I've about had it with Etsy...

[WhistlingBadger]

Just got an email from Etsy (verified on my account page, not a scam) that I have to "verify my bank account." Going into it, I find that this means providing a third party agency called "Plaid" with my bank login username and password, and giving them permission to view all of my account balances and activity. The alternative is to manually give them my account number and routing number. In the meantime, they're just holding on to almost $500 and there ain't a thing I can do about it. There is apparently no other way I can access the money I have rightfully earned. What the heck??? The 30% cut they keep is bad enough. Now they want me to give a third party full access to my bank accounts. I don't think so.

As soon as I figure out how to get my money from them, I think I'm done with this platform. Thanks for letting me get this off my chest.

 

[Fishmanic]

If plaid is a legit company, you could open a bank account in a bank that is used just for Etsy and keep the balance very low...like $10. Use a bank that doesnt charge fees. As soon as Etsy payments hit the account, move it to another bank. I did do a Google search for Plaid and from what I gather, it is legit.

 

[JuiceBox52]

I stopped working with Etsy as a seller for these same issues (and the fact they were refusing to remove sellers selling inappropriate content of children). So i just stopped. I don’t blame you for your frustration

 

[Fishmanic]

I wouldnt think they should require your bank user name and password. Just maybe your checking account number and router number. I believe paypal just requires the account and routing numbers to deposit funds into or move payments out of your checking account.

 

[Fishmanic]

From a google search, i found this information;
Plaid offers two options for verifying your bank account on Etsy:
an instant method that requires your bank username and password, and a manual method that does not. While the instant option is faster, you can choose to enter your account and routing numbers manually to avoid sharing login credentials.
Reddit +3
Key Details:

• Instant Verification (Option 1): Uses your banking credentials to connect instantly. While many users express privacy concerns, Plaid is a widely used, secure service.
• Manual Verification (Option 2): Involves using your account and routing numbers. Plaid will send two small test deposits, and you will enter the amounts to confirm.
• Security Concerns: Some users have expressed concerns about data privacy and past lawsuits against Plaid.
• Alternative: If you are uncomfortable, you can use the manual option or change your banking password after the verification process is complete

 

[anewbie]

I would NEVER give a third party my bank credentials (login/pwd). routing/account # are on every check so hardly confidential.

 

[fishorama]

I wouldn't give my bank account user & pw info either. A "for deposits only" option, that may be the routing & acct. I used to have paypal but my credit card got hacked a few years ago somewhere so I'm much more careful. I'm not used to secondary verification via cell phone yet. We still have a landline but it can't do text., so phone call or email.

I also don't use my phone for banking, taxes, etc., you know, the really important stuff. Maybe I'll eventually feel safer but a phone is easier to lose than a PC. Just color me paranoid

 

[anewbie]

I wouldn't give my bank account user & pw info either. A "for deposits only" option, that may be the routing & acct. I used to have paypal but my credit card got hacked a few years ago somewhere so I'm much more careful. I'm not used to secondary verification via cell phone yet. We still have a landline but it can't do text., so phone call or email.

I also don't use my phone for banking, taxes, etc., you know, the really important stuff. Maybe I'll eventually feel safer but a phone is easier to lose than a PC. Just color me paranoid

Phone are easily compromised if you are targeted - and i don't use them for banking either even though i've used a smart phone for years. All the spy agencies have methods to compromise your phones (which means the phones have critical security flaws); it just that most of the hacks require an individual be targeted. Apple is famous for having a security flaw where a certain text could be sent to compromise the phone (the user need not respond to it; though i *think* that flaw has been fixed).

 

[WhistlingBadger]

I've done PayPal for years and find them trustworthy. Fishmanic is right, there's a manual alternative that is much harder and slower than the creepy, sign-over-your-bank-account-to-get-your-money option that they obviously really, really want you to use. It's creepy.

Oh well. It's been a good day, and I refuse to stay upset about this. Off to find my account and router numbers...

 

[WhistlingBadger]

(and the fact they were refusing to remove sellers selling inappropriate content of children)

Yeah, there's that too.

 

[gwand]

Last Friday my wife realized she was being scammed before it became too late. The scammer said he was calling from the Capital One Visa fraud department. He was asking her whether she had made several five figure purchases. She said she had not made those purchases. Then he provided her with the last four digits of her credit card number and listed five purchases on her statement that she did make. So my wife was thinking this guy may be the real deal and not a scammer. Then he asked her to provide him with the entire credit card number. That is when she put a stop to the phone call and hung up. She called visas fraud department and of course the initial phone call was from a scammer. how did the scammer have the last four digits of her credit card number? How did he have access to her credit card statement?

 

[connorlindeman]

I did the plaid verification a long time ago and have had no issues. I only gave them access to one account. You get to choose. Plaid is trustworthy, to me at least.

 

[Alice B]

30% to sell on Etsy? They are worse than Amazon. I think, haven't checked Amazon lately. I keep a separate account for local customers that want to pay me with zelle, I make no local deposits to it, and empty it out promptly. I use capital one 360 for that, no fees. I've never heard of Plaid but lacking the time to sell tangible objects online that will have to be researched when I retire. I use a different password for every site, and no I would not give out username or password.

 

[connorlindeman]

Plaid is a verified partner of most banks. I really don't see the issue.

 

[WhistlingBadger]

Plaid is trustworthy, to me at least.

Apart from the context, as a Scotsman, I concur with this statement.