ebay direct payments separate bank account?

chezybezy

wasn't sure where to ask for advise due to this change. I'm a private seller, only sell things as and when etc. 
I don't like the idea of having to link ebay directly to my main (and only) bank account, are there any options out there? seems a little overboard to have to create a whole new bank account to continue to use ebay. i do have some things that i need to sell that i do not think will sell locally, one hasn't when i tried Facebook.

i am only selling bits and bobs so i know it doesn't need to be a (i think the phrase is) business account. is creating a new bank account my only option? what do i need to look for in terms of what its called as it is all double dutch to me when ive looked into it re names and fees and apps? do i just call my current bank and say i want a new separate account please? am i even allowed to ask this of my bank?

many thanks
C

messia07

do you mean open a second  account with your existing bank?
if you explain what it's for, you shouldn't have a problem doing that but i'm wondering if it would be better to open a completely new bank account for ebay?

the one thing i'm a bit confused about is the fact that when you sign up to ebay managed payments via trustly, they have the ability to see everything connected to that bank account, so your savings, payments, secondary accounts(?) etc.. would this be the same for ebay managed payments without trustly?

chezybezy

messia07 said:

do you mean open a second  account with your existing bank?
if you explain what it's for, you shouldn't have a problem doing that but i'm wondering if it would be better to open a completely new bank account for ebay?

the one thing i'm a bit confused about is the fact that when you sign up to ebay managed payments via trustly, they have the ability to see everything connected to that bank account, so your savings, payments, secondary accounts(?) etc.. would this be the same for ebay managed payments without trustly?

oh, so even if its a second one it can link to my er main, so i need to look at creating an entirely new bank account then? i assume this would be easier if with a different bank then? 

does anyone else have any ideas or am i going down the wrong path?

jon81uk

messia07 said:

do you mean open a second  account with your existing bank?
if you explain what it's for, you shouldn't have a problem doing that but i'm wondering if it would be better to open a completely new bank account for ebay?

the one thing i'm a bit confused about is the fact that when you sign up to ebay managed payments via trustly, they have the ability to see everything connected to that bank account, so your savings, payments, secondary accounts(?) etc.. would this be the same for ebay managed payments without trustly?

I didn't have to use Trustly, (I think first direct doesn't use Open Banking) but I don't think it means they can see all that, its just done to check your details the first time. 

pbartlett

My bank.is lloyds and I didn't have to use trusty. Lloyds definitely do.open banking.

scottiescott

I don't see the point in all this.
I sold an item last week. Buyer paid me. eBay deducted their fees and advised what I would be getting net. They advised it was ok to post buyers parcel (albeit before I had my money). Parcel posted to buyer. eBay advise today that they have paid out my net amount into my bank account.
Only difference I can see is payment goes direct to my bank account rather than my Paypal account first, buyer has probably received goods before the money actually lands in my account and eBay have their whack instead of billing me monthly.
What am I missing?

jon81uk

scottiescott said:

I don't see the point in all this.
I sold an item last week. Buyer paid me. eBay deducted their fees and advised what I would be getting net. They advised it was ok to post buyers parcel (albeit before I had my money). Parcel posted to buyer. eBay advise today that they have paid out my net amount into my bank account.
Only difference I can see is payment goes direct to my bank account rather than my Paypal account first, buyer has probably received goods before the money actually lands in my account and eBay have their whack instead of billing me monthly.
What am I missing?

I am the same.
Just used my normal current account and the profits from my sales have moved to it just fine.

Jerry_Cornelius

chezybezy said:

wasn't sure where to ask for advise due to this change. I'm a private seller, only sell things as and when etc. 
I don't like the idea of having to link ebay directly to my main (and only) bank account, are there any options out there? seems a little overboard to have to create a whole new bank account to continue to use ebay. i do have some things that i need to sell that i do not think will sell locally, one hasn't when i tried Facebook.

i am only selling bits and bobs so i know it doesn't need to be a (i think the phrase is) business account. is creating a new bank account my only option? what do i need to look for in terms of what its called as it is all double dutch to me when ive looked into it re names and fees and apps? do i just call my current bank and say i want a new separate account please? am i even allowed to ask this of my bank?

many thanks
C

I sell similarly to you, one of the things I liked about Paypal was the money was completely seperate and I used it like a piggy bank for specific purchases etc, so I want to recreate the same with a seperate bank account, but not with the same bank as my main account. Other people also want to create a separate account because they dont like the idea of ebay (and in some cases a 3rd party entity called Trustly) having access to their main bank account, and possibly other stuff. There was an article on this very site by Jenny Keefe on 26 Nov 2020 detailing the managed payments issues and the article quotes (I can't post links as i've not been a member long enough): 

Many people also liked that they could keep cash raised from decluttering in their PayPal accounts, using it as a piggybank for treats. If that's you, consider replicating this by setting up a separate "eBay" bank account. See our Best Bank Accounts guide for the top deals

But the Best Bank Accounts article just talks about accounts generally, not recommending any for ebay managed payments. Its difficult to find anyone who has posted their experiences about this online from what i've searched. The only thing I've gleaned is you cant use a savings account it seems. Must be a personal or business current account. But with a new account will there be issues because that receiving ebay managed payments and me spending or transferring funds from time to time will essentially be the only activity? 

Anyway, bearing all that in mind, I'm currently considering a new account with First Direct (one of the banks recommended in the "Best Bank Accounts article") ...

soolin

Jerry_Cornelius said:

chezybezy said:

wasn't sure where to ask for advise due to this change. I'm a private seller, only sell things as and when etc. 
I don't like the idea of having to link ebay directly to my main (and only) bank account, are there any options out there? seems a little overboard to have to create a whole new bank account to continue to use ebay. i do have some things that i need to sell that i do not think will sell locally, one hasn't when i tried Facebook.

i am only selling bits and bobs so i know it doesn't need to be a (i think the phrase is) business account. is creating a new bank account my only option? what do i need to look for in terms of what its called as it is all double dutch to me when ive looked into it re names and fees and apps? do i just call my current bank and say i want a new separate account please? am i even allowed to ask this of my bank?

many thanks
C

I sell similarly to you, one of the things I liked about Paypal was the money was completely seperate and I used it like a piggy bank for specific purchases etc, so I want to recreate the same with a seperate bank account, but not with the same bank as my main account. Other people also want to create a separate account because they dont like the idea of ebay (and in some cases a 3rd party entity called Trustly) having access to their main bank account, and possibly other stuff. There was an article on this very site by Jenny Keefe on 26 Nov 2020 detailing the managed payments issues and the article quotes (I can't post links as i've not been a member long enough): 

Many people also liked that they could keep cash raised from decluttering in their PayPal accounts, using it as a piggybank for treats. If that's you, consider replicating this by setting up a separate "eBay" bank account. See our Best Bank Accounts guide for the top deals

But the Best Bank Accounts article just talks about accounts generally, not recommending any for ebay managed payments. Its difficult to find anyone who has posted their experiences about this online from what i've searched. The only thing I've gleaned is you cant use a savings account it seems. Must be a personal or business current account. But with a new account will there be issues because that receiving ebay managed payments and me spending or transferring funds from time to time will essentially be the only activity? 

Anyway, bearing all that in mind, I'm currently considering a new account with First Direct (one of the banks recommended in the "Best Bank Accounts article") ...

I suspect there has been very little chatter about opening separate bank accounts as most people just haven’t bothered. I drew my PayPal payments out to bank accounts anyway, I just do the same with the Ayden payments. Since the majority of sellers have now been switched across I suspect people have just done the same as me with little fuss and bother. 

Spoonie_Turtle

Jerry_Cornelius said:
But with a new account will there be issues because that receiving ebay managed payments and me spending or transferring funds from time to time will essentially be the only activity? 

No, only if in their terms for a reward they specify needing to pay in a certain amount / have direct debits.  I've had a few different accounts just to keep my savings in (when bonuses are worth more than the interest available anywhere) and literally not used them for anything unless they've had a required minimum.  

chezybezy

just wanted to say thank you very much for all your help guys.