eBay

seahunter · ‎01-05-2022

I've had no payouts (or Microdeposits) to my CIBC account since October. eBay owes me $700!

After 2 months of back-&-forth between eBay & my bank, we finally discover that eBay sends the checks using the IBAN system (International Banking Account Number).

Canada does NOT use IBAN (it's only international because the US named it that!).

Canada uses the Swift Code system as in most of the world.

To get payouts accepted at your bank, the account number must be preceded by the Swift Code which is unique for each bank. For example, CIBC Swift Code is 'CIBC CATT'.

If eBay uses IBAN before your bank account number, it will be rejected.

marnotom! · ‎01-05-2022

Are your payouts set up to go to a CIBC US dollar chequing/checking account?

Where did you get the information on eBay using IBAN? The contracted phone reps are not as well trained as the online staff reps accessible through chat and social media.

It just seems odd that many sellers have had minimal to no problems getting their payouts since switching over, although I will grant you that those who do have problems are more likely to have opted for US dollar payouts.

recped · ‎01-05-2022

@seahunter wrote:
I've had no payouts (or Microdeposits) to my CIBC account since October. eBay owes me $700!
After 2 months of back-&-forth between eBay & my bank, we finally discover that eBay sends the checks using the IBAN system (International Banking Account Number).
Canada does NOT use IBAN (it's only international because the US named it that!).
Canada uses the Swift Code system as in most of the world.
To get payouts accepted at your bank, the account number must be preceded by the Swift Code which is unique for each bank. For example, CIBC Swift Code is 'CIBC CATT'.
If eBay uses IBAN before your bank account number, it will be rejected.

You are misinformed, eBay payouts are done through the ACH system, they do not use SWIFT or IBAN!

"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915
- answering Trolls is voluntary, my policy is not to participate.

femmefan1946 · ‎01-05-2022

Some sellers have reported that the micro-deposit method of confirming identity and ownership of bank accounts does not work because of currency exchange.

So if that is the only method of confirmation you have been using, stop.

Drivers license and passport worked for DH and I.

And check that the bank transit number is correct.

Also if your name is John Jacob Jingleheimer Smith, and your eBay account is JJJ Smith, and your bank account is JJ Jingleheimer Smith, they can't be matched and identification will fail.

msau4301 · ‎01-06-2022

I see others here have already addressed the "codes" (for which I am no expert!) and other suggestions to check, I can however tell you that I bank with CIBC and had no problems whatsoever. I did the changeover March of 2020 and to date not a single problem (knock on wood).