Etsy Deposit Debacle Adds Tax Day Stress For Sellers
Tax day is already stressful enough for many small business owners, but Etsy sellers got a double whammy as deposit problems yesterday left them wondering if they would have enough in their bank accounts to cover their payments to Uncle Sam.
Sellers flooded the Etsy community after seeing their deposits for yesterday had been returned back to Etsy instead of transferred to their banks.
Returned deposit today? After several years with the same bank? And my credit card on file is not expired or anything. NOW WHAT Etsy?
after all it is national pay the IRS day. The worse timing for E to pull something like this.
My weekly deposit was marked as returned this morning. After reading several other posts on returned deposits they all said I need to contact my bank to find out why they rejected my deposit. I have had weekly deposits since 2015. Nothing in my personal or banking information has changed at any time.
When I contacted my bank I was told that they have not rejected any deposit. They say they have no record of any deposit request from Etsy this morning. My finance payment page just says "Returned Deposit" with no further info.
Initially, Etsy support told sellers the problem was with their bank rejecting the deposit, but after several stressful hours, Etsy finally admitted the problem was on their side and that they would be resubmitting the failed deposits.
Thanks for your patience as we investigated this issue. Earlier today (April 15), some deposits that were issued to US-based sellers were reversed due to an issue with our payments partner; this issue is resolved and deposits are on their way to impacted sellers. We apologize for any confusion or inconvenience this may have caused.
How did this Etsy deposit debacle impact your business? Let us know in the comments below!
