Managed Payments (Which Account)

[schtupinator2011]

I haven't signed up for managed payments yet. It says you can assign a banking account for payments. The account I have right now only allows a few transactions before I get dinged $2 each.

Can I get payments made to my credit card? Do I have to try and find an account with less fees?

Any suggestions?

Thanks. 

[femmefan1946]

Not to a credit card, which I believe is the same as with Paypal.

Time to open a new account that does not charge for deposits or withdrawals.

It also has to be with a Canadian bank and in Canadian dollars.

[kawartha-ephemera]

I haven't registered for MP yet either but I have looked into banking options.

Since I'd rather not let ebay anywhere near my primary financial accounts I'm going to open an account with one of the online only banks that offer free chequing accounts with free unlimited transactions.

A couple banks on my list are Tangerine and Simplii Financial.

Tangerine is 100% owned and operated by Scotiabank, before being bought out by Scotia this bank operated for many years as ING Direct ... the 2008 financial crisis prompted ING to slim down their operations.
There are no brick and mortar Tangerine branches, everything is done online or if a problem cannot be solved there is support by phone. MP requires a CHEQUING account which Tangerine provides free, transactions are free, there are a small number of cheques provided annually at no charge. Account holders are issued a Visa Debit card which can be used like a debit card with brick and mortar terminals and also for online purchases. Visa Debit is not a credit card, purchases are immediately debited from the attached bank account. E-transfers are available which I think are also free or at least some limited number per month. Tangerine accounts are accessible free at all Scotiabank ABMs.

Simplii Financial is the former Presidents Choice Financial which was for years sponsored by Loblaws in partnership with CIBC. Loblaws withdrew leaving CIBC free to relaunch the online only bank under the their 100% o/o Simplii Financial brand. Free chequing accounts with free transactions are the norm with this bank as well. For the most part I would expect Simplii terms of service are very similar to those of Tangerine. Choosing between the two for the most part boils down to personal preference, availability of convenient ABMs is also a consideration for those who need to withdraw cash on a regular basis.

[pjcdn2005]

Thanks for the detailed info!

[recped]

I use a Simplii account, there are no fees, no transaction caps.

I'm on weekly payouts from MP, I get a notice of payout around Noon on Tuesday, the funds are in my account by 10:00pm of the same day.

10 weeks so far, every one the same.

[schtupinator2011]

I signed up with Tangerine. It was pretty straight forward. Thanks everyone for their advice. Cheers!

[cumos55]

Your name on eBay must be spelled the same as your name on your bank account

that means first name last name ...or... First name middle initial last name...or... first name middle name last name .....

If your account on eBay is a business account then the bank account for Payouts must be a business account

If your account on eBay is not a business account then the bank account for Payouts must not be a business account.

Banks have different accounts....  the account that receives Payouts should not have  extra charges.....  or no extra charges at all.   My account on eBay is not a business account

I use Bank of Montreal....   My Payouts are delivered to my bank account  on a weekly basis  and the money in appears in my bank account by Tuesday evening. This is my bank account  with no extra charges.

[aberdave79]

Are payouts to Tangerine available immediately or subject to hold, if you know.

[kh-leslie]

Hi everyone,

Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread if you wish to continue to discuss this topic.

Thank you for understanding.