Banking information problem

[smittysh]

I see that more then a few people have been having a problem linking their bank accounts for selling on ebay. Funny, the automated emails ebay generates has F-All with help on the problem. Does ebay think that looking like a fool in the instution to ask for another new account, just for ebay to say, "you need to update your account", doesn't take its toll on somebody. 

Ebay holding people's money and running them around like that, just screams.... Class Action Suit! 

If anybody knows how to remedy this problem, better then ebay themselves, please post some help. 

Thanks

[flipistics]

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@smittysh wrote:

I see that more then a few people have been having a problem linking their bank accounts for selling on ebay. Funny, the automated emails ebay generates has F-All with help on the problem. Does ebay think that looking like a fool in the instution to ask for another new account, just for ebay to say, "you need to update your account", doesn't take its toll on somebody. 

Ebay holding people's money and running them around like that, just screams.... Class Action Suit! 

If anybody knows how to remedy this problem, better then ebay themselves, please post some help. 

Thanks

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If your eBay account is registered in the USA (dot com), you might not be able to add a Canadian bank, even one that offers cross border shopping and USD accounts. I assume this has something to do with US laws.

If your eBay account is registered in Canada (dot ca), some of the "virtual" internet banks seem to cause problems.  An account with major banks such as RBC, CIBC, etc (but possibly not their subsidiaries) in theory should be okay. I have an RBC business account and had no issues. No one seems to know why the virtual ones are problematic.

[reallynicestamps]

And all your names must match.
If your name is John Jacob Jingleheimer Smith, you cannot have a bank account as J J  Jingleheimer Smith , a Managed Payment account as John Jacob Jingleheimer Smith, and an eBay account as JJJ Smith.

BTW- I had trouble with Simplii on one account but not on another. And I had some problems with RBC on yet another. It's long enough now that I forget the details, but the fix was just switching banks.

There have been reports that Tangerine does not play well with eBay.

I prefer a dedicated bank account for online buying and selling in any case.

[marnotom!]

Further to @flipistics' and @reallynicestamps' excellent posts, a lot of these virtual banks don’t actually offer proper chequing accounts, which is what the Managed Payments system requires. In addition, a while back it was discovered that Simplii and Tangerine had clauses in their terms of use that their chequing accounts were not intended for business use and could be closed by the bank if it was discovered that they were being used improperly.

Short version: eBay doesn’t appear to be directly responsible for many of the issues sellers have experienced getting a bank account linked to eBay.

[john_koenig99]

Well. I have been using Simplii without any issues. It's not a dedicated account. 

I don't need the hassle of opening yet another bank account, only to pay more fees (as if eBay didn't charge enough fees). 

[marnotom!]

My credit union is a federal credit union that offers a chequing account that is fee-free except for Interac transfers. If you want free Interac transfers and no maintenance fees, there's an alternative account you can choose but you have to maintain a minimum balance of $4000.

Just pointing out there are alternatives to Simplii and Tangerine out there. It seems that it’s not so much a matter of if those transfers from eBay stop working, but when.