So on friday morning an etsy bill payment error resulted large amounts being withdrawn from sellers account and credit card. Although the company has confirmed resolving the issue, and saying that it was not the result of a fraud, the headache isn’t over from affected sellers because Monday is a federal holiday in the United States, and many financial institutions are closed.
Etsy sellers are required to have a valid credit or debit card on file with Etsy in order to have a payment account. Boing Boing reports that complaints first began emerging in Etsy’s Community Forums and Twitter on Friday morning, when sellers began noticing amounts ranging from hundreds to tens of thousands of dollars had ben withdrawn or charged to those accounts.(😨😱), Later on an etsy rep posted on its forum saying that the company “aware of a bill payment error affecting a small group of sellers which resulted in some cards being incorrectly charged.” later on again on sunday the company sent another message saying that it had already refunded all incorrectly charged cards and would be sending deposits on tuesday.
The explanation was not enough for many sellers,( though, it my money we talking about here) who said hourly updates should have been posted for a problem of this magnitude, and that Etsy had not addressed how it will compensate them for overdraft or late fees, or if the returned deposits will appear on their 1099s.