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Etsy says U.S. sellers must ve...Etsy says U.S. sellers must verify bank accounts
The Silicon Review
29 August, 2022
Author:
The Silicon Review Team
Etsy users can self-verify their bank accounts, but the process was tedious
Etsy Inc. now requires the sellers on its marketplace to either self-verify their bank accounts or verify them through a third party to comply with the anti-money laundering and related regulations. The sellers Reuters talked to were annoyed over the move and said that the recommended mode of verification involved providing the financial technology platform, Plaid their banking password and username. Plaid, which agreed last year to pay $58 million to settle a case that alleged it used financial information without consent, said it was "committed to providing a secure experience" to users.
Etsy users can self-verify their bank accounts, but the process was tedious, according to a seller who did not wish to be named. "Unfortunately, a history of less-than-stellar communication and customer service contributes to a general lack of trust in Etsy," said another seller who also wanted to remain anonymous. This is the latest in a series of issues faced by some sellers. A few went on strike earlier this year to protest Etsy's increased transaction fees.
