Sellers Beware of Etsy Bank Account Verification Test
By: Ina Steiner
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Some sellers are worried about sharing their bank account password with a company called Plaid. Etsy has published the following review of the test on a help page on his website:
“US sellers may see an option to sign in to Plaid to add their bank accounts. We’re testing an easy and secure way to verify your bank details to make sure you’ll receive your deposits without issue. If you’re prompted to sign in with Plaid, follow the instructions If you’re in the US and aren’t prompted to sign in with Plaid, you don’t need to take any further action to verify your bank details Learn more about Plaid’s security measures.”
The fact that Etsy says it’s testing the business isn’t necessarily reassuring.
One of the sellers who alerted us to Etsy’s new verification process expressed concern about Plaid’s reputation and wrote, “I don’t use apps at all and my bank won’t cover the fraud if I share my password.”
Another seller who asked us to review Etsy’s use of Plaid also noted that the app requires users to enter their banking information and password.
Sellers are also discussing Etsy’s Plaid test on the Discussion boards. We haven’t seen a response from Etsy as of this writing (late Monday afternoon).
We asked Etsy PR about sellers’ concerns and how they were addressing them, we’ll provide an update if and when we learn more.
