mam98031 • Volunteer Community Member • Buyer/Seller since 1999
@jas17931 wrote:Mp certainly fall under the jurisdiction of the fdic, please see “Risk Management Examination Manual for credit card activities”, Chapter XIX for merchant processing activities.
There are notice and disclosure requirements the third party payment processor is required to provide the merchants, which is not being done.
The ACH banking system is not FDIC insured, the individual member banks are.
Can you please provide the federal regulation that requires someone to provide their social security number? The is no such regulation.
I am not a licensed tax preparer so I cannot legally provide tax advise and am not attempting to. However issuance of a 1099 and disclosure to the IRS is not required if under the threshold.
I have serious concerns with ebays lack of direct contact information to speak with a live agent. I requested a call back, said I would receive in one minute. It took over two hours and 7 requests.
Money transmitters are not eligible for FDIC insurance.
https://www.fdic.gov/deposit/covered/notinsured.html
Point taken. I did word that badly about ACH. Thank you for the clarity.
https://www.finra.org/rules-guidance/key-topics/aml/faq
There are currently 9 states, including Maryland, that have 1099-K threshold reporting below the federal threshold: Massachusetts, D.C., Mississippi, Vermont, New Jersey, Arkansas, Illinois, Virginia and Maryland. According to tax and regulatory experts, many other states will follow suit, and soon.May 14, 2020
The call center for MP is ridiculously understaffed and under trained. It is really deplorable.
@jas17931 wrote:Understood.....
However, Finra covers broker/dealers in transactions outside the scope of us banking transactions/regulations/fdic...ie. market based transactions which are not relevant in this matter.
My point is eBay is acting as a clearing house/third party payment processor and not providing necessary disclosures which is illegal. There appears to be a case for anti trust and monopolies, which I’m sure will be forthcoming.
There is risk to the consumer with the three day float which we both know ACH does not take that long however I’m sure EBay will benefit through the retention of daily interest in a sizeable sum of dollars; question would be who covers if eBay fails/bankruptcy during those three days of float when all assets of the company would be frozen. And where is the written authorization on when eBay is allowed to attach funds on a personal DDA account; business DDA accounts have different regulations.
Be specific. What are they not disclosing? Have you read the policy pages? What is it that you think is missing?
ACH takes 1-4 days. Ebay isn't "floating" anything. When they send a transfer, it then enters the ACH banking system and is then in control of the banks.
For example, I do weekly deposits. So every Tuesday morning they release my transfer. I have my deposit recorded at my bank before noon on Wednesday, I do bank with a major bank. Some smaller more local banks may take longer.
When Etsy sends me a deposit, they too use ACH, it takes a couple days for it to arrive at my bank as does Amazons. For me, Ebay is faster. But that is just my experience, others may have different experiences.
@canslers wrote:Read the fine print in the agreement, too. The have a final and binding arbitration process that prohibits you from taking legal action if that becomes necessary. I'm out. Not giving my b day and ssn to ebay when I did it once a long time ago in PP specifically so I wouldn't have to put this info out there again. Gonna miss you ebay. I was there ever since the "somewhere over the rainbow" ukelele commercials.
That has been in the User Agreement for YEARS!!
@canslers wrote:They're referring to dispute resolution. Previously if there were any disputes, and it was ruled in your favor, then PP would deduct the funds from the offenders account and reimburse.
Is a valid point. One if the things I appreciated about the site
OH NO they didn't.
If you have a dispute in PP, for some sellers they would put a hold on the amount of money for the dispute. It was NOT sent back to the buyer. IT was on hold awaiting resolution to the claim or chargeback. After PP determines what they think is the appropriate resolution, then the money gets released back to the seller if they rule for the seller.
If you are a seller than PP doesn't hold money on when a claim or chargeback is opened, and if the seller loses that challenge, then PP will remove the money for the claim and issue the refund back to the buyer. And if it is a chargeback and the seller loses, then PP charges a $20 fee for the process.
But NEVER does PP got a nap money from a buyer in these cases. That would end up with the seller being paid twice.
Now in MP the chargebacks and claims are process very similar to the way they were in PP.
@bread22qingyi wrote:It is raising fees
I just sold a pair of earbuds for $170, I got $147.03, fee is 13.5%!
It is HIGHER than 10% FVF + 2.9% PP fee
You would have paid 12.35% Plus a 30 cent transaction fee [same as the transaction fee in PP].
So to figure out your percentage, you need to subtract the 30 cents from the fees charged to your account.
The fees in MP for you would be 12.35% which is .55% lower.
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