Advantages of a Separate Bank Account for Managed Payments?

[teenytrinkets]

I've read here that sellers have opened a separate bank account specifically for Managed Payments. Can you tell me what the advantages are? Is it just simply easier to track payouts this way, or is it a security thing?

[cumos55]

The use of a bank account for Managed Payments and only Managed Payments  ....  provides a measure of internet security.

eBay can have access to this account and only this account.

For me the money arrives every Tuesday..  The money sits in the account until the next payout arrives, and then that amount is transferred to another account.   The money for each payout  is in the Payout bank account for one week. 

Managed Payments can have access to this money, and only this money,  if necessary, specifically if money must be refunded and there is not enough money in your account on eBay.

Using this one account is an easy way to keep track of the movement of money into this account..  Only the owner of the Payout account can move money to an account to which Managed Payments is not linked.

In this age of internet use, internet security is an important consideration

[recped]

Definitely makes bookkeeping easier. Personally I don't have any security concerns.

[tyler@ebay]

Hi @teenytrinkets - I spend a lot of time reviewing and reporting on managed payments for the .com boards. I've seen members do it for both reasons you mention. 

Personally I think the bookkeeping aspect is the best reason to get a new bank account separate from your personal one. You'll know for certain the only thing going into or from your account is related to your eBay payments. 

I hope that helps!

[teenytrinkets]

Thanks for all the info! I was also concerned because my accounts are joint.

Can we link joint accounts, as long as it is a chequing account and my name is one of the names listed?

[cumos55]

The name on your eBay account... must.. be the same as the name on your bank account...same spelling

First name last name......  First name middle name last name... . First name middle name intial last name.

Your name defines the link between Managed Payments and your bank account.  There must be ..... an exact match .....between Managed Payments and the bank account. account....

There can not be two names associated with the bank account and only one name with Managed Payments.

[teenytrinkets]

Uggghhhh, well I guess I have to open a new bank account anyway, since my accounts are all joint.

My deadline for signing up for MP is today, and I'm totally dragging my heels! This is just gonna make it more of a PITA. 😞