eBay requiring me to provide bank information to receive payment

[sticks100a]

As any experienced eBay seller knows, eBay requires banking information to pay out monies it receives for the benefit of sellers.  I am primarily a buyer and not much of a seller.  And certainly not an experience seller  While I was asked to "Update my personal information" while preparing my sale listing, I was not advised that eBay would not pay me if I did not provide eBay with bank information.  And, eBay allowed me to post the listing, sell the item and ship the item before I became aware of the requirement for banking information.  

I advised eBay that they have received payment for the item and I have shipped the item.  But, eBay advises that they will not pay me the money they received unless I provide banking information.  I am not willing to do this.  So, I do not get paid, quit eBay (though I did not sell often, I did buy a fair amount) and am  generally **bleep** off.   

The amount of money at issue is small - so small even a small claims case probably isn't worth while but I do feel screwed.  I understand that eBay did not set up this system to cheat Sellers out of their money but . . . 

Thanks for letting me vent.

[mtgraves7984]

Too many come here reporting that they were allowed to list (and sell) without being signed up to Managed Payments. I wish eBay would make sure (for folks like you) that the horse is before the cart before the pistol fires. Bummer...

[bonjourami]

Dont forget to close your listings so they dont sell too. That $95 will eventually go to your states unclaimed division so watch for that online.

[marnotom!]

Just out of curiosity, @sticks100a, how did you think you would receive the money from your sales?

[ms.rodriguez*]

This policy was announced at least 3 years ago. This account is a buying account /posting account and I saw the ads just about every day that I logged into this account. Every seller here has had to give their banking information to ebay.  It's safe to do so.  Give ebay what they want and you will get your money.  Plus, you can continue to sell.  You do not know what tomorrow brings and you may have to list some items to pay for a bill or a repair.  Give ebay what they want.  It's safe.     Your phone company, your credit card companies, your insurance company, your cell phone company, etc. probably have this information too.

I will add that it's beyond stupidity that ebay allows a seller to list an item and not be in Managed Payments. You were not the first person that posted here but at least, you have been an ebay member for years.  Some folks had 0 feedback and just started on ebay for the first time.  Shame on ebay for continuing to allow this.

[sticks100a]

I think in past sales payment when through Paypal.  In any event, I do not recall a problem.

[mtgraves7984]

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@sticks100a wrote:

I think in past sales payment when through Paypal.  In any event, I do not recall a problem.

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@sticks100a 

That's because you had a PayPal account. Now, you need a Managed Payments account. Things changed...

[janet9988]

You should have read the payment section and the links above the LIST  IT icon.

When buyers check out, they'll select one of the payment methods offered by eBay. The funds will then be sent to your checking account. You can edit your payout settings under Payments in Seller Hub.

[sticks100a]

Ms.Rodriguez you might be correct.  Terminating eBay may be cutting off my nose to spite my face.  On the other hand, I think that every once and a while a "situation absolutely requires a really futile and stupid gesture be done on somebody's part." quoting Animal House.  We shall see.  Thanks for your help.

[ms.rodriguez*]

Give them the bank information . It's safe.  Trust me.  I started here in 1998.   If you are truly concerned, you can get a separate account just for ebay business.   You can open a free checking account in many banks.  With TDI, you get free checking if you keep a 100.oo in the account.    I actually did get a new checking account when payment switched to Managed Payments.  Before that , I had paypal since they started and they had my banking information.   Your $$ is safe with ebay.   You worked hard for that 95 dollars.  You don't want your state government to get that money.

[lamber9347]

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@sticks100a wrote:

Ms.Rodriguez you might be correct.  Terminating eBay may be cutting off my nose to spite my face.  On the other hand, I think that every once and a while a "situation absolutely requires a really futile and stupid gesture be done on somebody's part." quoting Animal House.  We shall see.  Thanks for your help.

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I can understand someone taking a stand because eBay told them that in order to be a seller here they have to change their homelife, or change who they hang out with, or start attending church. They feel a personal attack or a requirement which goes against their personal beliefs. 

I opened a bank account online, during the pandemic, from my bedroom, never left my home, and it cost me nothing- zero. This is the checking account I use for my online sales. 

You are an individual with your own thinking. Opening a new checking account just so you can sell your items online is a minimal ask. Life will bring you many, many more restrictions in the years to come. Choose your fights carefully and once you do, get 100% behind that fight. More power to you, but choose wisely. Best of luck to you....

[myfrugalboutique]

There have been some very helpful posts here. I have no issue about ebay having bank account information. When we had PayPal, they had it.  Besides there isn’t too much in there the last couple of months. 🤫

It really is okay. If someone wants to get your information they will and I am not referring to ebay.  Do you pay any bills online? That is probably more of a risk.

Anyway, take care, and best wishes whatever you decide. 

[buyselljack2016]

@sticks100a 

Like others that posted, I have a separate checking account for my eBay sales payments. Mine is paperless. All online. The account does not even have paper checks.

If you decide continue please note that the checking account name must match the eBay registered name.(not the ID)

If William on the checking account then eBay name must be William, not Bill, or Will, or just an initial.  If Robert, then no Rob, or Bob.

There will be some hoops to jump through getting that checking account attached. May need to upload a statement. May need to upload "driver's license, or other form of ID.  By law eBay is required to verify who they are dealing with.

Likely your SSAN will be required.  If your sales increase to meet the IRS requirement a 1099-K will be issued.

[cagldiec]

It is objectively still a silly requirement. eBay forces this requirement so they have more control over the payment, and so they can debit your account for any fees or even reverse the payment and pull it from your actual cash checking account. 

Note: when you add a bank account, you are authorizing eBay to pull funds from that account at any time for the life of your eBay account. You can revoke this bank account from your eBay profile but they retain the ability to charge that account for any funds they believe they are owed according to the TOS.

There is no actual benefit to the consumer versus issuing a payout to PayPal or Visa or any other entity. This is simply to protect eBay and allow them to debit your actual cash account.

[tobaccocardyahoo]

I have always had a separate checking account for use by PayPal and later by Ebay.

I never trusted PayPal to disclose their security breaches and once one decides to follow their paranoia, there is no good reason to change courses.

If you decide to do any selling online, you should expect to have to provide a bank account. It is the only way to pay you. Credit cards do not allow payment transfers to them other than refunds.