WT heck is going on? Did Etsy draft this out of my account? It's showing as a positive balance? I really need a response here, Etsy

elmsattic
Registered Member

Re: Etsy drafted $395 out of my checking today?

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Etsy is a publicly traded corporation. I suspect that this Bank Manager is not aware of this. You cannot shutter a corporation over a weekend. 

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PaintingIdeas
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Re: Etsy drafted $395 out of my checking today?

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Do the main banks let you put a limit on insane unusual amounts that would trigger an overdraft like this if a bug like etsy happens? Do the bank account let you set a safeguard ? I'm not clear if by overdraft protection a bank would let an unusual amount go through or block it at a certain overdraft limit. The credit cards let you set one limit but I can't find this on my bank account site. Somebody says we should give etsy a saving accounts to avoid an issue like this. Any opinions? 

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FenderMinerals
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Re: Etsy drafted $395 out of my checking today?

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No, you need to not use debit cards.  Then you won't be overdrafted and have to pay the fees.  That said if you go over your credit limit on a credit card purposefully and don't file a complaint there may be penalties from your credit card company.  However if you dispute the charge those penalties would be removed.  

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HomespunKat
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Re: Etsy drafted $395 out of my checking today?

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My bank offers overdraft protection. Where they will pay it, but you are still charged an overdraft fee. If you don't want the overdraft protection, I was told that if payment is submitted and there is not enough funds to cover it they decline it. So I make sure there is not really any money in my account.

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cottageprims
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Re: Etsy drafted $395 out of my checking today?

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FenderMinerals~ I agree I didn't want to leave Etsy either it's been my job, the bank manager and husband think I'm crazy but I have been here a long time. But even with safeguards I can not afford another hit or no paycheck while things get sorted out. I'm still waiting to hear from Etsy which I got a generic email but really if you are building trust you do not take peoples money and not explain why.

 

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Buntique
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Re: Etsy drafted $395 out of my checking today?

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You can check whether your bank has options for credit cards for safe shopping online. Our bank has this. It allows me to set up a dedicated card number that can only be used by the business that I give the number to and even that business has to enter its business name identically each time it would attempt to use the card. Our actual bank credit card number is never given out, only the newly assigned safe shopping number. I can set the top credit limit for the card number and the bank won't allow charges beyond that amount. I can close the cards at any time I want.

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MinxouriVintage
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Re: Etsy drafted $395 out of my checking today?

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No, the bank puts their own limit on how negative you can go.

Overdraft protection means they pull the amount from somewhere else - a line of credit or another account and just don’t charge you a fee.

You can not use debit cards and still overdraft.  You can provide an account number for bill payment many places.

If that company makes an error, the bank will allow them to pull out as much money as they think you're good for.

If you’re a college student with no banking or credit history could be $0.

Most people a 3-4 figure sum. But they could very well let you go negative 5, 6 figures. 

The debit card actually often has a withdrawal limit at atms and in store transactions. 

Bill pay is something else.

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SharonOlveraDesign
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Re: Etsy drafted $395 out of my checking today?

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I don’t think I would want them even touching my savings account.  Maybe a credit card?😶@PaintingIdeas wrote:

Do the main banks let you put a limit on insane unusual amounts that would trigger an overdraft like this if a bug like etsy happens? Do the bank account let you set a safeguard ? I'm not clear if by overdraft protection a bank would let an unusual amount go through or block it at a certain overdraft limit. The credit cards let you set one limit but I can't find this on my bank account site. Somebody says we should give etsy a saving accounts to avoid an issue like this. Any opinions? 


 

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Donobob
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Re: Etsy drafted $395 out of my checking today?

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Banks impose daily and weekly limits on withdrawls. Most of the time the limit is in the way of legitimate business that one is carrying out, so most tend to raise the limits at the bank. One should only raise those limits to meet their own demands, as it exposes more money to theft or a bug like this. Those limits are your first line of defence. Calling the bank or CC company is the last line of defence.

There is advantage to having a CC or Bank Acc that only handles auto pay situations. There you can leave or request the limits be / remain low. Don't add overdraft or any credit line to it and it can never go negative for an auto payment.

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ClearCutSupply
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Re: Etsy drafted $395 out of my checking today?

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I'm starting to feel like a Tamagotchi here. Like Etsy is saying "Let's try this and see what happens."

 

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SunshineAnnieFabrics
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Re: Etsy drafted $395 out of my checking today?

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A good bank WILL  at least question an out of normal charge even on a debit card.  One of ours called us when a restaurant tried to charge only $30 twice, the other bank did not catch a double charge of over $100. Yea, should quit the second one I think.

  

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Orangebirdofparadise
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Re: Etsy drafted $395 out of my checking today?

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By the way, I was thinking about a previous post I made on this thread, stating, if you are affected and you received the refund into your Shop Payment account instead of the CC on file, you are unable to get hold of that money for 3.5 days, from Friday to Tuesday, due to the holiday on Monday. This calculation was wrong, because it is actually not 3.5 but 4.5 days - While you get the notification e-mail that your deposit is on the way to your bank on Tuesday - it normally takes an additional 24 hrs for your bank to book the incoming money. So, that takes us to half a day on Friday + Saturday + Sunday + Monday + Tuesday and (if you have made sure you have asked for the earliest deposit date available on your Shop Payment account) then finally, on Wednesday you will get the money in your bank account. 

 

It was interesting to see that some people are still defending the lack of communication by Etsy leadership. Others totally resigned to their fate, as they report previous issues - and who could blame them, they need the income from this shop so they will just wait before actually taking action. There was one person who said she was happy to see her Etsy stock rise in value, from 7 to 60 bucks, over the years. Saying there is nothing going to change, re: transparency. We have to accept that. (?) O.K. Everyone has the right to his / her opinion, but thinking about historical changes, nothing would have ever changed if we all just sighed and accepted. I say Etsy needs, urgently, a Customer Service for all - a phone or live-chat support - and not just for those who pay extra for one of their recently released seller subscription packages.

Then there were others with the opinion that this must have only affected a "small" number of sellers. To those, I can only say, (a) we do not know how many sellers were affected, because not everyone posts on the forums, and (b) there still could be any number of sellers out there who are unaware of what happened on Friday. One example for that would be somebody whose checking account had a large enough balance to cover an overcharge by 200 $ and who have their notifications from Etsy set to only get emails if they made a sale. If they did not make any sale and had enough balance, they would not have a clue what happened, until they next log in to their bank, for some other reasons. 

 

Personally, I am not sure yet what to do. But I surely will download all my listings - takes only a few clicks - into a CSV file from here, just in case. Of course, with only half of my listings on Etsy being currently active, I will not renew the inactive ones prior to the download - that would cost me 300 x .20  = 60.00 $

But thankfully, I do periodical downloads, so most of the inactive listings are already saved elsewhere. 

As for what caused this problem: I think there are many possible explanations. Intentional it may not have been. I say this because, just last week, Wells Fargo had a similar issue and all of its websites were down, payments did not process or erroneously processed amounts, for the entire U.S.A. and parts of Europe. The really strange part is, Etsy was voted No. 1 by popular vote on Ina Steiner's ecommercebytes blog, just last week. Then this happened. Perhaps somebody did not like the fact that Etsy won - but it may also be a programming error. At any rate, they should look for someone who would benefit from Etsy's demise.

I was playing with the thought of opening a Pattern website with Etsy, but I am too scared to do so, now - so will wait and see what happens next.

BB

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WitticismsRus
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Re: Etsy drafted $395 out of my checking today?

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@Orangebirdofparadise  Just to clarify- phone and chat support is available to all sellers for some issues.  You do not need to pay for a package for them to be available

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Orangebirdofparadise
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Re: Etsy drafted $395 out of my checking today?

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@WitticismsRus Yes, but emphasis is on "some" issues. Meaning, if you email your concern to Etsy and IF they respond with a phone number to call, then you can call them.

It has been reported by many on this and other threads, that as soon as somebody posts a phone number for Etsy support, it is being removed.  Which further means, there is NO phone or live chat support for most cases.



 

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ClassicAndCurrent
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Re: Etsy drafted $395 out of my checking today?

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Can you tell how to download the listings into a CSV file?

 

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WitticismsRus
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Re: Etsy drafted $395 out of my checking today?

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@Orangebirdofparadise  the phone number is given by etsy on the support ticket page in shop manager- community & help- contact us. It is available to all sellers there. You don't need to email anyone to get it, it's right there in shop manager for certain support issues. They even recently added toll free numbers for UK and Australia which is great since it was just a US number initially.  Yes they do remove it when posted publicily but that is likely because they want folks to use the support ticket system as it is set up.

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BaerreisCollection
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Re: Etsy drafted $395 out of my checking today?

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I just noticed the same.  

frankly, I need my  money .. now there is a bank holiday here in the US on Monday.. so hopefully, the money will be in my acct by Tues.

marking this thread

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APaperEvent
Registered Member

Re: Etsy drafted $395 out of my checking today?

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I keep hearing people say it is just a mistake and it's not fraud/theft. Billing is automated, therefore any "mistake" that would have occurred would have been based off a programming issue. You then must ask yourself, if this is a programming issue wouldn't it have been a global issue effecting all Etsy sellers rather than a small group?

Etsy has no explanation for why this occurred and seemingly still has no idea.  Could this have been a programing test or someone skimming from accounts? For example, if an additional 1 percent charge to fees were added to a small group. Would a business notice this, most likely not? Now, let’s say that while they tried adding the additional percentage, the algorithm was inputted incorrectly and charged huge fees instead of the small percentage. There are approximately 1.5 million sellers on Etsy, take the total sales and collect an extra 1%. The company stands to make a lot of money this way and can say oh it was just a "mistake".

Incorrect 1099 reporting information by $1000's, once again this is all automated. Incorrect information put on a 1099 directly effects the difference Etsy or the shop owner would pay on taxes. Once again, the potential gain for Etsy is in the millions if not more depending on the actual amount of shops that were impacted by this "mistake". These should be causing global issues, however, once again seem to only involve a small group (and what to they define as a small group).

Some have said that Etsy is not financially gaining from these errors, but they are.  Etsy is now earning interest off our money that was taken yesterday. And what about the inaccurate 1099's? That could potentially generate huge gains for Etsy. Etsy doesn't have to generate new 1099s if there was a discrepancy of a $100 or less.  If shop owners don’t have to account for this, does Etsy have to account for these discrepancies? If not, that would be a substantial amount of profit that Etsy wouldn't have to claim to the IRS. Skimming a little from each shop can add up to millions of dollars.  Who is paying the taxes on this if it doesn't have to be claimed? I’m really not sure but has made me wonder.

Whether or not it was an intentional mistake, or perhaps internal theft issues, Etsy has not been forthcoming with information as to why this has occurred. All we have received is a form letter.  As a shop owner this is concerning as Etsy is in control of our shop's money (and for many, personal funds).  There needs to be a better explanation than a simple form letter. How are they going to take care of fees and numerous other issues they have created? (Credit card fees, late payments, credit scores, etc.)  

Etsy should be notifying ALL Etsy shop owners of the continued programming issues they seem to be having that only revolve around accounting. Etsy does not communicate with their sellers. There is very little customer support. There is no transparency.  Those severely impacted wait for a response and get a generic email back that the situation was corrected, meanwhile they have yet to return money taken.

I apologize for the length, just food for thought. It is an incredibly frustrating situation for many people.

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BlackberryDesigns
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Re: Etsy drafted $395 out of my checking today?

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A few years back when Etsy started to function as a financial instution I went to the forums and told them they must 'act like one', and have  customer service for financial issues.  I hope they change this, now.  Their available customer service for issues around money is sorely lacking.

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vampiregothchick
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Re: Etsy drafted $395 out of my checking today?

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The movie Office Space comes to mind...

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Olygirlcrochet
Registered Member

Re: Etsy drafted $395 out of my checking today?

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I am continually seeing threads regarding Etsy charging credit cards but have not been able to locate any regarding deposit issues.

On Monday February 11th my deposit account suddenly showed I had $1,800 available for deposit on February 19th. Then on Wednesday, February 13th, it reflected the correct amount of $821.75. Then, on February 17th my deposit amount showed zero yet no money was deposited into my bank. I have sent two emails to Etsy and have not heard back. Has anyone else experienced this?

Thank you,

Angela

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Highlighted
Moderator
Moderator

Re: Etsy drafted $395 out of my checking today?

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An update on recent issues affecting payment accounts

On Friday, February 15, a bill payment error affected a small group of sellers which resulted in some cards being incorrectly charged. Sellers who were affected have been notified by email, or by Etsy Conversations, and the issue that caused this has since been resolved.

As part of fixing this issue, all incorrectly charged cards have been refunded. It may take several business days for the refunded amounts to clear and settle in card accounts.  Also related to fixing the root problem, some sellers saw their scheduled deposit of funds returned to Etsy on Friday, February 15, and those deposits will now be sent on Tuesday, February 19.

For affected sellers, we are very sorry for the trouble or concern this may have caused. Our first priority has been to correct the issue. This was not a fraud issue, but instead an error related to a site change which affects a small group of sellers and is unrelated to buyers' purchases.

This is an issue we do not take lightly. We’ve assembled a Payments task force, including senior executives across Etsy, to address any concerns or troubles resulting from this error. We will refund any undue fees associated with this incorrect charge and change in deposit schedule. We don’t expect this error to impact additional sellers going forward.

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LeafLee
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Re: Etsy drafted $395 out of my checking today?

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I was charged over 1300$ and etys sent it to my bank account after chargeing a fee. Ya'll know most of the people who work for you view even 500$ as alot of money right? I'm a disabled woman just struggling to live here and this is some garbage to deal with. The money should have been returned to my card not sent to my bank account! Etsy REALLY MESSING UP HERE! I HAVE BEEN A LOYAL SELLER FOR OVER A DECADE!! Reparations are in order but I didn't even get an adaquate explaination of how/ why this happened to begin with! Certainly not feeling safe with them know all my financial information!

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charmsgalore
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Re: Etsy drafted $395 out of my checking today?

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My deposit from Friday 15th returned to my payment account. But now I show a new deposit on 2/16 which has been deducted from my payment account. Etsy informed me via email this would happen on Tuesday.  Why am I showing a deposit on the 16th? This is a Saturday.

Is this correct? 

 

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ThreadTreasuresEmbro
Registered Member

Re: Etsy drafted $395 out of my checking today?

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Can you tell me DOES ETSY TEST MODIFICATIONS BEFORE THEY ROLL THEM OUT ONTO PRODUCTION SERVERS?  If not, shame on you.  If Etsy does, then your testing procedures need to be reviewed.

 

This is unacceptable.  All sellers need to know EXACTLY what happened.

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