eBay Australia has decided to make changes to the way the bank deposit payment method is presented in your listings.  "Bank Deposit" is the payment method that allows buyers to immediately deposit money to pay for the item into your bank account.  On the View Item, Sell Your Item form, and Checkout pages, instead of the orange logo, the words "Bank Deposit Express" will appear.  This change will start this week. 
 
In April 2006, the name of the payment method will be changed to "Bank Deposit (seller's bank details will be displayed on checkout)".   The way the payment method functions will not be changed in any way.  eBay feels this change better reflects "the actual functionality" of the payment method. The original announcement is below, and here are the details regarding the security of using "Bank Deposit" as a payment method.
  • Providing bank account information to the buyer in Checkout via Bank Deposit Express is optional. The seller can also offer Bank Deposit as a payment option without providing bank account information via eBay.
  • The bank account information is transmitted via a secure connection.
  • All bank account information is stored on secure servers.
  • No other members besides the buyer can access the seller's bank account information via Checkout, because the buyer's eBay User ID and password are required. The buyer can view the seller's bank account information only if the seller has made this information available and has selected Bank Deposit Express as a payment option.
  • Some members prefer to set up a bank account purely for eBay transactions.

As part of eBay.com.au's ongoing efforts to protect consumers shopping online we recently released a Safe Payments Policy. The policy prohibits certain payment methods on eBay.com.au, including sending cash in the mail and the use of instant wire money transfer services such as Western Union and MoneyGram.

Encouraging safer payment methods is an ongoing initiative for eBay.com.au, so we'll be making a couple of changes in the coming months.

A survey conducted by Sweeney Research in October 2004 revealed that more than half of Australian Internet users are concerned about their personal or financial details being intercepted while shopping online. To alleviate some of the concerns facing Australians and help encourage safer trading practices, in January 2005 PayPal.com.au* came into the Australian marketplace so that Australians can shop without sharing their personal and financial details.

This week we will be removing the orange "Bank Deposit Express" logo from View Item, Sell Your Item and select Checkout pages. Instead the words "Bank Deposit Express" will appear in its place.

Then, in April 2006 we will change the name of "Bank Deposit Express" to better reflect the actual functionality to "Bank Deposit (seller's bank details will be displayed on checkout)". Ability to use "Bank Deposit Express" will not be reduced in any way. Winning bidders of items listed with the "Bank Deposit Express" option checked will still be provided with the seller's bank details on checkout.

PayPal is not only a safe way to send and receive payments online, but it is integrated into the eBay.com.au marketplace providing an "express" method for making and receiving payments. You can now nominate your bank account as your primary funding source when using PayPal.

For buyers, paying by PayPal offers an answer to the biggest fear on the internet: the protection of personal and financial data because this information is not disclosed to the seller. For sellers, receiving PayPal payments is fast, eases reconciliation issues and also offers the same protection of their personal and financial data.

Regards,
The eBay Team

*You should consider the Product Disclosure Statement before deciding to sign-up for or use the PayPal online payment service at https://www.paypal.com.au PayPal, Inc. ARBN 111 900 906 (AFSL 283443).