Ebay - Registering bank details

Glaucus · 28 Apr 2008 at 21:18

Do you actually get anything from this> Does it give you extra security?

My address is already confirmed.

Or is this setting up a direct debit with paypal which as we all know is a very bad idea

Vengance · 28 Apr 2008 at 21:21

once you get half way to 1500 passing through your account they'll start bugging you to finish all their security checks, something to do with EU law.

Glaucus · 28 Apr 2008 at 21:24

Probably what it is, I've had it since 2003. Although I don't buy expensive items on it. I must have paid several times that with it.

But what does it actually do?

Vengance · 28 Apr 2008 at 21:31

according to the emails i got from them, its to do with stopping people using the site for money laundering. If you reach the 1500 limit without doing all the security checks, they'll stop you from doing any more transactions till you have done them.

Werewolf · 28 Apr 2008 at 21:43

Vengance said:
according to the emails i got from them, its to do with stopping people using the site for money laundering. If you reach the 1500 limit without doing all the security checks, they'll stop you from doing any more transactions till you have done them.

IIRC their reason is fairly rubbish - from memory they ask you for it when you reach that sort of amount as a seller, regardless of if it's taken you 5 years to do so (the law requires certain things if you are moving a lot of money on a regular basis, not a few hundred a year).

I would be extremely reluctant to give Paypal my bank details unless I absolutely had to.

Wiggins · 28 Apr 2008 at 21:49

It is to do with Laundering and as its now a Swiss based operation, they have had to implement it.

chris74 · 28 Apr 2008 at 23:35

I maybe wrong but are they not now based in Luxembourg?.

I hate Ebay/Paypal with a passion. I was a powerseller and had had enough but the rigmarole that you have to go through to even close your account was enough for me to say I'd never use them again.

The sooner google auction or some other major company manages to provide a real alternative the better.

Werewolf · 29 Apr 2008 at 00:43

Wiggins said:
It is to do with Laundering and as its now a Swiss based operation, they have had to implement it.

Ah it might have changed a bit since I last looked at it, however if the amount required for laundering is as low as £1500 spread across several years I would be surprised

(they used to claim the same thing a few years back, despite the laws they were quoting at the time not requiring anything of the sort).