BEWARE of OVERDRAFT FEES if you are in MP & Dont keep extra money in your Bank Account

[sales_sales_sales_sales]

From ebays mouth today regarding invoices & Billing

Will the “one time payment” feature still be available for sellers who prefer to pay via credit card?

Beginning in late March, all of your eBay selling fees and expenses, including those that may be invoiced, will be netted from your earnings before they are paid out. However, if we are not able to deduct these amounts or if your available funds are not sufficient to cover an outstanding amount owed to eBay (e.g. as a result of fees, refunds, or chargebacks, or other expenses), you may make a one-time partial or full payment through My eBay using a payment method on file (debit or credit card, and or linked bank account).

How will store subscription fees be handled? In the past they were billed monthly.

Beginning in late March, Store subscription fees will be netted from funds available for payout either at the start or middle of each month, depending on your current billing cycle. If your available funds are not sufficient to cover your Store subscription fees, we will charge your payment method on file (debit or credit card, and/or linked bank account). Learn more about how eBay recoups outstanding amounts owed.

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Since EVERYBODY will have to have a linked Bank Account, ebay is going into those accounts for the charges.

If you dont keep money in that account, using it for incoming ebay payments & removing the money ASAP you are going to get Killed on Overdraft charges.

This is ebay not wanting to pay credit card fees on payments to them anymore.

So they will be going in & they dont care if YOU get overdraft fees!

BEWARE!!!!!!

[luckythewinner]

BEWARE of OVERDRAFT FEES if you are in MP & Dont keep extra money in your Bank Account

Everyone should beware of overdraft fees in any bank account, whether it is tied to Managed Payments or not. That is simple common sense. 

[forward-motion]

I think all you have to do is read your own post and you know what to do. BOOM !

[reallynicestamps]

we will charge your payment method on file (debit or credit card, and/or linked bank account).......

Since EVERYBODY will have to have a linked Bank Account, ebay is going into those accounts for the charges.

If there is no money in the Bank Account, why would eBay not go into the linked credit* card?

If you choose to go with daily bank transfers, you would probably be best to also link a credit card, to prevent overdrafts of your bank account.

And attaching your Paypal account to the bank balance allows you to buy online with your eBay earnings.

Which is waaaaaay too convoluted and very poorly thought through.

Workarounds are possible , but should not be necessary.

*I don't know if it is the same in the USA, but here a debit card is only good up to the balance in its attached bank account. Which is why it has been described as an 'e-check'  sometimes. Attaching a debit card would not solve the overdraft problem.

[katzrul15]

Most bank accounts, especially those with online banking (yes, there are still accounts where you opt out), allow for a courtesy move of monies from an attached account to avoid over-draft, etc.   Or you get an alert and have 24 hours to cover it.

DS is in college - we get an alert and move monies in.  Easy peasy - no fees, no issues.  Besides, e-bay tells you the store fees are due and when, etc.  

[sales_sales_sales_sales · Accepted solution]

Remember your post in 3 months LOL.

Whats the over under on the amount of MY BANK CHARGED ME OVERDRAFT FEES BECAUSE EBAY TOOK MY STORE PAYMENTS OUT posts this board is going to get.

While in the normal world it would be common sense I have seen MANY posts regarding MP with people getting sep checking accounts.

Just trying to give a heads up to people in advance!

[sales_sales_sales_sales]

I am not the one I wrote the post for!

[luckythewinner]

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@sales_sales_sales_sales wrote:

Whats the over under on the amount of MY BANK CHARGED ME OVERDRAFT FEES BECAUSE EBAY TOOK MY STORE PAYMENTS OUT posts this board is going to get.

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I've been in MP since November, and so have millions of sellers. 

52% of eBay transactions from January to March were processed by Managed Payments.

IMHO the overdraft posts would already be here already if there was going to be a major issue. 

[theteamsetguy]

I have line of credit that kicks in when any of my checking accounts goes negative. Don’t remember when the last time the line of credit kicked in.

[sales4ubylinda]

I also had the discussion with eBay regarding my store subscription fees no longer being charged to my credit card.  I never had to worry that I was late on my payment because it was automatically charged!

I know, for fact, that large volume $$$ merchants receive a VERY LOW credit card fee.  So basically they are making subscribers "eat" the fees now.  They increase their listing/final value fees to about 12% of the sales and won't absorb the .8% or lower credit card fee on the basic store subscription of $28.  This is very sad.  I have been with eBay since 2000.  I have been thru the ups and downs ... also a beta tester for "Blackthorn" auction software.  I truly am looking at another way to sell my items due to being a VERY SMALL business.

I was told by the eBay representative when I called that I needed to get "higher end" or "larger volume" inventory to sell.  

I am retired and have been using eBay to bring in a little bit of extra cash to spend.  I have also lowered many prices on items to "compete" with the China/overseas sellers.  Some of my items ... I am taking a loss due to the fees.  Now the store fees and my sales not covering it, this has become very frustrating. 

Sad!