I've already been receiving my funds from Etsy in this bank account for a year but a month ago it said it needed to be verified. I have attempted to verify multiple times to the point that my shop got suspended. I even tried a different bank account but it keeps failing.
It is a major glitch! There have been other posts where shops in the Philippines have been suspended when updating banking info.
Solved: UNABLE TO VERIFY BANK ACCOUNT Problem from Philipp... - Welcome to the Etsy Community
I got a message from Etsy Support saying they have fixed the issue.
"Good news! We won't require the bank statement anymore since we've already fixed the issue with receiving the small deposit for PH sellers. With that said, I went ahead and unlinked your bank account on file. Please follow the steps below:
1. Add your bank account under Shop Manager> Finances> Payment Settings
2. Wait for the test deposit within 3-5 business days
3. After receiving the deposit, please know that there is 2-3 waiting time before you can verify it
4. When entering the amount, please don't include the decimal. For example, you received 0.20, enter 20 instead of 0.20.
5. Once verified, you should be able to receive deposits accordingly and please respond to this email so we can reinstate your account."
I got a message from Etsy support yesterday saying they were able to identify and resolve the issue but my shop is still suspeneded and I have yet to know if the bank verification was succesful. I'll leave another comment when there's an update.