Etsy sellers must verify their bank account information within 30 days! Otherwise, they will not be able to receive payment!

It is learned that Etsy recently issued an announcement stating that in accordance with the US Anti-Money Laundering Act and related regulations, e-commerce platforms like Etsy must further verify sellers' bank account information to better protect sellers' account security and the Etsy online market.

Therefore, over the next month, Etsy will send sellers notifications about verifying account information in two ways:

1. Etsy will send an email to sellers at [email protected] with the subject line “Verify your bank account to continue getting paid.”
2. Sellers will also see a yellow banner in the Payment Settings section of Store Management. After clicking the link in the banner, sellers will need to log in to their bank account through a third-party service called Plaid, which will verify the seller's account details to further ensure that the seller's deposit goes to the right place.

Etsy also explained in the announcement why it chose Plaid (a financial services company) to verify sellers’ bank account information:

• Plaid is an industry leader that currently serves more than 6,000 companies, all of which use Plaid's services to securely connect financial accounts.
• Plaid's information security services are designed to meet or exceed industry standards and are currently certified to internationally recognized security standards.

Finally, Etsy also reminds sellers that although Plaid's security API allows sellers to verify bank accounts instantly, sellers can still verify account security through small withdrawals. After receiving a small amount of payment from Etsy, sellers will see a "Verify Account" option in store management, and sellers must verify it within 5 working days.

It is understood that sellers must verify their account information within the next 30 days, otherwise they will not be able to receive payments from Etsy. In addition, it is worth noting that after verifying the account information, sellers will not be able to withdraw money within 5 days (Etsy did not mention this, which caused many complaints).

The following is the original announcement from Etsy

Editor ✎ Nicole/

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