Also, you need to go into Paypal and type in Verified, read that information, and Confirmed and read that information. It is important to establish trust and with verification and confirmation, the buyer/seller knows you have done this.
Would you buy from a seller who was not verified ? Would you sell to a buyer who was not? Although in some cases, it does say it is okay to ship, the buyer may not be confirmed or verified, and without that, the seller is up the creek if the buyer tries to do a charge back. Buyers also need to consider the position of the seller who often is "stiffed" so to speak by non paying bidders who are given 4 days to pay, then 4 days after the non paying bidder notification, only to have them still not pay taking the item off the market for that long and the very high probability of not anyone then wanting a second chance at the item because in 8-9 days, they have shopped and bought elsewhere. So, this is why the verification and confirmation is so important to a seller. I have not given any thought to why Paypal sets a limit and then requires banking information since I, as a seller, gave mine when I started 7 years ago.
Twice in the last couple of weeks, two non paying bidders, and now one has finally paid who is unconfirmed and unverified, and I am not shipping until she does..but, guess what...she can leave me negative feedback if she wants. I am now at her mercy if she does not verify and confirm her id. She can refuse to cancel the transaction, and then she can leave me negative...but under eBay "laws", I am not allowed to put anything negative in her feedback because it contradicts the positive feedback, the only kind of fb we are allowed to give.
So, if you have spent 9 or 10k and you are complaining about having to give your bank account information because you want to buy, remember the sellers had to do that to be able to sell and think of all that we endure when buyers can literally get away with anything. So you get a non paying bidder mark on your ebay account. Do you think that matters to eBay? They say that if the pattern continues, they will remove the person, but do you really think they will? You are in no bad situation if you don't pay thanks to eBay. They know non paying bidders have millions of sellers they can buy from and they are not going to stop a non paying bidder because they know that most of the time you are going to pay and they get from 9-12 percent from the seller and then Paypal gets over 3.25 percent. So, why should they care if buyers don't pay sellers??
Don't panic. Just do what the other person advised, but I would ask them if you can send them a money order and I would send it certified return receipt requested. However, you are going to run into this with any other purchase, so maybe if you don't want to give your information you want to open a new id and buy from there....but be forewarned, buyers are very wary about what they think to be newbies because they are the ones who leave negative because they have the ridiculous idea that they are the "eBay police" and must report anything they didn't like without contacting the seller or they just don't pay because nothing is going to happen to them. They don't care if there are sellers who sell because they have lost their jobs and are depending on that money. After all, for some reason some of the buyers think that if you sell on eBay then you must be unable to do a "real" job or that sellers are beneath them. Oh, after 7 years, you would not believe what buyers have put me through and said to me when I sell exactly as described, communicate (as you can tell), ship quickly and safely and am very nice to them.....Once I sent something interesting to my long time customers who were still in touch and buying, and I inadvertantly sent it to a one time buyer. Quickly she replied that "You are not my friend. I am not your friend. I look at you as "only a seller", so do not send me emails with information you think I might like....Needless to say, I blocked her from buying again. Now, this has nothing to do with Paypal and giving them information, but I hope this helps you to understand why it is so important to the sellers to know the buyer they are selling to is who they say they are and using their own credit card. This is why verification and confirmation is so important.
