Now e-Bay wants my SSN and bank account info . . .???

[Jody_S]

Ebay forced Canadian sellers onto their payment processing last year, yes I had to give them my (a) bank account and proof of id. They just wanted to take back the 3% fees that Paypal was making, and did so as soon as they were able after the forced eBay/Paypal anti-monopoly split. So we're back to where we started re. monopoly power, except eBay is a two-bit player now compared to Amazon.

They have been depositing the money in my account within their stated delays, without issue. Well there was a small issue in that my account had a $14 credit when they made the switch, and they just kept that until I harassed someone on the phone 3 months later. I honestly preferred Paypal because my money stayed there in US$ if I so chose until I made a purchase, which saved me paying exchange fees twice. At this point I don't see a major security issue between eBay having my bank account # vs. Paypal having my bank account and credit card #s. I just don't keep any money in that account, and I always kept a very low-limit cc that I could use for online purchases by prepaying the amount of the purchase the day before.

[drj52]

The eBay/PayPal split was about stock value, not an “anti-monopoly” move. PayPal is now worth about 7 times as much as eBay.

[Paul Ron]

i see the irs getting more concerned about taxing transactions, the need for ssn of ebay sellers, especially for interstate taxes collected. new updated tax laws will be coming to the internet. that i can understand with a market place dealing in the trillion$... as well as dealing internationaly. someone has to pay uncle sam's take or you get your knees whacked out unda ya. i doubt fraud is a reason despite so much id theft over the internet... try getting help when youve been hacked? my son has been dealing with id theft for 5 years n it hasnt stopped, plus no one can or will do anything to help. thats my reason for not using electronic transactions.

[drj52]

i see the irs getting more concerned about taxing transactions, the need for ssn of ebay sellers, especially for interstate taxes collected

What "interstate taxes"? Sales tax? SSNs aren't needed for that. Some other tax?

[HMG]

What "interstate taxes"? Sales tax? SSNs aren't needed for that. Some other tax?

I'm pretty sure that, because they are processing payments to/from individuals, they now fall under financial regulations (including those intended to prevent money laundering) that require them to know who those payments are going to.

[drj52]

I'm pretty sure that, because they are processing payments to/from individuals, they now fall under financial regulations (including those intended to prevent money laundering) that require them to know who those payments are going to.

Yes, they do. But it doesn't matter if those payments are inter- or intra-state. I'm not clear about the reference to "interstate" taxes. Do you know what those taxes are?

[HMG]

Yes, they do. But it doesn't matter if those payments are inter- or intra-state. I'm not clear about the reference to "interstate" taxes. Do you know what those taxes are?

You'd have to ask the person who referenced "interstate".

[drj52]

You'd have to ask the person who referenced "interstate".

I did, but since you replied to my question to that person, I thought you would be able to clarify.

[Paul Ron]

if you sell from montana to someone in nyc, as well as other states, or overseas, which sales tax do you collect and how do you report that tax to the irs? if i sent a pmo, which is as good as cash... are you reporting it to the irs? some dealers are required to collect sales tax from certain states n not from others... thats going to change soon. interstate sales taxes! your ssn is your tax number with the irs for reporting income for taxes.

money laundering for sure n the irs is trying to figure out new laws to put a stop to that.

oh lets complicate this with bit coin as a tax problem which is also being taken care of by the irs with new laws for virtual currency.

uncle sam wants you to document every cent... cashless society makes it harder to hide money.... trust no one! in god we trust, all others pay pals?

[Paul Ron]

I'm pretty sure that, because they are processing payments to/from individuals, they now fall under financial regulations (including those intended to prevent money laundering) that require them to know who those payments are going to.

you got it!