POLL: Will you give/ or not give your bank info to EBay?

hammer1 · April 23, 2021 11:18AM

"Getting paid on eBay has changed. We are updating the payments experience on eBay to enhance the buying and selling experience on the marketplace. Please update your account details, including adding your bank account information, by May 21, 2021." No more Paypal!

Anonymous poll.

ctf_error_coins · April 23, 2021 11:22AM

Coinbase wants even more in-depth banking information than eBay.

I gave both companies what they asked for so I can play in their playground.

Modwriter · April 23, 2021 12:25PM

Somebody tried to hack into my online bank account in February. Luckily, my bank caught it before money was lost. I had to reopen a new account which was not fun. I'm a little gun shy now about giving anybody my account information.

JBK · April 23, 2021 12:40PM

My credit Union lets you have 5 separate accounts.. I had an acct that was for PayPal, now it will be for eBay.

jmlanzaf · April 23, 2021 12:55PM

I gave it to PayPal. Why wouldn't I give it to eBay?

Tomthemailcarrier · April 23, 2021 12:58PM

I already did. eBay has too many eyeballs to give up.

Davideo · April 23, 2021 12:58PM

I can understand those that are hesitant, but it really isn't any different than PayPal or other similar services having banking information.

Frankly writing a check might be more dangerous as it has all your bank info right there. I had an outgoing business check that was stolen from the mail and the crook was running a check washing scheme. He changed the recipient and amount and helped himself to $10K from my account. Thankfully I caught it right away and the bank made me whole. Unfortunately it's pretty much impossible to figure out if the bank caught the person or even cared.

AUandAG · April 23, 2021 1:08PM

Not going to be selling on ebay as they will not get my bank info. Or sure, it's only for deposits? Yeah, gotcha. I can trust all the 20 year old minions working there to keep it a secret?
What I don't understand is that they can continue to deposit in my PP account the same as a bank account and they already have that info. No skin off their nose.
bob

PS: my wife had her ID stolen (virtually not physically) and the perp opened a new bank account in their neighborhood (200 miles from us) and redirected her Social Security check to the new account. What a fuk'n mess to clear up. Finally did but I understand fully how easy it is to create problems for people. I just do not wish to have more people access to my financial information. It's a risk I do not need.

jmlanzaf · April 23, 2021 1:11PM

@Davideo said:
I can understand those that are hesitant, but it really isn't any different than PayPal or other similar services having banking information.

Frankly writing a check might be more dangerous as it has all your bank info right there. I had an outgoing business check that was stolen from the mail and the crook was running a check washing scheme. He changed the recipient and amount and helped himself to $10K from my account. Thankfully I caught it right away and the bank made me whole. Unfortunately it's pretty much impossible to figure out if the bank caught the person or even cared.

Agree. Forget eBay, I've given it to Great Collections, Stack's and Heritage to pay for auctions.

Anyone who is paranoid, just create a dedicated account and keep the balance at zero.

jmlanzaf · April 23, 2021 1:12PM

@AUandAG said:
Not going to be selling on ebay as they will not get my bank info. Or sure, it's only for deposits? Yeah, gotcha. I can trust all the 20 year old minions working there to keep it a secret?
What I don't understand is that they can continue to deposit in my PP account the same as a bank account and they already have that info. No skin off their nose.
bob

PS: my wife had her ID stolen (virtually not physically) and the perp opened a new bank account in their neighborhood (200 miles from us) and redirected her Social Security check to the new account. What a fuk'n mess to clear up. Finally did but I understand fully how easy it is to create problems for people. I just do not wish to have more people access to my financial information. It's a risk I do not need.

Doesn't PayPal have your bank information?

giorgio11 · April 23, 2021 1:14PM

I did quit eBay. I can manage without them.

LanceNewmanOCC · April 23, 2021 1:19PM

@AUandAG said:
Not going to be selling on ebay as they will not get my bank info. Or sure, it's only for deposits? Yeah, gotcha. I can trust all the 20 year old minions working there to keep it a secret?
What I don't understand is that they can continue to deposit in my PP account the same as a bank account and they already have that info. No skin off their nose.
bob

.
ya, i find that a little curious about pp still being used for part of the ebay equation. i'm sure there are SOME legitimate reasons to having only half of the type of transactions going through ebay and the other half paypal. the 2 are not severed by any means.

i truly hope this will make it much more difficult for criminals. i cannot even fathom ebays losses due to scams etc.

glad your personal situation was cleared up.

anyone with significant amounts of money (to them), should have a second bank account and keep the one tethered to ebay on a tight leash.

MasonG · April 23, 2021 1:31PM

@jmlanzaf said:
Doesn't PayPal have your bank information?

They have more reliable minions, perhaps?

fathom · April 23, 2021 1:51PM

I would and I did.

Long time ago, no issues.

PerryHall · April 23, 2021 2:07PM

As others have suggested, just set up and use a separate dedicated bank account for use with eBay or PayPal and just keep a small balance in it.

CoinJunkie · April 23, 2021 2:08PM

I don't understand all the paranoia around giving eBay one's bank info. The only rational reservation would be that it exposes that information to one more potential security breach, but that would represent more of an inconvenience than a risk of loss, and the chances of even that are very low.

LanceNewmanOCC · April 23, 2021 2:15PM

@CoinJunkie said:
I don't understand all the paranoia around giving eBay one's bank info. The only rational reservation would be that it exposes that information to one more potential security breach, but that would represent more of an inconvenience than a risk of loss, and the chances of even that are very low.

there is a small chance one could get nailed by an unexpected return hold amount and if they try to nab the bank account (unexpectedly) for those funds and the funds are insufficient (some of us are spoiled by paypal) then one could incur overdraft fee(s) depending on how many transactions are active at the time of the overdraft.

i brought up this issue with ebay and i think they may have done something to address it.

there are probably a couple other situations where having DIRECT access to the bank account could cause issues. mostly i'm referring to the exceptions, not the rules.

sometimes overdraft fees are STIFF, especially in 2020, 2021. hard times out there.

CoinJunkie · April 23, 2021 2:19PM

@LanceNewmanOCC said:

@CoinJunkie said:
I don't understand all the paranoia around giving eBay one's bank info. The only rational reservation would be that it exposes that information to one more potential security breach, but that would represent more of an inconvenience than a risk of loss, and the chances of even that are very low.

there is a small chance one could get nailed by an unexpected return hold amount and if they try to nab the bank account (unexpectedly) for those funds and the funds are insufficient (some of us are spoiled by paypal) then one could incur overdraft fee(s) depending on how many transactions are active at the time of the overdraft.

i brought up this issue with ebay and i think they may have done something to address it.

there are probably a couple other situations where having DIRECT access to the bank account could cause issues. mostly i'm referring to the exceptions, not the rules.

sometimes overdraft fees are STIFF, especially in 2020, 2021. hard times out there.

Fair point, I guess. I think most banks offer some form of overdraft protection. I haven't kept abreast of the options since I keep enough cash in the account that I never have to worry about it.

fathom · April 23, 2021 2:59PM

Separate account people.

yspsales · April 23, 2021 3:08PM

I will likely move to a separate bank than my regular banking.

Keep minimal amount on hand to avoid fees.

I have wired $40k to a stranger in Pakistan for a container of goods. Watched it go from NY and a couple banks...

Meh...

Doesn't bother me in the least.

Jimnight · April 23, 2021 3:16PM

@PerryHall said:
As others have suggested, just set up and use a separate dedicated bank account for use with eBay or PayPal and just keep a small balance in it.

That's exactly how I manage.

morgandollar1878 · April 23, 2021 3:51PM

I went ahead and went through with it, but the account is just specifically for Ebay and nothing else.

jmlanzaf · April 23, 2021 6:39PM

@yspsales said:
I will likely move to a separate bank than my regular banking.

Keep minimal amount on hand to avoid fees.

I have wired $40k to a stranger in Pakistan for a container of goods. Watched it go from NY and a couple banks...

Meh...

Doesn't bother me in the least.

How much did you send to the Kenyan prince?

MasonG · April 23, 2021 6:55PM

How do you get your money from PayPal, if not through a linked bank account?

jmlanzaf · April 23, 2021 7:15PM

@MasonG said:
How do you get your money from PayPal, if not through a linked bank account?

You can use a card. Paypal only forced the linkage to a bank account for business accounts, if I recall correctly.

yspsales · April 23, 2021 9:18PM

I still have my PP and use it to purchase.

Ebay puts money into my bank account.

Stupid... I know

HashTag · April 24, 2021 12:38AM

Yolo

HalfDimeDude · April 24, 2021 5:27AM

Not only no... but hell no..... ebay and I parted company years ago! For many resons ,mainly how they treated the sellers and left them holding the bag of snakes, rather then support them from scamers .
The Roman empire fell , and so will ebay! It may not be tomorrow, but sooner or later they will put the last bullet in their own foot and they will be done.
I was a power seller back in the 2000 -2010 time frame. My business went from a profit making business to me working for ebay and them making all my profits.
And this is one poster who will be doing the happy dance as the walls of ebay come tumbling down!

ricko · April 24, 2021 5:35AM

I do not sell on ebay, or anywhere really - except for private deals in other products, not coins. However, if I did decide to sell there, I would simply set up a separate account to be used for that specific business only. Cheers, RickO

DollarAfterDollar · April 24, 2021 6:44AM

Of course I did. If E-Bay doesn't keep information secure, bring on the lawsuits. Soon, cash will be used less and less so money transferring in and out of your account by many vendors will be commonplace. Welcome to the 2020's.

jmlanzaf · April 24, 2021 7:18AM

So, to all the people that said "no" or "hell, no", do you pay the extra 3% at Great Collections or other auction companies?

amwldcoin · April 24, 2021 7:38AM

It's kindda funny. I quit for an extended period of time right as you started selling for the same reasons! Soon after you stopped selling I started selling again. The main reason I started selling again was because ebay addressed many of the issues which made people shy away from buying on ebay. They also had fixed price listings now so all that was needed was a price adjustment to address their greed. All I can say is ride the wave while it's high! Nothing lasts forever but reap the benefits while you can!

@HalfDimeDude said:
Not only no... but hell no..... ebay and I parted company years ago! For many resons ,mainly how they treated the sellers and left them holding the bag of snakes, rather then support them from scamers .
The Roman empire fell , and so will ebay! It may not be tomorrow, but sooner or later they will put the last bullet in their own foot and they will be done.
I was a power seller back in the 2000 -2010 time frame. My business went from a profit making business to me working for ebay and them making all my profits.
And this is one poster who will be doing the happy dance as the walls of ebay come tumbling down!

Davideo · April 24, 2021 7:51AM

@AUandAG said:
What I don't understand is that they can continue to deposit in my PP account the same as a bank account and they already have that info. No skin off their nose.
bob

Who is they? PayPal and eBay are completely separate companies.

yspsales · April 24, 2021 8:05AM

@MasonG said:
How do you get your money from PayPal, if not through a linked bank account?

It is still linked.

You can still buy or receive money.

Ebay just cut them out of the loop.

jmlanzaf · April 24, 2021 8:09AM

@yspsales said:

@MasonG said:
How do you get your money from PayPal, if not through a linked bank account?

It is still linked.

You can still buy or receive money.

Ebay just cut them out of the loop.

He's referring to PayPal being linked to your bank account. The implication being that if you let PayPal link to your account, why wouldn't you let eBay.

tommy44 · April 24, 2021 8:32AM

PayPal has my checking account info
Amazon has my checking account info
The IRS has my checking account info (YIKES!)
The GA Department of Revenue has my checking account info
My stock broker has my checking account info
My employee retirement plan administrator has my checking account info
The Social Security Administration has my checking account info
The banks that I have "electronic" savings accounts or CDs with have my checking account info
Most payees in my electronic billpay list have my checking account info
Everyone that I write a physical check to has my checking account info
Most of the above also have my social security number
I'm sure there are others I can't think of at the moment have my checking account info
and now..... eBay has my checking account info

MasonG · April 24, 2021 8:33AM

@jmlanzaf said:
He's referring to PayPal being linked to your bank account. The implication being that if you let PayPal link to your account, why wouldn't you let eBay.

Yep, that's it.

I'm not sure why this is such a big deal. What do people think? That eBay is going to just take money from their checking accounts that they aren't authorized to whenever they want? Why would they do that? Obviously, people would notice. There's nothing in it for them but an enormous legal hassle and a bunch of negative publicity by doing anything but handling people's banking account info responsibly.

Dave99B · April 24, 2021 8:39AM

I would. I just got an email from eBay, and I’ll be updating this info soon. All good.

Dave

Cougar1978 · April 24, 2021 9:33AM

Best strategy link w business bank acct.

AuldFartte · April 24, 2021 9:54AM

I haven't really kept up with this situation, and I apologize for the rather stupid questions but does having to give your banking info to eBay apply ONLY to sellers of coins and currency, or are they nailing every seller of all products?

I rarely sell coins on eBay, but I purchase them on eBay at times, always using Paypal. Will purchasers be affected by this? Or will I still be able to use Paypal for purchases?

Thanks in advance for any clarification

jmlanzaf · April 24, 2021 10:11AM

@AuldFartte said:
I haven't really kept up with this situation, and I apologize for the rather stupid questions but does having to give your banking info to eBay apply ONLY to sellers of coins and currency, or are they nailing every seller of all products?

I rarely sell coins on eBay, but I purchase them on eBay at times, always using Paypal. Will purchasers be affected by this? Or will I still be able to use Paypal for purchases?

Thanks in advance for any clarification

All sellers using managed payments.

Just like all paypal sellers had to link to a bank account for business accounts.

Onedollarnohollar · April 24, 2021 12:36PM

so at what level of sales does Ebay send you a 1099 for tax purposes? I don't remember having to give PayPal my social security number when signing up with them. I'm a small time seller but not sure of dollar thresholds to be subject to taxes.

MasonG · April 24, 2021 12:57PM

@Onedollarnohollar said:
I'm a small time seller but not sure of dollar thresholds to be subject to taxes.

For all practical purposes, any profits are subject to tax. There is no minimum that's exempted.

jmlanzaf · April 24, 2021 1:22PM

@Onedollarnohollar said:
so at what level of sales does Ebay send you a 1099 for tax purposes? I don't remember having to give PayPal my social security number when signing up with them. I'm a small time seller but not sure of dollar thresholds to be subject to taxes.

This is true. The 1099 requirement is not eBay or Paypal, it's federal law which is now $600, I believe, for both Paypal and eBay. If you search, there was a thread earlier this year about Paypal sending out 1099s that people weren't expecting.

Onedollarnohollar · April 24, 2021 1:46PM

" If you search, there was a thread earlier this year about Paypal sending out 1099s that people weren't expecting."

I'll look for it. thanks.

jmlanzaf · April 24, 2021 2:19PM

@Onedollarnohollar said:
" If you search, there was a thread earlier this year about Paypal sending out 1099s that people weren't expecting."

I'll look for it. thanks.

Here's the 1099 info from the IRS

https://www.irs.gov/forms-pubs/about-form-1099-misc

jmlanzaf · April 24, 2021 2:24PM

@Onedollarnohollar said:
" If you search, there was a thread earlier this year about Paypal sending out 1099s that people weren't expecting."

I'll look for it. thanks.

Also, this was the thrust of the earlier thread. The change was part of the stimulus bill.

https://www.doctorofcredit.com/stimulus-bill-requires-payment-processors-like-paypal-to-report-earnings-of-600-on-1099-k-tax-form/

blitzdude · April 24, 2021 2:35PM

Interesting. I've been an eBay customer since 2000 maybe 2001. Pretty sure they've always had my banking information.

POLL: Will you give/ or not give your bank info to EBay?

POLL: Will you give/ or not give your bank info to EBay?

POLL: Will you give/ or not give your bank info to EBay? 68 votes

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