A buyer wants my bank details, it's too risky!

[idss1]

I was under the impression that if my listing only accepted Paypal, then a buyer couldn't demand my bank account details...

A buyer who has bought over 50 items on Ebay and the majority is from China, claims they don't have Paypal or a credit card and has sent several requests for my bank details which I have politely refused.

I understand that people can use these details to make online purchases. My bank has also indicated it is not safe.

I contacted Ebay for advice and got this response.

It’s important that you reach an agreement that works for both of you, because the buyer has the option of reporting you as a non-selling seller, and could also leave you negative Feedback.

It sounds to me as if I don't have a choice. This person has no way to trace them, if they were intending on committing fraud. I have read some discussion board comments, which suggest setting up a bank account with a zero balance, just for Ebay. Does anybody else have this problem, or know of another solution?

[maranock]

I would love it if someone maliciously sent some money to my bank account. Don't worry, no-one can do anything but put money in with just your bsb and account number. Some buyers don't realise they have no protection if they send money this way.

If you are worried get an Ebaying only bank acount with only a few dollars in it for transactions so no-one can drain you dry. 

I personally hate the waiting and bother with bank transfers so I insist on a buyer using Paypal. If they won't and ask for a cancellation, just do that.

[k1ooo-slr-sales]

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maranock wrote: 

If you are worried get an Ebaying only bank acount with only a few dollars in it for transactions so no-one can drain you dry. 

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maranock is on the money with their advice.

NAB have a fee free account that you can use for eBaying.  I have one, and have a debit card on that account.  I have the debit card linked to my PayPal account and deposit money into that account when I know I will be buying something on eBay.

As it is a savings account, any potential financial loss is limited to the low balance I leave there.  If I sell something and a buyer wants to pay by bank deposit I freely give them that account BSB and number, and withdraw the funds when they appear in my account.

[thecatspjs · Accepted solution]

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@deal73 wrote:

I was under the impression that if my listing only accepted Paypal, then a buyer couldn't demand my bank account details...

A buyer who has bought over 50 items on Ebay and the majority is from China, claims they don't have Paypal or a credit card and has sent several requests for my bank details which I have politely refused.

I understand that people can use these details to make online purchases. My bank has also indicated it is not safe.

I contacted Ebay for advice and got this response.

It’s important that you reach an agreement that works for both of you, because the buyer has the option of reporting you as a non-selling seller, and could also leave you negative Feedback.

It sounds to me as if I don't have a choice. This person has no way to trace them, if they were intending on committing fraud. I have read some discussion board comments, which suggest setting up a bank account with a zero balance, just for Ebay. Does anybody else have this problem, or know of another solution?

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You do have a choice - your listings only display paypal as a payment option. 

Re advice from eBay is unsatisfactory, however if you emailed them it is usual for the responses to be wrong, inadequate or inappropriate to your situation.

If you are concerned about giving out your bank details then don't - sounds sensible to me.    Open an unpaid dispute and close it in 4 days time if the buyer does not make payment.   Any feedback left can be removed if a buyer does not make payment.

I have a dedicated bank account just for receiving eBay payments - as I too, would never give out my personal or business banking details of my main accounts to an eBay buyer. 

Its all very well for some posters to infer or indicate that bank details information is not risky, it is however not the case - as noted by ACCC Scam Watch

You should NEVER give your personal or bank account details to people you don’t know and trust.

http://www.scamwatch.gov.au/content/index.phtml/tag/RequestsForYourAccountInformation

[idss1]

Thank you thecatspj's I looked at the site you recommended and have learnt a lot more!!!  I definitely will not be giving my bank details to any strangers. I know several people who have lost money and even had a buyer who contacted me, because they had been the victim of online fraud and could not pay until they had their new account set up. I think there are a lot of people who do not realise the risks, and thats why online fraud is so prevalent. Thank you 🙂 

[jensmanchester-australia]

To avoid this happening you can choose the Immediate Payment option on your listings. If you do that the buyer can only go through with their purchases by paying immediately with Paypal.

[cathyjoyjoy]

There are many many ebay listings which are payment by Paypal only and you do have a choice as to any other payment options you provide.  If you prefer not to accept direct bank deposit, that is your choice and perfectly acceptable.

[k1ooo-slr-sales]

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@deal73 wrote:

Thank you thecatspj's I looked at the site you recommended and have learnt a lot more!!!  I definitely will not be giving my bank details to any strangers. I know several people who have lost money and even had a buyer who contacted me, because they had been the victim of online fraud and could not pay until they had their new account set up. I think there are a lot of people who do not realise the risks, and thats why online fraud is so prevalent. Thank you 🙂 

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I think you are right to decide if bank deposit payment is a payment method you will accept.

However, I too looked at the scamwatch website link from cats.  I found that the main risk is when giving out account details AND passwords and/or PIN numbers when asked for them or clicking on links in unsolicited phonecalls/emails.

The account number and BSB alone are not at the same risk level.  If they were, then BSB and account numbers would not appear on cheques.

Think about it, when you write a cheque and give it to someone as payment for a bill or a purchase you are giving more than what your buyer is asking for as you are also providing the cheque recipient with your signature!

If you are concerned about giving your account number and BSB to your buyer then I hope you do not use cheques.

[phorum_junkie*]

That has always been my take on the subject, when you use a cheque, as many did in years gone by, everyone involved from the letter opener to the final clearance of the cheque saw your name, bsb and account number plus a copy of your signature. 

You do however have a perfect right to only accept Paypal payments if you wish, personally I make it as easy as possible for buyers to use bank deposit by having my bank details in the listing. It sacves me the Paypal fee and there is no chance of a chargeback, a win win situation as far as I am concerned.

The vast majority of bank fraud comes from people letting their card out of their sight when paying for somethng, from stolen cards when a PIN number is written down, skiimmers on cash machines and computer malware and phishing emails not from somebody having the details which only allow the depositing of money.

[idss1]

Thank you. The money laundering part is also a concern...

Someone could put $9999 (less than $10,000 or the tax dept is notified) in your account... Then tell you it was accidentally put in your account and meant for payment for a car/jet ski/tools etc and ask you to transfer it to the correct account... You are then part of money laundering (and could be prosecuted)... Or you transfer the money, and they do a reverse payment, then you have to come up with the money! There are many ways for scammers to misuse your details 😞