Stripe requesting full access to bank account

[Automasters]

Heads up everyone, things must be bad out there. Stripe, the credit card processor for all our websites sent this email this morning:

Hi,

We're writing to request some additional information about your business financials as part of a routine credit review of your account.

To securely share this information, please link the primary bank account for your business to your Stripe account. This can be the account where you receive payouts from Stripe and/or any other account that will help us understand your business's financial health.

You can link your account by clicking on the button below, or by visiting your Stripe Dashboard directly, where you should see a notification titled "Link your bank account to Stripe".

What we mean by “linking” your account

When you first set up your Stripe account, we asked you to connect your bank account in order to receive payouts. We are now requesting that you link your bank account, which involves sharing details and activity relating to your bank account with Stripe. This includes your current account balance and transactions, as well as historical transactions.

Linking your account reduces the need for us to collect additional financial information in the future, and could potentially reduce the frequency of credit reviews conducted on your account.

Any use of data obtained from your linked financial accounts is used in accordance with the Stripe Services Agreement, Privacy Policy, and the partner terms. Stripe and our partners can only obtain financial account information as authorized by you. Stripe does not sell your data to unaffiliated third parties.

You can find answers to frequently asked questions and learn more about the credit review process on our support site. We’d also encourage you to read our privacy policy to learn more about how Stripe protects your data.

If you have any questions, you can contact us at any time from our support site.


Thanks,


— The Stripe team


To be brief, no one gets unfettered access to my bank account, so they won't be getting it either. I suspect this is due to a $1000 order which came in recently. If they keep giving issues like this, I will have to direct my buyers to purchase via egay instead of my website. Sad isn't it when egay is better than your third party processor?

[murdered_by_ebay]

why does it say credit review?

[agent006140]

We are now requesting that you link your bank account, which involves sharing details and activity relating to your bank account with Stripe. This includes your current account balance and transactions, as well as historical transactions.

Linking your account reduces the need for us to collect additional financial information in the future, and could potentially reduce the frequency of credit reviews conducted on your account.
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It sounds like Stripe ,like all the other payment processors,have run into some steep losses from its users.
Canyou just open a new bank account dedicated to your online business,so this is all they see.
Of course they can see transfers with your other bank accounts,but they are not privy to access your other bank accounts?

I know when we get a merchant account to process credit cards,the bank can credit sales proceeds to our bank account,BUT it can also debit ,say if there is a chargeback and we lose,it will debit our bank account for the loss .
Then it could get worse,they could do it as soon as our customer files a chargeback,before the final outcome.
Can Stripe and Paypal or MP do the same, reach into our bank account ?

same with Paypal as it has already paid the fee for us.
how much is chargeback fee now with MP??

[Automasters]

Yes, they can debit direct from the bank account already. Also, if a customer makes a purchase, decides they changed their mind and returns it, I am still out the stripe fee, even if I refund the charge. This can be several dollars if the charge is a big one.

[degsey69]

Stripe are just covering their assets, they may ask for financials or bank statements to give them price of mind that you have the money for any chargebacks

[Automasters]

Exactly what I was thinking

[agent006140]

If you direct your buyers to Ebay,you not only pay for accepting credit card but Ebay FVF as well.
And Ebay will make you pay return shipping fee if INAD

[rsot]

Originally Posted by Automasters

To be brief, no one gets unfettered access to my bank account, so they won't be getting it either. I suspect this is due to a $1000 order which came in recently. If they keep giving issues like this, I will have to direct my buyers to purchase via egay instead of my website. Sad isn't it when egay is better than your third party processor?

Indeed about eb redirection ugh - have tried out processors than stripe as well? Just owndering

[agent006140]

Sad isn't it when egay is better than your third party processor?
-------
Opinion differs,most people prefer selling on their own website than the world largest flea market.
Ebay tends to side with buyer more so than seller,many of its buyers are bottom feeders and resellers.

[SaiJin]

Originally Posted by Automasters

Yes, they can debit direct from the bank account already. Also, if a customer makes a purchase, decides they changed their mind and returns it, I am still out the stripe fee, even if I refund the charge. This can be several dollars if the charge is a big one.

That's kinda worrisome.

Just wondering, your sales has been a lot higher or has there been any issues lately with customers?

Another thing that comes to mind is Uncle Sam having that time of the month and pressuring financial firms.

[Automasters]

No issues or chargebacks, just a recent order over $1000, which may have been the trigger. Will sit tight and see what happens as we have not had any issues with them until this. A good sign, our other stripe accounts just got an email saying we can now use instant payouts, so figure that one out!

[SaiJin]

Originally Posted by Automasters

No issues or chargebacks, just a recent order over $1000, which may have been the trigger. Will sit tight and see what happens as we have not had any issues with them until this. A good sign, our other stripe accounts just got an email saying we can now use instant payouts, so figure that one out!

I don't think it's the $1000 payment.

I think it's a random check and if I have to guess, uncle sam is probably looking over their shoulders.

[SMOZ]

I'm sick of these companies trying to get access to our bank accounts, it started here in the UK a few years ago with some kind of data sharing act between companies.

The UK at least is quickly turning authoritarian, there is not much now to differentiate between Western countries, and the countries that we are being told are established 'Dictatorships'

Today it has been announced in the UK that all people who are eligible for state pension will have their bank accounts regular monitored in the not too distant future. State pension in the UK is supposed to be a given, not a 'benefit'. But it appears that our pensions will be means tested in future. It's an utter scandal and something you might expect from a country like North Korea.

I laugh in the faces of anyone in this country who thinks they are living in the 'free world' because they can go to DFS and buy a sofa on a Saturday afternoon, or go Fishing.

[SaiJin]

Originally Posted by SMOZ

I'm sick of these companies trying to get access to our bank accounts, it started here in the UK a few years ago with some kind of data sharing act between companies.

The UK at least is quickly turning authoritarian, there is not much now to differentiate between Western countries, and the countries that we are being told are established 'Dictatorships'

Today it has been announced in the UK that all people who are eligible for state pension will have their bank accounts regular monitored in the not too distant future. State pension in the UK is supposed to be a given, not a 'benefit'. But it appears that our pensions will be means tested in future. It's an utter scandal and something you might expect from a country like North Korea.

I laugh in the faces of anyone in this country who thinks they are living in the 'free world' because they can go to DFS and buy a sofa on a Saturday afternoon, or go Fishing.

I actually agree with this. What's DFS?

it's not "Da Fuqing Store" is it?

[agent006140]

what is state pension?
Do you have to earn it?like our Social Security ?

[SMOZ]

Originally Posted by SaiJin

I actually agree with this. What's DFS?

it's not "Da Fuqing Store" is it?

It's a Sofa(couch) store

[SMOZ]

Originally Posted by agent006140

what is state pension?
Do you have to earn it?like our Social Security ?

In the UK we have private pensions and state pensions.

State pensions are based on our our national insurance contributions and the rest taken care of by the government

Private pensions are just that.

[Automasters]

It appears the only effect of this request is stripe only allows instant transfer of $250 of any payment received. Is it worth it to submit a creative bank statement to them or just leave it as is? Other accounts I have with stripe do not have this limitation

[rsot]

Originally Posted by agent006140

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No,read what it said,the new way of LINKING allows Stripe to access his bank account,it said to view its activities,but in reality,is to claw back,reverse or debit any cancellation of order,chargebacks ,use of stolen cards.

seems almost like giving Stripe the power of attorney on a bank account...

[yobar]

What country is the account that requests this new link to link the bank with Stripe?

[rsot]

Originally Posted by agent006140

if you have your own merchant account to accept cc,then this is what the provider can do,it can deposit funds,it can claw back funds,it can put a hold on some fund until chargeback is resolved,but it cannot stop you from closing your bank account.or withdraw all the available fund from the bank account

i have yet to see a merchant account provider that has control on a person closing their bank account...