Ever had eBay demand to see your bank statement?

[docsavage2000]

I read on another forum that a seller says eBay is demanding to see their bank statement before they release around 5K. This person says they sell around 60k - 70k annually.

They sent a cancelled check and a copy of their driver license which eBay kept finding a reason to say there was a problem with and are back to demanding their bank statement. Understandably they're telling eBay to go pound sand.

Anyone had this experience and any insights as to why they would want to see your bank statement? 

[stainlessenginecovers]

They want to see it to be sure the ebay name matches the name provided for deposits as well as the bank brand and the account number.

The simple fix is: Supply it or stop selling. There is no workaround. 

[buyologist-3]

Things like this are on the rise.  I read where Amazon likes what they see here on 'Bay so now THEY'RE doing it!  Apparently it's a hot topic on Twitter.  Does anyone make $$ doing this?  That's a ton of money being held! 

It happened to me (But I had no money coming, I was in between transactions) and I tried 2 or 3 times before I took it as a sign.  And the kicker?  It's legal because 'we' agree to things in the agreement we 'sign', so it's safe for the selling sites.  Again, it's all on the sellers who pass it on to the buyers.  Prices have gone up so much, buyers need to watch out for discounts that aren't here anymore.  Maybe they don't notice?

I hope they get this straightened out soon!  It's gotta be hard to sleep.   

[buyselljack2016]

They need to have proof positive of who they are dealing with to be in compliance with

"anti-money laundering", and "know your customer" regulations.

In the past a bank statement could be uploaded with much of the info blacked out (they don't need to see a rent payment, or car payment) , but is seems now they want an unaltered statement. Now that's scary.

[katzrul15]

It all has to match - account info/address on here, bank account, drivers license.  We all had to do it to enroll in MP.

It is weird though how they let a seller sell that much before asking for verification.

[monica-sells]

I have seen it....yep.....

EMS (Electronic Merchant Systems) CC terminal for B&M Store.....

AMZ (long before ebay asked for it)....

eBay (when I switched to Managed Payments)

HNB (when I applied for my Mortgage Line of Credit)

You can bet if I was running 60-70K through ebay (Paypal before ebay I assume)

I would probably hand deliver a copy of a bank statement to them yesterday

I also wonder why it took so long (5K in a holding pattern?)

[slippinjimmy]

Providing a bank statement is ONE option amongst the various ways to confirmed your banking information for Managed Payments.

I have signed up three accounts for Managed Payments, I used a different method to confirm each time but I didn't use the Bank Statement method (just one of the offered options).

The reason for all this is simple, they want to make sure the name of the bank account holder is the same as the name used on the eBay account. If they didn't do this then anyone who could access your account (stealing your password) could add or change the bank account on file and funnel off your money.....you wouldn't want that would you?

[femmefan1946]

I used my passport. DH used his drivers license. I did supply a bank statement when eBay decided that an account that had been acceptable for two months was no longer acceptable but the statement wasn't good enough and I had to attach a different account.

[doug_5857]

When I started (3yrs and 4 or months) Buying on eBay they only wanted my cancelled check and that was all. 4 Months later I started selling and had not to send any more Info. PayPal had it all. April -2020 I was told it was my turn to switch and if I was a Good Boy I would get a $15 dollar gift cert. So, I did and all they wanted from me was to confirm Micro Deposits. Thats it. It was so smooth that the only difference was the frequency of deposits. and people hate it with a passion.

[yuzuha]

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@slippinjimmy wrote:

Providing a bank statement is ONE option amongst the various ways to confirmed your banking information for Managed Payments.

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Yep. I just got a request for verification (despite having been using this bank account with no problems for nearly a year now) and they gave me three options: signing in to my bank account, microdeposits, OR sending a copy of a bank statement. I opted for the microdeposits and now I'm just waiting for them to show up in my bank account.

[downunder-61]

When I signed up for managed payments (Aus) in 2019 I had to give them my bank log in and password so they could access the account itself - hundreds of members balked at this and with good reason.

But it took literally 2 minutes for eBay to verify, log me out and then I simply reset my password, but as you can imagine it was a scary thing to do even though it was an eBay only account and I removed the bulk of funds first. 

They changed the procedure about 6 months later (I imagine for obvious reasons LOL)

[dirk12955]

Tagging on:

Question,    What info is on a paper copy of my bank statement that is NOT on a paper check?

On a check,    Name,   address,   Account #,   Bank routing number.

Looking at my bank statement all I see is the amount available and the most recent transactions.    What good is any of this info if you don't have my pin number or the answer to any of my security questions?

Maybe I'm missing something. 

[north40sales]

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@buyologist-3 wrote:

Things like this are on the rise.  I read where Amazon likes what they see here on 'Bay so now THEY'RE doing it!  Apparently it's a hot topic on Twitter.  Does anyone make $$ doing this?  That's a ton of money being held! 

It happened to me (But I had no money coming, I was in between transactions) and I tried 2 or 3 times before I took it as a sign.  And the kicker?  It's legal because 'we' agree to things in the agreement we 'sign', so it's safe for the selling sites.  Again, it's all on the sellers who pass it on to the buyers.  Prices have gone up so much, buyers need to watch out for discounts that aren't here anymore.  Maybe they don't notice?

I hope they get this straightened out soon!  It's gotta be hard to sleep.   

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the answer to this bit would depend on where the money was being held.   If it is in a ziplock bag in the breakroom freezer at eBay headquarters, the answer would be no one makes any extra moolah.  If its in an business checking account, well that is a different story.  

[buyologist-3]

Well, many sites are taking this up, what is your guess as to why?  

[downunder-61]

When I used to use checks, my address was never on them, just the BSB (you call routing) and the account number - with check number at the end after a -000

@buyologist-3  Not sure why they need to see transaction details, should just need to see that incoming and outgoing is obvioulsy working - in saying that I have no purchases on my statement that I care enough about to hide so providing it wouldn't bother me