Why is EBAY's T&C Legal Agreement for Managed Payment Bidirectional?

[mistermonday]

Please correct me if I am wrong. I reviewed the latest T&C agreement relating to Manage Payment. By the Seller providing bank account information and allowing EBAY to transfer  money directly to the seller's bank account, the agreement also indicate that EBAY can directly withdraw funds owed by the seller  from the seller's bank account.  This raises a RED FLAG regarding data processing errors by EBAY or the breach of EBAY security by 3rd parties.  The establishment of a new bank account reserved excelusively for EBAY transactions is not practical for many or most sellers.  If the agreement wording is not modified to only authorize EBAY the right for deposit only, then the options to concerned sellers will be limited to creation of a bank account exclusively for EBAY use, which has its own fees, or discontinuing the use of EBAY to sell things.

Have I mis-read the agreement or am I correct?

Thanks and regards, MM

[pjcdn2005]

I haven't read it as I haven't had to join yet but it is likely the same as the agreement with PP...eBay could withdraw amounts from PP if you owed them money.    In all these years I've never had eBay take out money that they weren't supposed to take out.  PP also had access to some people's bank accounts so I don't see a big difference with MP.

But I will probably be opening a separate chequing account as it will be easier for accounting purposes. Apparently there are some no fees accounts available from some banks.

[femmefan1946]

And remember until five years ago, Paypal was a part of eBay .

EBay was FORCED to sell it off by Wall Street wolves.

At that time, any payment through PP was also through eBay.

I have an issue with MP, but neither how they safeguard my money nor their fee schedule are concerns.

[kawartha-ephemera]

If you're worried about unauthorized withdrawals just open an "ebay" account with one of the Canadian online only banks and link that to your existing bank account. In some respects this sort of acts like a PayPal account. Use funds in the new "ebay" account to:

1. Transfer funds to an account at another bank

2. Make online bill payments

3. To purchase goods and services online choose a bank that issues a Visa Debit client card

4. Write a cheque

Online banks offer free chequing accounts with no monthly service or transaction fees, some will even mail out a couple of free cheque books.

I'll not name the bank I chose, but opening a new account was painless, all done online with minimal effort.

[mistermonday]

Thanks for your inputs. I agree that EBAY will not intentionally abuse  the right to withdraw amounts they are owed and I don't have a problem in that regard. The concern is for the exposure of that access to illegitimate activities. And if  more and more 3rd party money processors, large corporations, government agencies, etc demand the same kind of linkage directly to a bank account, the exposure levels can be unprecendented.

I will likely be forced to create yet another bank account for their use and live with the extra admin and basnk service fees. 

[mistermonday]

Thanks. I have not had any problem with Paypal, Apple, Gov't of Canada, anfd a couple of others with the same access. But I have a concern about the rate at which MP is growing and the additional exposure risk.  It may be a bit like the next million doses of Astra Zeneca. There always the risk I might be the next person develop blood clots.

[mistermonday]

Thanks. They are all possibilities and EBAY will still allow sellers to pay what they owe using Paypal and Visa but they still retain the ability to pay themselves via a direct withdrawal from your account which I don't have a real concern about. It is the exposure and potential for risk that concerns me. The only real solution will be a separate dedicated  bank account with limited balances maintained to support MP.