Spendable Funds Terms and Conditions

I. Introduction

These Spendable Funds Terms and Conditions (“Spending Terms”) amend the eBay Payments Terms of Use (the “Payments Terms”) and set out the terms on which eBay Commerce Inc. (“we,” “us” or “eCI”) will provide you a Stored Value Account (defined below) to hold funds owed to you by us. Subject to these Spending Terms, you may use the funds in the Stored Value Account to pay for purchases made on eBay.com, cover Owed Amounts or other expenses, or fund disbursements to your Linked Financial Account. By accepting these terms, you agree to comply with these Spending Terms, and the Payments Terms. In the event of a conflict between these Spending Terms and the Payments Terms, these Spending Terms will control. All capitalized terms used in these Spending Terms which are not otherwise defined, shall have the same meanings assigned to them in the Payments Terms.

These Spending Terms contain provisions that govern how claims you and we have against each other are resolved (see “Complaints and Legal Disputes” section below). By agreeing to these terms, you are agreeing to submit claims that you have against us or our agents to binding and final arbitration pursuant to the Agreement to Arbitrate set forth in the Payments Terms (see Part II, Section 4 (“Legal Disputes”), Subsection B ("Agreement to Arbitrate")), unless you opt out. If you do not opt out: (1) you will only be permitted to pursue claims against us or our agents on an individual basis, not as a plaintiff or class member in any class or representative action or proceeding and (2) you will only be permitted to seek relief (including monetary, injunctive, and declaratory relief) on an individual basis.

II. Opening a Stored Value Account

A “Stored Value Account” is an electronic account issued to you by us to receive and hold funds payable to you under the Payments Terms and these Spending Terms. Although the Stored Value Account reflects funds payable to you, the Stored Value Account is not a bank account, and the balance of funds reflected in your Stored Value Account do not constitute deposits. You will not earn interest on funds held in your Stored Value Account, nor is the Stored Value Account eligible for FDIC pass-through insurance.

Eligibility 

To open a Stored Value Account, you must be eligible as determined by us. If you are eligible, you may use the personal enrollment link provided to you in notifications posted in My eBay, Seller Hub or emails to sign up for a Stored Value Account. You must use the link provided to verify your identity and open the Stored Value Account. To verify your identity, we may require you to provide certain identifying information to us such as your full name, address, phone number, date of birth, taxpayer identification number, bank account information, and/or a government-issued photo ID (such as driver’s license). You may not open a Stored Value Account if you do not provide required information to us, or if we cannot verify your identity using the information provided by you.

If you are an individual opening the Stored Value Account for your personal use, you must be at least 18 years old and reside in the United States (including its territories). If you are opening the Stored Value Account for a business, the business must be organized in, operating in, or a resident of the United States (including its territories). At this time, you are not eligible to open a Stored Value Account if:

• Your eBay account is subject to suspension, restriction, or payout block.
• You are an individual selling on eBay and your registered address is in Arizona and New Mexico, or if selling on eBay as a legal entity, the legal entity registered address is in Arizona or New Mexico. 

If you become a resident of New Mexico after you open a Stored Value Account, we may require you to provide certain identifying information (such as your photo ID) to continue using your Stored Value Account.

Account Security

You must add two step verification to your eBay account to open a Stored Value Account and to use your Spendable funds (as defined below) for Stored Value Purchases (as defined below). From time to time, we may also require you to complete further account authentication or verification procedures to confirm the security of your device or access to your account. We may temporarily restrict access to funds in your Stored Value Account if we cannot verify your eBay account, if you access your account from a new device, or if we suspect that your eBay account has been accessed without your authorization. For example, as a security precaution, we may temporarily suspend use of your Spendable funds for Stored Value Purchases for up to forty-eight (48) hours following a change to your phone number.

III. Adding funds to your Stored Value Account

Once you’ve opened a Stored Value Account, you agree to receive any amounts payable to you by us to your Stored Value Account. These amounts include but are not limited to:

• Proceeds from sales of items listed on eBay sites, net of applicable fees and taxes.
• Credits.
• Refunds for purchases made on eBay.com with your Spendable funds.

You may not add funds to your Stored Value Account from any external sources such as a bank account (including your linked bank account), credit card or debit card. You may not use the Stored Value Account to receive payments from any third parties. The funds in your Stored Value Account are denominated in USD.

IV. Using your funds

V. Deductions for Fees and Expenses

You authorize us to recoup Owed Amounts from Your Total Balance in your Stored Value Account. Owed Amounts are defined in the Payments Terms and include any amounts owed to us or our Affiliates incurred in relation to your use of the eBay Services. If Your Total Balance is zero or drawn negative, we will collect Owed Amounts from you as otherwise described in the Payments Terms.

VI. Holds

We reserve the right to manage the risks associated with providing you a Stored Value Account by placing restrictions on your access to your funds when deemed necessary, as described in Part I, Section 7 (“Holds”) of the Payments Terms.

Funds placed On Hold may include proceeds from one or more transactions, or Your Total Balance in your Stored Value Account. If funds are On Hold, you may not access the funds for any Stored Value Purchases, Payouts or Withdrawals. If we hold proceeds from particular transactions, you may use held funds related to the transaction to send a refund to a buyer to resolve a cancellation, return, buyer protection claim, or payment dispute related to this transaction.

We may restrict your use of Spendable funds and cancel or freeze Withdrawals or Payouts of your proceeds as necessary for fraud, risk management, or compliance purposes.

If we place a hold on your funds, we will notify you through the eBay Message Center and/or by email.

VII. Closing your Stored Value Account

We may close your account at any time by terminating our Payment Services in conformity with Part I, Section 11 (“Term, Termination”) of the Payments Terms.

Once you accept these Spending Terms and open a Stored Value Account, your use of the Stored Value Account becomes a condition to using your eBay account. You may close your Stored Value Account by closing your eBay account as described in Part I, Section 11 of the Payments Terms referenced above. You may not close your Stored Value Account:

• to evade investigation;
• if you have a Stored Value Purchase pending;
• if you have any Processing funds; or
• if any portion of Your Total Balance is subject to a hold.

Effect of Termination

Within a reasonable time following closure of your account, we will send the portion of Your Total Balance that is not subject to a hold to your Linked Financial Account, or such other account owned by you, subject to our approval. Termination of this Agreement will not affect the rights or liabilities of either party accrued until termination and/or any terms intended (expressly or implicitly) to survive termination, including the obligation to pay amounts owed to us relating to your activities prior to termination.

VIII. Complaints and Legal Disputes

You agree that any claim or dispute that has arisen or may arise between you and us relating to your use of the services described in these Spending Terms will be resolved in accordance with the provisions set forth in Payments Terms, including the Agreement to Arbitrate, which will, with limited exception, require you to submit claims you have against us or our agents to binding and final arbitration, unless you opt out of the Agreement to Arbitrate (see Part II, Section 4 (“Legal Disputes”), Subsection B ("Agreement to Arbitrate")). If you do not opt out: (1) you will only be permitted to pursue claims against us or our agents on an individual basis, not as a plaintiff or class member in any class or representative action or proceeding and (2) you will only be permitted to seek relief (including monetary, injunctive, and declaratory relief) on an individual basis.

IX. Unauthorized Transactions

An “Unauthorized Transaction” occurs when funds are transferred from Your Total Balance (such as transfers for Stored Value Purchases and Withdrawals) and you did not authorize such transfer and you receive no benefit from such transfer. If you become aware of an Unauthorized Transaction involving your funds, or a delay or error involving your funds, you should notify us immediately by using the Contact Us link available on our Help Hub page. We will investigate and address all Unauthorized Transactions reported to us, in accordance with our policy. We may lock your eBay account and/or disable the ability to use Spendable funds for Stored Value Purchases while we complete the investigation.

Unauthorized Transactions do not include transactions initiated by any person that you have furnished passwords, codes or other credentials used to access your account, or fraudulent transactions initiated by you, or someone else working in concert with you. You acknowledge your responsibility for maintaining the security of all passwords, codes, or other login credentials used to access your account, subject to eBay’s seller protection policies, for any transactions made or actions taken using your eBay account.

X. Miscellaneous