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Why can't we simply use Electronic Bank Transfers?
 

Forgive my ignorance, but can someone tell me why we can't all just be happy and user electronic banking...

For instance, a lot of people these days use online banking, I'm willing to bet that a higher proportion of ebay users use online banking than the general population.. thus, why can't we educate our customers to go into their online banking, and perform a bank transfer from their account to ours?

From a sellers point of view, this is perfect, no fees, no frozen money, no faxing in incredible amounts of information, from a buyers point of view its a little more involved but one could always provide rewards for using banking, for instance they pay £100, give em 1.50 back as thank you for using bank transfer...

Is there like a security problem with this method or what?

People would rather pay with paypal. They feel it's convenient just to enter a username a password to pay. They also get mind washed with the notices everywhere saying how they are insured up to £150/£500 on their purchase, so they think paypal will be totally risk free.

Because bank transfers are more expensive than PayPal. Especially for international transactions. Try sending a wire transfer from the US to Japan. It'll cost you around $30.

bank transfers within a country, (or at least within the UK) are free however, and whatever we do other than paypal we have to come up against the brainwashing (oops I mean marketing) thing, and the ultimate convenience or paying - electronic bank transfers could be made easier and more directional with an intermediary webpage....

So I would give me routing and bank account # to any stranger on the net?

Follow that over used and over worked maxim Caveat empetor.

So that he can withdraw money from your account? Use common sense before asking such a question! :D

I know of at least one way to withdraw money from someone's bank account using just this information. I'm sure there are others I'm not aware of.