eBay has your bank account and so does the hackers

[xblackghostxx]

    If you are a seller on eBay then you probably have your personal bank account linked to eBay. Which means they have direct access to your money plus your savings in that account (if you have over draft protection and/or can occur a negative balance). which means when(not if) a cyberattack hits eBay (if they haven't already with the march 2020 hack) then your account will be exposed and exploited. This is just one reason why I did not update the payment method from PayPal to a bank account, too much risk to do that.

    I've also been seeing that eBay has pushing my listings back where people cant find them, it went from 5k in sales down to 1k sales in a month and down to hundreds. I didn't change anything too because they were selling like hot cakes, and before this listings were on the fist page now I can't find my listing. so much for an open market. 

so to reiterate,

1. eBay isn't secure enough to have direct access to your bank accounts.

2. if you did not choose to link your bank account to eBay then they may have been quietly axing your listings.

[gjs_16]

Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank—it’s how the FDIC protects your money in the unlikely event of a bank failure. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. And you don’t have to purchase deposit insurance. If you open a deposit account in an FDIC-insured bank, you are automatically covered. 

fdic.gov/resources/deposit-insurance/

Please, help stop the FUD.

[biggymoe]

So if you didn't sign on for MP, how will you receive payments from sales?

Also if you didn't sign on, you will no longer be allowed to make new listings.

[maxine*j]

First, why do you not have a seperate account for your business?  You should never commingle business and personal funds in the first place.

Second, many banks have been hacked.  PayPal has been hacked.  All the social media have been hacked.  Utility companies have been hacked.  Local and state and federal governments have been hacked (BIG TIME or the federal government).  And the list goes on and on. 

No entity that has any of your information can guarantee that it will never be hacked.  Period. When it was all on paper in file cabinets, no entity could guarantee a bad actor could never look at it or steal it outright.  Period.

Interestingly enough, the only hack of eBay that I know of was one in 2014, and it didn't amount to much, as no financial or personal data was compromised.

But since you don't feel safe here, and don't like the direction eBay is going, you will have to decide if its in your own best interests to leave or to stay.

=

[toysaver]

If you're afraid of hackers you might as well give up shopping with debit & credit cards and keep your assets in a matteress instead of a bank.  Any financial institution is subject to hackers.

Many sellers opened a seperate stand alone checking account just for eBay and keep the balance low.  Managed payments has been around for a couple years now and I've never read of a single instance where funds were wrongly appropriated.

[1tuna]

your listings will not really get axed........a few may slip thru the cracks and by that time you will have your money held till you sign up.I thnik the word for forced switching is cramming.like the phone companies and electric do to folks that did not  pay attention to a  carrier in the 90`s.

many people have been taken for a ride I think.If you do not supply the info they shoud not be swithcing you

they take a few dollars and then hold it up till you get with the program

good luck

[eleanor*rigby]

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@gjs_16 wrote:

Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank—it’s how the FDIC protects your money in the unlikely event of a bank failure. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. And you don’t have to purchase deposit insurance. If you open a deposit account in an FDIC-insured bank, you are automatically covered. 

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I think you may have misinterpreted the phrase "bank failure." The term refers to an entire bank closing because of insolvency, usually due to mismanagement or the collapse of a segment of the economy in which the bank was invested as experienced in the 1980s.

FDIC insurance has nothing to do with losses from an individual's checking account being hacked. 

[inhawaii]

Of course ebay has my bank account info, I gave it to them. 

So those same hackers that have my bank account info, do they also have your paypal info?

Thanks for the info.  Cal me crazy but i'lll risk it.  I like to live dangerously. 

[ckimodog]

I have a separate single account for ebay and ebay only. I don't attach them to my other personal  accounts. I think that's the best solution to avoid any issues. 

[dhbookds]

you don't think your bank can be hacked? I presume you have no auto pays charged to your bank account?.....electricity/water/cable/mortgage?

[vintagecraze50]

There was a recent major general hack that happened just recently. Not specifically Ebay. Whenever I hear about this stuff I just go in and change my passwords, EVERYWHERE. Just to be safe. 

[maxine*j]

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@eleanor*rigby wrote:

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I think you may have misinterpreted the phrase "bank failure." The term refers to an entire bank closing because of insolvency, usually due to mismanagement or the collapse of a segment of the economy in which the bank was invested as experienced in the 1980s.

FDIC insurance has nothing to do with losses from an individual's checking account being hacked. 

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Exactly.  FDIC was created in the 1930s, after so many people lost every cent they had when banks went belly-up.  I often see it referred to on this board as something that will protect an individual against an individual loss in a solvent bank, and that is not so. 

There are other protections in place in the case of an individual loss do to unauthorized activity on a bank account, though:  1.  Contact the banks's fraud department.  2.  File a claim for the amount lost, if any.  If the report is filed befiore any actual transfers or charges are made,  the individual's liability is zero.  If the report is made within 2 business days of the hack, the individual's liability is $50.  If the report is filed after 2 business days but before 60 business days, the liability is $500.  After that, the liability is unlimited.  So it's a good idea to constantly monitor one's bank account.

One should also cancel any debit or credit cards the bank issued, reset passwords and PINs, check credit reports, and so on, of course.

=

[vintagecraze50]

News in June of this year says cyber ransom ware attacks are getting out of hand. Biden is working on this. These criminals comes mainly from Russia. 

[vintagecraze50]

Great idea, and keep only a minimum amount of cash in these accounts to be safe.

[nuclearomen]

no, lol, swear idk all these people come up with this stuff - none of that is true! 

Understand this - it's real simple, really, no one has hacked your bank account information from ebay! 
Why? Because, any person with half of the real knowledge of internet security knows that that information is not only saved on separate servers, but is encrypted and chances of that information being hacked and decrypted is slim to none! Example: your bank, has online account, has anyone hacked your bank and retrieved you account log in username and password and account information? No, why? because it's encrypted and these kind of hacks are rare. 

As for the rest of the OP post, so you believe that your sales are down due to ebay being hacked and someone getting your bank information? lol... wow, that's pretty ridiculous.