no, it was from my bank account, my personal funds, while transfer was in limbo. I didn't have bag returned to me yet, I didn't have deposit made yet, what I had a transaction marked as "purchase" from my personal funds. I'm not sure if I can explain it better.
Anyone Ever Buy and/or Sell on Tradesy?
- Thread starter iluvmybags
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Are you saying you had available funds and they took them back or you were transferring money to your bank account snd they reversedThe payment?
She is saying they took her own money not connected to Tradesy at all from her bank account.
They do have the ability to pull funds back once they've been deposited into your bank acct. This happened to a friend of mine. Two months after my friend sold the bag the buyer resold the bag, the second buyer claimed it wasn't authentic. Tradesy never contacted my friend and one day her acct was debited 1350.00. It wasn't a reversal, it was literally a purchase against her bank acct. My friend had bought it at Neiman Marcus also.
My situation with them was a pair of Chanel earrings that were sold on their site November with the buyer thrilled and happy! Fast forward to February, The buyer happened to show them to an SA at Saks who told her they weren't authentic. I had purchased them at Neiman Marcus, still had my receipt and had them authenticated as well. Tradesy had asked her to send them back but obviously when they inspected them they deemed them 100% authentic. Luckily there wasn't a bait and switch but the fact that they allowed this is an open door for scamming.
My situation with them was a pair of Chanel earrings that were sold on their site November with the buyer thrilled and happy! Fast forward to February, The buyer happened to show them to an SA at Saks who told her they weren't authentic. I had purchased them at Neiman Marcus, still had my receipt and had them authenticated as well. Tradesy had asked her to send them back but obviously when they inspected them they deemed them 100% authentic. Luckily there wasn't a bait and switch but the fact that they allowed this is an open door for scamming.
I was getting confused with the "reverse" payment thing as I had them do a reverse payment before my funds actually hit my bank account. What they did is just basically steal from the bank account IMO. How is this legally possible? Does anyone know if this is listed on their website in TOS? Scary that this scenario is even possible. [emoji47]
Why would they do such a shady thing and cause the seller potentially a financial catastrophe, with their bank balance i.e. If they have checks and other debits pending on their account this could cause insufficient funds and the bank could charge them fees etc..
Why would they do such a shady thing and cause the seller potentially a financial catastrophe, with their bank balance i.e. If they have checks and other debits pending on their account this could cause insufficient funds and the bank could charge them fees etc..
That's good to know, thanks. I tried some auctions and only about half the people paid so now I'm doing BIN.
The fact that they can pull the money out after months or years is scary...at the same time I'd rather not have my money go into paypal for tax purposes. The less places my money travels to the better 
"Come tax time, you must file income received via PayPal as you would other revenues. PayPal isn't a virtual credit card. It's a virtual bank account, and any money deposited to your account is considered revenue by the government. You must pay income tax on that amount."
"Come tax time, you must file income received via PayPal as you would other revenues. PayPal isn't a virtual credit card. It's a virtual bank account, and any money deposited to your account is considered revenue by the government. You must pay income tax on that amount."
The fact that they can pull the money out after months or years is scary...at the same time I'd rather not have my money go into paypal for tax purposes. The less places my money travels to the better
"Come tax time, you must file income received via PayPal as you would other revenues. PayPal isn't a virtual credit card. It's a virtual bank account, and any money deposited to your account is considered revenue by the government. You must pay income tax on that amount."
Your getting a payout from Tradsey too, their payouts are processed by Stripe so it still a payout transact that is still considered revenue.
But it has to be over 200 transactions AND $20,000 within a year in order for you to be sent a 1099-k.
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Just take a video of the bag and process of packaging in the post office and handle it to the USPS agent. Make sure that everything will be recorded in a single video. So, in case your buyer will damage the bag you will be able to prove the condition it was in when you sent it.
I definitely hit the 20k mark....wouldn't it be counted twice though? if you first had it transferred to paypayl and then again to the bank account?
Are you saying if you have an available balance on Tradsey, you transfer to PayPal and then to your bank account? If so yes I believe you would be doing two transactions then however one is PayPal and one is stripe.
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Yes, thanks. totally my personal funds. it's not legal and Tradesy was like "don't you worry, it won't happen again". I'm not sure about that, that's why I'm sharing. These practices align well with underpaying commission to a seller claiming the item was on sale when it wasn't.
Tradesy only counts withdrawals as revenue, if withdrawals go over $20K they'll send 1099-k. but last time we checked was in Fall. it's better to ask again, they keep changing things.
ETA: any withdrawals, PayPal included. but if you keep money on Tradesy balance, it's not considered as "revenue".
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I have a $4500 sale that I just shipped on Friday, and I certainly don't want to have the chance that it will be returned in a few months! If I un-link my bank account now, do you think that will protect me? If so, I will do that immediately. When the funds are ready to withdraw, I can withdraw them to my paypal account? Otherwise, I would be fine with opening another bank account that can serve as the intermediary between my own bank account and my Tradesy account.
This is the bag that I sold just recently and Tradesy returned to me for corner scuffs etc that were not there, so they already authenticated it, and it comes with my store receipt etc, but I just don't want to leave them the room to scam me.
It is sad when I am now much more concerned about Tradesy itself scamming me compared to buyers scamming me!!
This is the bag that I sold just recently and Tradesy returned to me for corner scuffs etc that were not there, so they already authenticated it, and it comes with my store receipt etc, but I just don't want to leave them the room to scam me.
It is sad when I am now much more concerned about Tradesy itself scamming me compared to buyers scamming me!!
You have every right to be nervous with a sale like that. That's a lot of money. but try not to stress too much. Did you put a security tag on it? As long as you listed all wear (if any), you should be good. I haven't had anything bad with Tradesy as far as returns go. I think I have had 2 returns, but they ended in my favor. I even had a Chanel bag removed from my sales, but I still got paid and the money is in my bank.
I am also thinking about deleting my bank information as well. I just don't think that is right with what is happening to some of the girls on here. There has to be a line.