Is Poshmark's Bank Going Out of Business?!? | Day in the Life

[@joannashere9091]

Interesting about the auction rules! I wonder how states will respond to them once the states are aware of what these sites are doing.

[@spendingunder30]

Looking at the comments here some states have started sending out letters. So not sure but will be interesting to watch!

[@sellsformoola]

We are all aware that you really do not like live auctions, not your thing. So for you to check this out was impressive. Showing an item live and being a live auctioneer are real apples and oranges. This means Instagram shows were you bid too need to be licensed. Any lawyer could when that these auctions are not like going to an auction house.

[@spendingunder30]

I think its a gray area and from the comments some states are already enforcing it so its a bit worrying!

[@TheTroothseekr]

Can you use a P.O. Box? And google voice number?

[@spendingunder30]

Yes on the Po box from what I understand, I dont know about google voice!

[@MissPepperss]

I am concerned about people using the email address and phone number to hack resellers on the platforms. Since they will have the name and address and phone number and email address, they can use it to hack people and take over the account as well as other horrible things. OMG

[@spendingunder30]

That is a valid concern. Paired with people now having your address is the main reason that we have a PO Box.

[@Chicago48]

"Live auctions" vs. "unlive auctions"? How can they differentiate. If it's illegal in "some" states, then those states should be listed on the site. The majority of "small" sellers are honest. There are some - not many - bad apples who do smash & grab and sell online. But they don't need to sell online, they can take the stolen goods and sell it on the street and at flea markets.

[@spendingunder30]

This is the site we used for the beginning part of our research. Its a great place to start! But I agree platforms should have this listed somewhere but they say it is the seller’s responsibility and not theirs: estatesales.org/university/auction-license-laws-by-state

[@lctrojan89]

I remember Mercari having the same problem, a couple of years ago. Sellers weren't getting paid, well delayed payments were being paid. You guys are so informative. Thank you so much for giving us the up to date info.

[@spendingunder30]

Im glad the info is helpful! We try!

[@la6136]

I'm nervous about the Inform Consumer Act and how they are going to implement it. It makes me want to get a separate business phone number and a virtual business address to give to the platforms. I wonder if we have a legal LLC if we can use the LLC name instead of our own personal name?

[@spendingunder30]

You can use a business name instead of your personal name. For an alternate address you might consider a PO Box.

[@haleryan142]

You guys are always on top of it and teaching us really important things. Yes I love watching hauls and BOLO brand videos but these are the videos that are truly teaching me and keeping me on top of my game and being informed. I appreciate you guys so much for all the research you guys do and for sharing it with us. Now I don’t feel as much guilt for not trying live selling (I’m pretty shy and I get anxious really easily so I never pushed myself to do it). The consumer act is scary, I guess it could help with the fake listings on posh for luxury items but I don’t want people knowing all my info, I’m a very private person and don’t feel comfortable with it and even with you guys and others who do social media, that’s even more ridiculous since you guys are out there

[@spendingunder30]

Thank you so much! We certainly try to find important topics that the reselling community needs to hear. You should never feel guilty about any decision that you make four your mental health. The INFORM act is certainly not perfect, but it is intended to help people with online scams. Thank you so much for sharing!

[@Bobbie-Loves-To-Thrift]

I am not happy about posh lives what so ever . So happy your talking about all this. I am from Ohio! We are the state that passed a law a couple months ago a new law. You have to have a auctioneer license. With a exception. I don’t fully understand. I am so sad. My sales are plummeting!!! The Ohio state was sending letters out to people I guess and were going after people. Who we’re selling online? From what I heard? My sales I do have are so low :( getting on eBay and Mercari. I am not going back to a day job! Ty so much for sharing again!

[@spendingunder30]

Wow they were sending out letters!? Yikes! I really wish Posh would be more transparent about this because it can affect people and their livelihoods!

[@sunsoulco]

10,000*

[@amandasperanza9715]

I love your videos friends!!

[@spendingunder30]

Thank you so much you're the best!

[@thedealmama3070]

BTW love your videos!

[@spendingunder30]

Glad you like them!

[@MissPepperss]

Can we use a business name even though the business is not registered? I know that in order to register I'd have to pay a fee and also pay city taxes.

[@spendingunder30]

I don't know if you can use a non-registered business. Hopefully we get some clarity from the platforms otherwise we might need to speak with a business attorney.

[@debk3135]

So people are still selling items on etsy not knowing if they will get paid?

[@spendingunder30]

At the moment that seems to be the case as crazy as that sounds. This is an important reminder/warning to always withdraw any redeemable funds ASAP!

[@jmbdb]

Sure hope you guys don’t stop doing reseller content even if you stop reselling

[@spendingunder30]

Thank you! No plans to stop we love the community and reselling is a part of us forever!

[@vickiewhite5348]

Not in the State of Virginia no license needed!

[@spendingunder30]

You're one of the lucky ones. There are a lot of states that require an auctioneer license

[@jodiredler7469]

I went and got my money--I usually leave a bit there to buy stuff--but that's probably wrong.

[@spendingunder30]

Nothing is “wrong” just want everyone to be as safe as they can be!

[@kdenton3853]

Hey! So I watched your video on you failing at reselling full time. I’ve been thinking that maybe I can help you continue to stay full time. I also live In Massachusetts and I think we may be somewhat close to each other considering you have a P.O. Box in RI. I know of a couple of places where you can get clothes for $1 everyday and it’s not at the bins. And it’s not just cheap junk clothes. If you’re interested let me know

[@spendingunder30]

Wed definitely be interested in learning more! Send me a dm on instagram (link is in description of all my videos)

[@ceciliaperales8466]

Well done on your resume , I was self employed for 40 years , and it wasn't easy !!!

[@spendingunder30]

40 years is amazing! What did you do if you don't mind me asking?

[@ceciliaperales8466]

@@spendingunder30 I started off as a first grade teacher , than I saw a building for sale across the street , and the owners loved teachers , and at 23 years old , I bought my first building , by owner finance. After that, I kept buying buildings , and a small shopping center.

[@spendingunder30]

Thats incredible!

[@michellem4352]

Just watched your video and am definitely not a fan of the informed consumers act. I ended up getting a PO Box several years ago because a buyer wanted to return wooden plates after the 30 day window on eBay. He started sending me FedEx letters. I had explained to him that the transaction was through the platform and that he would need to reach out to eBay with any issues. I randomly get FedEx letters from him. I have since rented a PO Box and have contacted my local law enforcement to file a complaint as well as the buyers local law enforcement. There needs to be an informed sellers act. If anyone warned me about him…I would block immediately. We are mostly individuals and sell from our homes and there’s all kinds of crazy out there. This doesn’t sit well with me and at what point is there too much government overreach. Not a political person, but sure thinking we shouldn’t just sit and wait all the time. Btw- kudos to you for jumping out of the current “frying pan” and finding a more stable job for the current time. Another GREAT video 🎉. Best to you both!!

[@spendingunder30]

Thank you for the kind words and I am really sorry you had to deal with that situation! That sounds really scary! We also have a Po box! We got it when we got youtube in case anyone wanted to send letters or whatever or if brands wanted to send us things but its also great to keep our address out of the hands of shoppers!

[@kimhumphrey4053]

One of the main appeals of online selling is the anonymity. I don’t want the general public to have my email address let alone my phone number! That is a huge over step my big brother tho say the least!

[@spendingunder30]

I agree with you that I am not comfortable with the general public having all my personal information. While I do think the intent of the law is in the right place, I don't feel that this is the best way to protect people from online scams. I wish they had reviewed this more with the reselling community to get our feedback first.

[@kimhumphrey4053]

@@spendingunder30 I agree totally! If they are trying to stop scammers, they are definitely going about it the wrong way. It’s like giving them the “keys to the kingdom “ so to speak!

[@dirtisbetterthandiamonds]

I have a conspiracy theory about PM too. I'd like to see what you think. So when I started PM 4 yrs ago, and it was clear that PM requires sharing, following, and social posts in order to keep your items in front of buyers, I immediately thought that this whole process really mirrors what a friend of mine was doing crypto mining. He had a computer set up that was on 24/7 and completing "microtransactions" to earn fractions of Bitcoin. His electric bill was insane! How genius would it be to have tens of thousands of computers, laptops, and phones running these microtransactions all over the world all day and the owners of said equipment pays the electric bill (which is how you make unlimited bitcoin gains!). The buying and selling of items is to legitimize the business. I don't know..thoughts?

[@spendingunder30]

That's really interesting to think about, but I would hope that Poshmark wouldn't have hidden that from their investors

[@dirtisbetterthandiamonds]

@SpendingUnder30 ..it might be a good thing if they have that as a back up. Although it would be nice if we got a share in it too right! I've often wondered about Reddit as well.

[@claytonanthony7886]

I'm not happy about the last comment from you, not sure why im paying a monthly subscription to your channel I'm for sure canceling now, I didn't know I was paying to watch you sell your cral

[@spendingunder30]

Hi there! Im not sure what you mean. If there was a comment we made you didnt like I truely apologize. Please let me know what this is in regards to if youd like us to resolve it. Have a good Monday.

[@claytonanthony7886]

@@spendingunder30 I'm on someone else's account because it bothered me maybe I was having a difficult time when you it was said, Poshmark is sucking the life and energy out of me. I am trying to find a better seller platform Mercari is something else yes but what options do we have???

[@spendingunder30]

@@claytonanthony7886 Sorry to hear that. I dont know what we said but we try very hard to be responsive and kind to everyone. As for other platforms Id say my favorite is Ebay but they all have their challenges for sure.

[@LoriAnnZachary]

How rude.

[@marisacowan603]

P.S.A Poshmark Service Announcement

[@spendingunder30]

Exactly 😂