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7 thoughts on “Etsy Said It’s Required to Force Sellers to Verify Their Bank Accounts”

  1. Etsy asked me to verify an account I verified this past spring. Pushing this Plaid on me, it asks for my online banking password, but my bank says if I give anyone my password, I lose all banking protections from them. Why would any business require this? After Googling Plain, it seems they have been sued, and lost, by many State Attorneys General. Why would Etsy use such an untrustworthy company? Kick backs?

  2. of all the people and places i would consider giving my password to, i think online marketplaces would be near the last!

  3. It’s a nightmare to change your bank account. There is no option to do that and Etsy support will take at least a week to help you.

    If you opt in to manual, not only do you have to enter in the small deposit amounts, but they require a code that most banks do not display. You have to call your bank and ask them for that 3 digit code. Some know what you are talking about, some do not.

    Any change to your bank account, including verifying it will place a 5 day hold on your account. It is not just for the manual option.

    Plaid has been forced by DOJ to pay out $58 million to users for the mishandling and data mining of bank accounts. The suit claims that Plaid collected more information than necessary to verify account information. Plaid denies any wrong doing. Google Plaid and lawsuit. It is recent – 2022. Does not give me a warm fuzzy about giving out my information.

    I suggest to anyone doing this that you immediately change you banking password and security questions after verifying with Plaid.

    I am seriously considering closing my shop over this. There are many other ways to verify banking info. Stating that Etsy must use Plaid is bullshit. They could verify themselves or use a different company for third party verification.

  4. Yeah, check out the Wikipedia page on them. Especially towards the end.
    Oh well, birds of a feather….

  5. I would close my Etsy store before giving my banking password. Period.

    Same goes for any online venue that requires the password to my bank account. I think it takes brass to even ask! Why do they need it, I can’t help but wonder.

    My bank specifically states that I lose all protection if I give my password to anyone.

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