Plaid issues

[ComfyCatQuilts]

What do I have to do to get help resolving my plaid deposit issue that has been going on for over a month?  Customer service has not resolved my issue and now they are not responding I am ready to give up, I have already list a large sale

[NanaLetha]

Are you using a browser or the Etsy app?

[ComfyCatQuilts]

I have tried both

[CarpetCollectionAU]

Have you tried a ifferent Bank? From what we havvve read in Forums recently, some Banks are not compatible with Plaid. Perhaps, yours is one of these?

[OnOccasions]

Maybe Etsy should try another source other than PLAID.  We shouldn't be inconvenienced by having to open up new accounts at other banks.  And how do we know in advance if the bank is on PLAIDS compatibility list?

[OnOccasions]

ETSY is experiencing a major issue with PLAID.  Customer service is virtually non-existent.    You have to be Einstein to even figure out how to be able to contact customer service through email (it is very hidden--why???).  This is an all-out disaster.  Every day I get the same messages, either "oops something went wrong", or "Account is not checking or Savings and does not accept ACH debits".  Whaaaat?   My account is valid, it does accept ACH debits and I have been using it for years on ETSY.  Ridiculous.  By the way, do not hand over your banking passwords to this 3rd party.  Why would anyone do that?  Ridiculous again.

[glamrox]

Hi having the exact issues too. No customer support whatsoever and same plaid error over and over again. 

[ArtsyCraftsyBoutique]

I agree. It's not smart to hand over banking passwords to ANYONE. 

[claridad]

My shop was suspended because of Plaid. I have been here since 2008. I am now considering deleting my shop, since there is no way to contact Etsy support.

Boooo

Claridad

[NanaLetha]

@OnOccasions  When you start the process, there is a drop down list of banks.

[SugarTaffySoap]

@ComfyCatQuilts what exactly is the issue you're having? Here is some additional info that might help.

https://help.etsy.com/hc/en-us/articles/115015775908-How-to-Update-and-Verify-Your-Bank-Account-for-...

[NanaLetha]

@glamrox  What Plaid error are you getting?

[BagmakerSupply]

The *theory* behind Plaid is that it will work with ANY financial institution. Instant verification will only work with those that Plaid has set up sort of integration, but manual should work with all. Please make sure that you read and understand what Plaid can or will do with your login details before you use instant verification. If you are having a problem, be specific about the issues you are having so that someone who has resolved it can help - otherwise we are guessing and a suggestion may actually be counterproductive. Just saying it doesn't work does not provide enough information.

[CanningCrafts]

Some sellers have confirmed that their individual banks will NOT work with Plaid even for manual verification. They will not accept the micro deposits from them. Some banks block them because they think Plaid is a security issue apparently. I think it might have been confirmed that certain bank accounts like Payoneer also won't work with Plaid.

[BagmakerSupply]

@CanningCrafts  :  Completely agree with you, that is why I said "manual should work". That so many institutions seem to block Plaid should have been a red flag to whoever at Etsy vetted and approved this vendor.

[ThePurplePuppy]

It is beginning to look like Plaid is about a big a financial disaster as we had a few years back 2014? 2015?  I can't even remember now what it was all about back then  but it only lasted a week or two.  But this one may be bigger.    While they might think  sellers are only "churn" this could get them in a world of hurt  because sooner or later it will generate publicity.

[CarpetCollectionAU]

@ThePurplePuppy Whilst it is understandable that everyone is, and should be, most concerned about and acutely vigilent where Financial Accounts and Transactions are concerned, it would seem that many are seeing "ghosts" where they do not exist.

I am unsure why you think there may be a "big financial disaster" stemming from Etsy's decision to use the services of a Third Party for Bank Account Verification.

For those of us not in the US, this has been the process all along. The only difference is we do not know the name of the Third Party Verification service which checked out out information.

The fact that not all "Banks" are working with "Plaid" does not, in itself, signal mistrust.

A similar situation exists with "Aftership". Etsy has engaged "Aftership" as its' Third Party Tracking verification service. Not all POs / Couriers / Shipping Services and not all classes of postage / shipping are accessible by "Aftership". Does that signal mistrust?

[ThePurplePuppy]

@CarpetCollectionAU 

I guess I did not explain exactly what I meant--I meant it could be a financial disaster for ETSY if tons of sellers left--or if the medai reported this and made a big brohaha out of it. I am sure the stockholders would be unhappy and stock prices could tank. It was not about us "end users", so to speak.

And sorry, I still may not be spelling out exactly what I mean--guess I do not know exactly how to word  what I mean.

[CarpetCollectionAU]

@ThePurplePuppy OK. I see what you mean, now. It is just that words like "financial disaster" tend to provoke panic, especially when mentioned to referrence to "Plaid".

As far as Seller's leaving the site as a direct consequence of reluctance to use "Plaid" to verify their Bank Accounts, I believe that the vast majority will, and probably already have, completed this verification without incident. As I said, every other International Seller had to submit the same details (in one form or another) to have their own accounts verified. I know that I had to re-verify my Australian Accounts earlier in the year as part of a World-Wide process of securing the Etsy Marketplace in line with current Banking and other Financial updates and requirements.

I do not like to think of anyone as "Churn", but all big businesses do factor this into any decision they make. 

We all have to face the fact that, whilst most of us who contribute to Forums could be considered to be of the "older school" where Financial Transactiona and Internet Banking are concerned, we are probably far outnumbered by the "younger set" for whom these types of things are "just normal".

Look at the growth of the Marketplace over the last 2 years. Look at the efforts being made to engage, and cater for, Indian Sellers and Buyers. Look at all the "Tic Tok"/ "Instagram" etc integrations with Etsy. 

IMO, the "Plaid" issue will resolve itself by the time the roll out of the requiirement has completed. 

What was unfortunate, and what may have caused so much of the concern, was Etsy's failure to explain more clearly that the Manual Method of "Plaid" verification is no different to the current verification process and permits no greater access to Bank Accounts than the previous process.  

Etsy should never have offered the "Instant" verification process and they, certainly, should not have buried the "Manual" option so deeply beneath the "Instant" information.

On your last point about "Publicity", you know what they say about that? "No Publicity is bad Publicity".

Storms in Tea Cups eventually Blow Out. I suspect that, similarly, the "Plaid" issue will become a "non-issue. 

My only qualification to this is that, if Etsy does have other plans for "Plaid", I may not be so confident. But, at this time, I cannot see what these plans may be and how they would impact the site because all of the other services "Plaid" offers are integrations of financial management which have to be instigated by a personal Account Holder.

[ThePurplePuppy]

@CarpetCollectionAU 

So far I have not been asked to verify any of my three shops. In fact I am not sure whether or not--but my other 2 shops--may already verified. I do not know how to "tell".  When this all started I had just opened a new ba with a small (well, oregon wide) local bank just for Etsy. When I changed the accounts each time  I got the "your account has been verified". About the time I started to change this shop all the posts hit the the forum so I backed off. So I really have no idea if I simply went thru the plais new system manually on those accounts or not! This one has not yet been contacted at all about verification. When it is I of course plan to do it manually--i9n fact I would have to as I have NO online account and even if I wanted to my husband probably would not allow it. He is more paranoid than I am when it comes to financial information being online.

I have always heard that about no bad publicity but not sure I believe it! LOL

[ADKArtsBoutique]

I am one who's bank will not accept Plaid or even manual verification from Plaid.  I am now in the process of opening two new business accounts at another bank which is in a different part of town.  My husband and I have been using our current for 50 years and will continue for everything else except Etsy.  It seems awful that we are being pushed into using another bank, but our current bank regards Plaid as a security threat along with other 3rd parties such as Venmo etc.  I have not got the dreaded email yet but checked with my bank to be proactive.  So we are in the process of being ready and will be updating Plaid to the new accounts but I have heard there is problems with that.  So all I can do is hope for the best.  Good Luck to all of you! 

[NostalgieCT]

I was told today by Etsy support today that Etsy "may" share your SSN with Plaid at their request so this might be bigger and more sensitive data involved than just manually verifying your bank account. Something to think about.

[ADKArtsBoutique]

@BagmakerSupply   I'm sure Etsy cannot contact all the banks to find out if they work with Plaid or not.  So there would be no red flag and Etsy is probably sure most of us are going to want to keep our shops. 

[BagmakerSupply]

@ADKArtsBoutique  :  Sorry but I disagree. If a financial institution thinks Plaid is a security risk is that not a red flag? Have you read everything that you agree to when you use Plaid - particularly if you use instant verification? And what Plaid can do with all the personal information they get from your bank accounts? There are security and privacy issues here that neither Plaid nor Etsy seem to be willing to address in any clear and meaningful way.

[ADKArtsBoutique]

@BagmakerSupply  What I meant is that there is no way Etsy can go through all of the banks we use to see who is accepted by Plaid or any other service.   I'm not a fan of Plaid or this Etsy move in the least.  It is making a ton more work for us as we are moving business accounts.  Of course when any bank thinks that a 3rd party is a risk it's a red flag but for us who are being told to use it, not for Etsy because do they really care? I doubt it.  This is to their benefit somehow not for ours.  We either go along, move our accounts, or close shops.  They don't care what we do.  There is always a new shop to take our place.