Check Your eBay Bank Verification Micro-Deposits
By: Ina Steiner
An online seller said eBay withdrew more from his bank account than he deposited during a bank verification review. And when it was only 9 or 10 cents, the seller said he would be worried if this happened to all eBay customers. (The comment evoked memories of the movie Office Space.)
eBay recently explained its bank verification process, which confirmed that the withdrawal amount must be the same as the deposit amount:
“With this method, eBay will make two deposits of one-time amounts to your checking account to verify that we have the correct bank account information for you. Micro-deposits will typically post to your bank account within 1-3 business days.
“To identify micro deposits, look for 2 small deposits in your account’s transaction history. Once you have received the deposits, you can return to the eBay listing site to enter the amounts you received. Once verified, you will receive an email confirming your account. We’ll withdraw the micro-deposit amount from your bank account usually within 3 business days.”
Bank verification is something sellers have to deal with now that eBay has taken over payment processing from PayPal, but we haven’t seen any other reports of sellers noticing discrepancies in micro-deposit and deposit amounts. withdrawals.
eBay has been running its Managed Payments program for most sellers for about a year. Let us know how it goes. Are there any pros or cons that you didn’t anticipate when eBay first migrated your account? And does eBay deliver the promised benefits of managed payments?