Is it safe to link bank account to eBay

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@eleanor*rigby wrote:

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I think you may have misinterpreted the phrase "bank failure." The term refers to an entire bank closing because of insolvency, usually due to mismanagement or the collapse of a segment of the economy in which the bank was invested as experienced in the 1980s.

Índice Show

• Dear Ina,I just spoke with managed payments team because my account cannot be verified (like everyone else lol). Disturbingly the agent reassured me that last week eBay made it possible to see all of our banking information and account info that was previously blacked out for security reasons as promised. The agent stated that their computer screens were being recorded to help track down bad agents that steal the information!  (adsbygoogle = window.adsbygoogle || []).push({}); This is opposite of what eBay has assured us in the past about the safety and security of managed payments system. What prevents a disgruntled employee or their boyfriend/girls side ect, from snapping a screen shot it taking a picture of the computer screen of my ss #, checking account, routing etc,?! The agent stated that it was necessary to help the onboarding of people to the program. She was a long term employee that I have talked to over the years in merchant support, so I completely believe her and am protecting her job by not naming her... At what point will eBay be held responsible for their lack of ability to do anything right?C.
• Is it safe to connect my bank account to eBay?
• Can eBay take money from my bank account?
• Why is eBay asking for my bank account?
• Does eBay need my bank account details?

FDIC insurance has nothing to do with losses from an individual's checking account being hacked. 

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Exactly.  FDIC was created in the 1930s, after so many people lost every cent they had when banks went belly-up.  I often see it referred to on this board as something that will protect an individual against an individual loss in a solvent bank, and that is not so. 

There are other protections in place in the case of an individual loss do to unauthorized activity on a bank account, though:  1.  Contact the banks's fraud department.  2.  File a claim for the amount lost, if any.  If the report is filed befiore any actual transfers or charges are made,  the individual's liability is zero.  If the report is made within 2 business days of the hack, the individual's liability is $50.  If the report is filed after 2 business days but before 60 business days, the liability is $500.  After that, the liability is unlimited.  So it's a good idea to constantly monitor one's bank account.

One should also cancel any debit or credit cards the bank issued, reset passwords and PINs, check credit reports, and so on, of course.

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*Novo is a fintech, not a bank. Deposit account services provided by Middlesex Federal Savings, F. A.; Member FDIC. FDIC Insurance through Middlesex Federal Savings and virtual cards provided by Patriot Bank, N.A.; pursuant to Mastercard International.

Ebay sellers will soon be forced to link their bank accounts to their profiles in order to continue selling as it pushes ahead with its separation from PayPal.

In February last year Ebay announced that it was ending its deeply embedded relationship with PayPal and launching its own ‘managed payment experience’ for both buyers and sellers.

The once synonymous pair’s divorce has been ongoing throughout the last year, seeing Ebay roll out payment options alongside Paypal including credit cards, Google Pay, and Apple Pay via iPhones and iPads for the first time.

Ebay is now rolling out a raft of changes for sellers as continues its push into the payments space, including preventing sellers from listing items without linking their bank accounts.

READ MORE: Ebay UK to divorce PayPal and take complete control of sale and payments

Yesterday, The Verge reported that sellers had received emails from Ebay informing them that they would need to add a bank account by February 14 or else their “ability to revise or relist existing listings, or create new listings will be disabled.”

According to Ebay it is rolling out this transition in phases and doesn’t expect to complete until next year.

Meanwhile Ebay is also understood to be preventing sellers from paying their Store fees via PayPal or credit card.

Ebay UK’s vice president Rob Hattrell said last year: “By starting to manage payments in the U.K. this year, we’re taking another step to deliver improvements for our customers.

“We know that sellers and buyers expect smooth and seamless transactions, and this new payments experience is designed to offer exactly that. In the coming months, we will make the transition as smooth as possible for sellers so they can take advantage of this important update quickly.”

Sell items in multiple currencies, this will let you keep selling using PayPal. Here is the message I got after registering for Managed Payments

"Thanks for registering for managed payments! We’ve identified your business as one that likely sells to the US or on the US site directly. We understand that you may currently get paid out in multiple currencies, which is not currently supported with managed payments. As a result, we’ve delayed your activation for managed payments while we work on a solution. In the meantime, you can continue selling as usual. Our goal is to make this transition as seamless as possible and we will only activate your account for managed payments once the available features match your business needs."

I'm in Canada and have most of my stuff listed on ebay.com and a few items on ebay.ca

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Is it safe to connect my bank account to eBay?

Can eBay take money from my bank account?

Why is eBay asking for my bank account?

Does eBay need my bank account details?