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I read messages on my eBay account this morning with unexpected eBay policy changes. The message were sent by eBay on Nov 19, asking me to “update my account.” The message offered an extra $15 to spend on eBay if I update by 12/1 and that every seller has to update their account on eBay by 12/31 anyway.
First, eBay won’t be sending payments to PayPal accounts anymore, the payments are supposed to go straight to a bank account. The message indicated that this step will eliminate PayPal fees.
Secondly the payments that are sent will have eBay fees automatically extracted from them. So there will be no settling up fees at the end of the month.
Thirdly in “updating” my account, eBay required my birthdate and my social security number. The message says that the government requires this information for me to receive payments. I expect they are next going to ask for a bank routing number. This makes me really hesitant.
Has anyone else (@joshhall @philmatt24) completed the eBay account update? Should I open a separate account with my bank just to receive payments? Any thoughts?
I got the same info and there are messages in my eBay account. I always use a separate checking account for PayPal and eBay. I am unsure about the SSN though. I assume it is how they are reporting taxes and such for earnings to the IRS, but who knows. I am not sure of another way to get around yet but if you find one, please let us know!
I recall going through a similar process with PayPal not that long ago. It’s easy for a company to say their site is secure, but many companies seem to have failed miserably as preventing data breaches. @tcsbgdady, I think the only option is not to sell on feeBay, but that eliminates a huge number of potential customers.
The last time I checked, it seemed that to sell LEGO on Amazon, especially around the holidays, you have to provide recent invoices from the manufacturer.
I set up the Ebay account and it works fine. Takes the fees off immediately and then after 1-2 days automatically sends the money to your checking account. Honestly though, there isn’t a big saving on fees, maybe 1-2% at most.
Has anyone sold on anything on eBay since they started collecting taxes? I suppose the seller is legally required to charge tax for their own state.
Is it the responsibility of the seller then to send the tax collected to their state or does eBay retain the tax? I am confushion.
Thirdly in “updating” my account, eBay required my birthdate and my social security number.
I would think eBay would only need that information if eBay was going to start doing tax reporting. I’m very unfamiliar with the eBay structure (having never used it myself) but I would guess that tax reporting has always been done by the individual Seller. If eBay started doing it, I would expect every Seller (at least in the US) to receive a 1099-MISC at the end of the tax year.
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