Bank details p/word policy needs some clarity.

[mic-s-korea]

Hi, I'm looking into Managed Payments and I saw a thread below related to Ebay asking for p/words.

Members gave answers to clarify the correct process, but there was a slight initial impression from the thread; that providing your password was required. I checked with EB and it's not a requirement. THIS SHOULD BE SUPER-CLEARLY CLARIFIED.  

It is kind of obvious that such a requirement would open EB up to all kinds of potential litigation. It would be an idiotic policy to take responsibility for holding such data. There shouldn't be any ambiguity around this point anywhere on this forum IMO. 

People being scammed may well come onto this discussion area to make a decision about providing or not. I mention this also because my wife is a non-English native speaker and sometimes isn't as adept at interpreting English language info online as I am.  Reading through the entirety of a thread isn't as simple a process for her as it would be for me. 

[mic-s-korea]

Follow-up - I looked at this other thread more closely and apparently E-bay do actually ask for it, which is kind of astounding. 

[gutterpunkz05]

The direct/instant verification system requires you to access account while signed in to ebay, your password is not saved and in any event you can simply  change the password after verification, (Very Secure and instant verification).   Alternatively you can bypass the  Instant method and opt to use the  micro deposit system, again a very secure system but can take a couple of days and requires you to advise the exact deposits that were made into your account, once verified the deposits are auto refunded.   Plenty of people come to the boards having made a hash of it, which significantly delays any verification, as they have effectively failed the verification process.

[gutterpunkz05]

Ran out of edit time.

So just to add, both systems are in widespread use worldwide.  They are not specific to ebay.

[xkell]

There's some clarity thanks to several users who'd helpfully provided screenshots in the past. Some examples:

https://community.ebay.com.au/t5/Selling/Is-it-safe-to-share-my-bank-customer-ID-and-password-with-e...

https://community.ebay.com.au/t5/Selling/Giving-ebay-banking-passwords-bleep-for-managed-payments-ar...

https://postimg.cc/23dxX7Vv

Some of the mixed messaging in discussions came from the fact that not everyone was shown this prompt, and people make definitive comments based on their own experience, without regard for the fact some users may be streamed to a different process.

eBay is outsourcing the verification process to a company called Trustly - they're the ones that get the login details and access the user's bank account. Whether that's less of a concern is left to your own judgement at the moment. Trustly is just another company, like eBay, with its own track record.

Before opting for this verification method (and hopefully the other option described by gutterpunkz05 is still available), one should also be aware it may be a breach of their bank's terms to share their password and allow a third party to access their account in this manner, and it's on the account holder to verify with their bank whether an exception applies here.

[mic-s-korea]

Thanks for the replies. Good information.

I live in Korea, so changing my password on my Australian bank accounts isn't a simple process. So I'll opt for the micro payment thing or send thru a pdf of my most recent statement.

Despite the fact that the verification company is called 'Trustly' which actually sounds kind of trustworthy name-wise ... I'd never give out p/words to a third party. Perhaps for someone setting up a whole new account just for online selling, this might be ok.

It just seems kind of bonkers to even have this as an option. It sets up all kinds of potential problems IMO.

[davewil1964]

I resolved the issue THREE years ago, by giving my password. The only option available at the time. I changed my password as soon as my account was verified. Subsequent to that, for the last 3 years I have had no unauthorised transactions, nor has my account been hacked.

Read into that what you wish, but you are late to the party, and there are already many threads addressing this 'issue'.

Read them.

[gutterpunkz05]

From memory I just downloaded a proof of account document, from my bank. and uploaded it in the managed payments verification process.  I am pretty sure  the instant and micro deposit systems were both implemented after I  had already signed on during the first uptake period.

Paypal was using the micro deposit system, long before MP came along.

In any event I have a dedicated account for all online trading and I can manipulate the balance  and therefore the risk at will.

[*sons_and_daughters*]

I used the micro deposits, which is probably why I didn't need to provide a password. I think from memory, they appeared within a few hours. Once I inputted the amounts, it was pretty much instant verification. Within minutes.