Ebay Payment bank account update?

[choke]

The one thing that I don't like about it is that the payment takes a few days to hit your bank while with PP the money was in the account instantly. It seems to me that it opens the possibility of someone scamming you if you ship fast.

They purchase the item.
You ship before the funds are in your bank.
They cancel the order while the item is in the mail.

I wonder how eBay would handle that? I suppose that the same thing could have happened with a PP payment but at least you two companies with whom you could argue your case.

I think that the best option is to add more handling days to shipping and to not ship an item until it the money has been transferred to the bank account.

[smontanaro]

Originally Posted by tmf

.One thing I don't like as much is I liked to keep the money from sales in my Paypal and then use that for new purchases. No bottom line difference, but I felt more like I was recycling my funds as much as possible.

Same here. My PayPal account is/was my bike slush fund. I liked that it was separate from our joint checking account. Not hiding anything from my wife, just liked the separation.

I've sold a couple items since the switch. One thing that I definitely don't like about the change is the four-ish day delay before the funds land in your account. I suppose eBay is trustworthy, but it bothers me a bit that whatever I sold is out of my hands before the money lands in my account. Can an unscrupulous buyer cancel the transaction and get their money back leaving me with no money and no product?

[Old School]

Originally Posted by Mark McM

If you're paranoid about tying ebay to your bank account, open a completely new and independent bank account, and tie your ebay account to that.

I did just that, and was investigated for money laundering, and my account closed.

I didn't lose any money, "they" were nice about it, but apparently doing this is a red flag.

[Mark McM]

Originally Posted by Old School

I did just that, and was investigated for money laundering, and my account closed.

I didn't lose any money, "they" were nice about it, but apparently doing this is a red flag.

Who is "they", ebay or the bank?

[oldfatslow]

Originally Posted by ultraman6970

U need to move your ebay money/ paypal money to your bank at some point... only way to do that is to link them.

Having a separate account solely for eBay makes a lot of sense. They only have access to the funds you keep in that account. You can move money out of that account by writing a check (and mobile deposit it into your primary account).

[tbike4]

Originally Posted by Old School

I did just that, and was investigated for money laundering, and my account closed.

I didn't lose any money, "they" were nice about it, but apparently doing this is a red flag.

Not doubting, it just sounds weird. I log into Wells Fargo and have 4 bank accounts. What do they care if I add another one and call it whatever I want, like blood red oranges but ebay transactions get sent to that account number?

[smontanaro]

Originally Posted by ultraman6970

U need to move your ebay money/ paypal money to your bank at some point...

I never needed to do that. I just spent what was in my PayPal on more bike stuff.