eBay

aramatic · ‎10-14-2021

I signed up for Managed Payments in February, thinking I had no choice, given the threat of being booted off eBay, and things have gone relatively smoothly until now. Out of the blue eBay won't send any more payments until I've verified my account. It tells me my bank is the Canadian Imperial Bank of Commerce, which isn't actually true. My bank is Simplii, the online bank owned by CIBC. Surprise, surprise, Simplii isn't on the menu of banks I can choose to verify my account. So now I have a couple of options, the briefer of which involves eBay sending me "microdeposits" in a few days that I then verify. Or if that doesn't satisfy them I have to start all over by entering all banking information from scratch, which will take about a week to process. You'd think that in creaming 13%+ from us for everything we sell eBay would have the ability to manage something like payouts smoothly instead of adding yet another frustration. Managed Payments is a way of holding our money and getting interest on it, and the slow verification process provides another little boost.

recped · ‎10-14-2021

Simplii IS CIBC (Canadian Imperial Bank of Commerce) so that actually is true!

The micro deposit thing is easy, takes a couple of days at most and you are verified so just do it.

Your funds on hold are in a trust account, there is no interest earned and there is no advantage for eBay to delay your payments.

All my selling accounts have been converted to MP and there have been no issues whatsoever so as far as my own experience eBay seems to be able to manage payouts smoothly.

"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915
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aramatic · ‎10-14-2021

Well of course I'm doing it. I have no choice. The point is that I shouldn't have to. My information was good enough for a payment of $15 yesterday, now that there's to be one of $500+ I have to verify. The whole MP thing, even if as you say the money is in a trust, is a boondoggle. At the end of the day it's my money after eBay has taken its cut. No reason to hold it back for even a day. No reason to verify something that has been set up only a few months ago.