eBay has your bank account and so does the hackers

[blue3785]

FDIC deposit insurance does not protect accounts from a fraud or theft online (or otherwise).

[yuzuha]

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@bonjourami wrote:

Ebay doesnt have your banking information. Their payment processor, Adyen does.And Adyen is used on many other huge websites to process payments.

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Not to mention that all they have is your bank account number and your routing number, which are both on literally every check you have ever written. You can't hack someone's bank account with only that information.

[luckythewinner]

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FDIC deposit insurance does not protect accounts from a fraud or theft online (or otherwise).
Time to go back to PayPal!

You do realize that the FDIC does not protect PayPal accounts either? And that PayPal was hacked in January 2023?

[house*of*paws]

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@blue3785 wrote:

Maybe the company you are dealing with, but in this case Ebay does not as far as I know. If someone hacks your bank account, you may be on your own.

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Hi @blue3785 

You're not on your own.  You have protection from your bank.  

Many sellers have opened a new checking account to use just for selling on eBay.  That way none of your personal info is at risk.

[chapeau-noir]

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@blue3785 wrote:

Maybe, maybe not but I am not going to go around giving my bank account information to everyone that wants it when that is not necessary. Bring back PayPal. 

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I'm not sure how reliable your information is when you don't know that (1) PayPal has a much higher market cap than eBay, (2) When eBay's contract ended with PayPal, PayPal was glad to be done with it, (3) PayPal's rates are now higher. (4) Buyers now have more ways to pay.

eBay isn't going to "bring back" PayPal.

[maxine*j]

Of course not.  The Federal Deposit Insurance Corporation covers the money (up to $250K) that you have deposited in an FDIC-insured bank in the event that the bank fails.  That's it.  Never has covered theft, fraud, robbery, or anything else -- just covers deposits in a bank goes under.

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[theteamsetguy]

@blue3785 ,

In addition to eBay all of the following companies have my banking information:

1. My employer

2. My auto insurance company

3. My home insurance company

4. My cell phone provider

5. My internet provider

6. My cable TV provider

7. My electric provider

8. My natural gas provider

9. American Express

10. My mortgage company

11. The IRS

12. MN Department of Revenue

13. The garbage service

14. Anyone I've written a check to.

15. Paypal

16. My boat insurance company

17. Turbo Tax

I have automatic withdraw for all of bills.

[12345jamesstamps]

Actually, you can dispute a charge with your banking account online from anyone. This is not anything new.

My telephone account and my wifi/TV streaming account are connected to my banking for auto pay.

I have also my Lift, Starbuck's, Doordash hooked up so I can pay online...as well as Amazon and eBay.

I don't think people everything in cash anymore...its online or through a credit card connected to your bank.

There are car payments, rent payments, mortgages...which I don't think people with cash.

[ms.rodriguez*]

Ebay will NEVER ever go back to Paypal.  And like someone stated, Paypal was hacked recently.

[chapeau-noir]

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@ms.rodriguez* wrote:

Ebay will NEVER ever go back to Paypal.  And like someone stated, Paypal was hacked recently.

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Yes.

And even if Paypal DID consent to an agreement with eBay, it would be very similar to any other managed payment system - eBay and PayPal are completely separate companies no longer working even semi-synergistically as they had. We certainly would not be having those little free hand-holding loans that Paypal gave so we thought our payment was somehow 'instant' (it was not).

And buyers don't care - they can pay with Paypal, anyway.

I'm not sure how people can sell on this site and not know these basic facts.

[itsjustasprain]

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@chapeau-noir wrote:

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@ms.rodriguez* wrote:

And like someone stated, Paypal was hacked recently.

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Yes.

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No it wasnt. Hackers scored a database of user account info from one or more OTHER sites. They then tried the passwords stolen from those other sites along with user IDs and names and ect. on Paypal to see if they could access user accounts there by reusing the passwords from the other sites (since people tend to use the same passwords on more than on site). In about 37K cases, they succeeded.

Paypal itself was not breached. Only the accounts using the same login info from other (compromised) sites were affected. Details can be found in the article from Forbes.com that someone has already posted earlier in this thread.

[evry1nositswindy]

PayPal has your checking account number too.  How do you think you transferred your money?

Hackers can get into pretty much any system.  My bank lets me know if I have any suspicious activity on my account and credit cards.  Discover card emails me if there is anything suspicious.  I feel pretty safe.  

I have been with Managed Payments by Adyen for a few years and have had zero problems.  No monies coming out that shouldn't be and all monies going in as planned.

[ms.rodriguez*]

I have 14 from that list.  I can add Medicare, Macys, Kohls, Target, Best Buy, Home Depot, Lowes.  Plus about 5 other stores that went out of business. (ToysRUs, Caldor, etc.)  

It's safe to give Ebay your banking information.  Think of ebay as your employer. You want to get paid , right? Give ebay what they ask so that you get paid.