of money from there personnel bank account.
I will No longer be using eBay.
Ebay needs just the last 4 digits of your SSN, NOT the whole thing.
They need your bank information so they can transfer your money to you. Without it, they can't get the money into your hands.
You are incorrect. Ebay does NOT get "full access" to your checking account. That is something that some posters have been saying with no facts to support it in a way to scare others. Ebay will ONLY look to your bank account to cover a negative balance in your MP account. If a seller is monitoring their MP account regularly, they should know when they are at risk for them needing to cover a refund or something from your bank account.
@reidgreetings5 wrote:"
The government is the one that requires eBay to collect this info so they can verify your identity and issue 1099 forms as required. You gave the information to PayPal at one point- this is essentially the same thing.
"This is a falsehood spread by word-of-mouth, and not by those whom have examined the tax revisions of US (and many states) tax laws.
The truth of the matter is. That by providing a bank account, you have satisfied the requirement. UNLESS you are running a business; which then (but not in all circumstances) justifies the need to ask for a SSN/TIN.
Truth be told; by providing a bank account for your proceeds, and costs. You have satisfied the tax codes. As the banks are required by law to report your earnings. So, in the case of the IRS. Mission accomplished.
PayPal; unless for a business account. Does not require your SSN. I know this for a fact. As all my eBay sales/seller activity is non-business. So I was never required to provide them an SSN. Only my chosen bank accounts. The banks accounts I provided them, all report my earnings to the IRS. So all parties are satisfied and happy.
Ebay nor PP require a full SSN for sellers that are small and don't appear they will go anywhere near the threshold for 1099K by years end. Ebay asks for the last 4 digits of the SSN in these cases.
OK, please provide a link that says that the IRS will forgo their requirement for a 1099K if the seller has their proceeds going into their bank account. FYI a bank account is NOT likely to contain all the costs of goods sold. But I'll keep an open mind, please provide a link that says this from the IRS.
Your definition of Business and what the IRS considers a Business is likely to differ. IRS calls income earned from casual sellers such as yourself as Hobby income.
https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794
https://www.irs.gov/newsroom/five-things-to-remember-about-hobby-income-and-expenses
https://www.irs.gov/pub/irs-pdf/i1099k.pdf
@hobbiesin3d wrote:if ebay was on top of it and used the latest security hygiene this would have never happened. yes some human errors are always possible and modern security processes if implement correctly has redundant failsafes to guarantee compliance and accurate execution. but i would suggest that people dont volunteer bank logins to Ebay. this is a scary thing they are doing. they have no reason to log in as you on your behalf to verify your information. i'm sure some younger people would wonder what the big deal is. your allowing a 3rd party to bypass bank security and into your account records. you just need 1 bad actor in the system, or a api with unset or bypassed security permissions to do a biblical wiping of all ebay members bank accounts. it doesn't matter how much you stand up for something when it already has glitched, or had human error, or lack of current procedural protections. no one should have absolute power over someones money in an automated machine gun manor of possible chaos and disaster. all it takes is a glitch, a setting flip from an api upgrade and someone who tests the systems daily (Russian, Chinese, Korean) or any other bad actor and the stuff will hit the fans. human behavior has us doing what is simple. the defaults to give bank info are a lot simpler and people make a split second decision to hand over there existence and funds. the correct thing to do is to properly explain what is going on, and what is possible as a warning. thats all i need to and have to say.
Clearly I must have failed to explain it very well. How much better security do you require? The hackers were UNABLE to break Ebay's encryption coding and therefore NEVER got their hands on the information. Isnt' that what we ALL want? For Ebay to protect our information? I'm unsure of your point. You talk as if Ebay is the only company ever hacked.
As I have repeatedly said on many threads, there is NO REQUIREMENT in MP for you to give your bank login information. It is an OPTION to confirm your banking information but it is NOT required. On the same screen you can see another option if you take a moment and review the screen in front of you and don't ASSUME you only have the one option.
@reidgreetings5 wrote:What I call business, where the IRS (or state) is concerned. Is any and all income and expenditures in a given Quarter, or Year as applies to my jurisdiction.
eBay is not responsible for anyone' misconduct, where the IRS is concerned. That is the responsibility of the individual/Corp/LLC/.. that has not conducted themselves in a manner that IRS approves of.
The bank is required by law to report all of your financial activity through them to the IRS. Having a bank account tied to your (eBay) account ensures that the money you, and eBay funnel through that account is accounted for, and the IRS sees it.
We've addressed the 1099 topic in other threads. I'll not repeat it here ATM. 🙂
You keep saying stuff and although I request links to explain what you are stating, none have been posted by you yet. The highlighted statement above, I still respectfully request you provide a link to this bank and/or IRS requirement.
@hobbiesin3d wrote:the default option is for ebay to ask for your banks login and password. it is not easy to work around it. ebay has no reason to need this. when they get this information they are bypassing bank security to pretend to be you to look at your bank info. they are using social engineered tactics to get this information. your bank does not want them to have it, they do not agree with it. if you were to tell your bank that you did it, they would ask that you change your password. why? because you and only you should have the password to log into your bank account.
Be basic info they ask sellers for when registering for MP are the bank routing number, checking account number and the last four digits of their SSN.
If additional info is needed after they review this info to verify your ID, it can include asking for your drivers license or something on your bank account. That screen that asks for the login info and password also has an option on the screen to do it another way. But because this pops up it captures the sellers attention and causes them great stress, many aren't looking at the balance of the screen.
Also lets say you do this and you do give them your login info and passwords. You think realize you really didn't want to do that or should not have done that, especially if you did not take the time to read the Terms and Conditions that are also available to you on that page. Then just go to your bank account and CHANGE your login and password.
The answer is much more simple. You are unwilling to supply it because it doesn't exist.
Now you are changing it a bit to be the statements that many of us receive regarding interest earned for the previous year from the banks. That is completely different from what you were speaking to before and has nothing to do with most people's checking accounts.
@reidgreetings5 wrote:"
That screen that asks for the login info and password also has an option on the screen to do it another way.
"
This option should never be an option, and the answers to which, should never be given. What was the purpose for eBay ever even asking? Bad eBay, bad!
It may also interest some know, that synchrony bank, aka PayPal Credit, also uses this as a first option. 😞
I understand that for you this isn't something you would consider doing. You absolutely have that right. You presented this originally in your statements about this option as being something MP required, but it isn't. It is a choice. You choose not to use it and there is not a darn thing wrong with that.
When options are presented to us on most anything that has options, does not ever mean that you must select the first option. When there is more than one options, something has to be in the first option position. This is why it is always important to look at the entire screen, not just a portion of a screen.
@reidgreetings5 wrote:"
The answer is much more simple. You are unwilling to supply it because it doesn't exist.
"
FALSE
"
Now you are changing it a bit to be the statements that many of us receive regarding interest earned for the previous year from the banks. That is completely different from what you were speaking to before and has nothing to do with most people's checking accounts.
"
I am speaking directly to the points I made initially. Nothing more. Nothing less. Everyone whom has ever done their taxes on their own, and not used a 1040EZ form also knows this. Those whom already have bank accounts, also already know. As they will receive the statements I've mentioned before the annual April deadline for (personal) taxes. They all know. Yet you simply choose to deny it, as it apparently doesn't agree with preferred narrative -- it is my intent to present facts. Not feelings, and I've gone to great lengths here to accomplish that.
Nope, your earlier posts said nothing about yearly reports that banks need to issue for things like interest income. That was just in your recent post in response to me asking your for more information via a link to the rule/law that requires such information to be reported by banks.
Your exact statement was:
The bank is required by law to report all of your financial activity through them to the IRS. Having a bank account tied to your (eBay) account ensures that the money you, and eBay funnel through that account is accounted for, and the IRS sees it.
And other similar statements on earlier posts. The two simply aren't the same.
Now the only time IRS may need the detailed transactions of your bank accounts is if you are being audited by IRS. Then they may request the info from your bank. But not as a regular course of business.
Here, let me help.
https://www.encyclopedia.com/articles/what-transactions-do-banks-report-to-irs/
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