linked checking account

[helpful55]

Does ebay have any rights to withdraw from my checking account if I link it to them? I am trying to understand any ramifications from this linkage. I do not want to have to pay an attorney to read through all of the conditions unless I have to. Thanks and no sarcastic or rude comments please. I am just looking for info or opinions on the actual topic.

[donsdetour]

yes they can go after money you owe in managed pay by going after the bank account . some folks have had overdrafts due to such.

[stainlessenginecovers]

As donsdetour stated; they can get fees if you don't have enough sales in your pending (and have a store with a $60 tab due and no sales to cover it, for example). 

Many open a 'separate' checking acct. to keep personal business separate from ebay sales. But, it's always good to keep some type of balance in there as again- if you don't have enough to cover a 'return', they will get it out of the account. 

[toysaver]

Yes, they have the right to retrieve money for refunds even if you have not agreed to the refund.  Many have opened an account just for eBay so your real money is unobtainable.

[silverstatetreasureboxes]

Yes of course you do it's your checking acct. You can make transfers, withdrawals, and deposits, nothing is changed except your allowing Adyen to process your funds from sales to deposit into your acct.

Now read @donsdetour post if you owe money.

[slippinjimmy]

Yes of course, that is the whole point of the agreement!

However, eBay are not going to put their business on the line by taking any money from you that you don't actually owe.

Also note that you can revoke the authorization at any time (which if you owe eBay money means they will close your account and send it to collections).

I've been in managed payment for 10 months, eBay has never had the need to dip into my bank account because they can simply deduct anything I owe them from pending sales.

If you are truly paranoid you can sweep the funds out of your eBay bank account on a regular basis but understand if you owe then $5 and have no pending sales for them to take it from they will attempt to debit your bank account, if there are no funds your bank will almost certainly ding you for an overdraft charge ($20 - $40 depending on the bank).

I would suggest you open a new bank account strictly for eBay purposes and keep a little bit of a balance there just in case. You can open a no-fee online bank account in less than 5 minutes.

[dugoldstuff]

I think your idea of having an attorney look at the new MP agreement is a great one. If there would be a seller willing to pay an attorney who is an expert in such things and post the results, it would be very generous.

I won't do MP for just the reason you are suggesting: there is a lot of legalese in the MP agreement, and I do not understand exactly what I am agreeing too. It could be that by signing, I am abrogating some rights that I have and/or agreeing to things I don't really agree to, due to the density of the legalese.

Once, I did have to hire an attorney over a contract that I was coaxed into, and the attorney point blank said to me, "If you didn't understand it, why did you sign it?" I learned a lesson in that instance.

I appreciate your asking this question.

[toysaver]

Ebay already had a garbage truck full of attorneys make sure it was legit.

[chapeau-noir]

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@donsdetour wrote:

yes they can go after money you owe in managed pay by going after the bank account . some folks have had overdrafts due to such.

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And I would like to add that it was the same with Paypal - if you had a refund that exceeded your balance in Paypal, for instance, they would take it out of the CC or bank account that you had linked to your PP account. I always kept an extra few hundred dollars (I don't have high dollar sales) 'cushion' in my PP account just for those reasons.

If you like, as suggested, open a separate account for your online/eBay transactions, but make sure you always keep a cushion in there.

[mam98031]

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@silverstatetreasureboxes wrote:

Yes of course you do it's your checking acct. You can make transfers, withdrawals, and deposits, nothing is changed except your allowing Adyen to process your funds from sales to deposit into your acct.

Now read @donsdetour post if you owe money.

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@silverstatetreasureboxes 

Just for some clarity here.  Ebay nor Adyen are going to make transfers from ANY seller's bank account.  They will make deposits and if the MP account is in a negative position for more than a few days, they will pull money from the seller's bank account to cover the negative balance.

The separate bank account is a very good alternative for many sellers.  Also get overdraft protection on that account if you want.  But MP does notify you if they need to pull from your checking account.  And if the seller is managing their MP account from the Seller Hub under the Payment Tab, they will know when their account goes in a negative balance.  It should never come as a surprise if you are actively managing your MP account.