We couldn’t deposit your funds. Update your bank info.

[TheBubblyType]

Hi, I've been getting this error message for the past couple of weeks!

"We couldn’t deposit your funds. Update your bank info"

It was emailed to me and also popped up as a banner in my shop manager on the payment account page. 

I've been using this bank account for ages and had no issues. I went ahead and started the verification anyway thinking it just needed to be reconfirmed for security reasons. I had to upload a bank statement since the micro-deposit wasn't showing up after 5 days. After that, I got an email notification and a success banner on Etsy that my account had been verified. So I waited for my next scheduled deposit which was supposed to be today... but I got the same error message "We couldn’t deposit your funds. Update your bank info." Very frustrating!

Is this happening to anyone else? I find it hard to believe that after verifying successfully once, I would need to do it again so soon. 

I'm in Australia and my bank account is with NAB if that's helpful. My payout schedule is weekly and this is the 3rd week without a payout. I've tried contacting Etsy Support but it just prompted me to enter my phone number and wait for a call. Not very helpful if they don't call me.

[CappuccinoLace]

Have you checked the card on file expiry date? An expired card would prevent deposits.

[TheBubblyType]

No cards are expired. I did just find out from another seller that it may be because my PO box is listed and that doesn’t match the residential address I have listed with the bank. I’m going to update it and try requesting funds again tomorrow , fingers crossed that works!

[CappuccinoLace]

Yes. You can't have a PO box address.

=

https://help.etsy.com/hc/en-gb/articles/360046998234-How-to-Receive-Your-Etsy-Payments-Deposit?segme...

Sellers in Australia must have a residential address on file with their Australian bank. This address must be used for Etsy Payments. We are unable to accept a PO box as a residential address.

[TheBubblyType]

Yeah, I had no idea! I've had my PO Box listed for 3 years without issues. I've been using it with this particular bank account for almost a year without issue and with a different account for the 2 years before that. All my payments went through successfully until 3 weeks ago. So it never crossed my mind that was the problem. I've updated the address and have submitted the bank statement for verification again - just waiting now to see if it works. Fingers crossed!

[givemeacrown]

@TheBubblyType That sounds frustrating. I can't say I've seen Australian sellers mentioning issues like that.

I'm with NAB and had a deposit a week ago without issue. 

In Finances > Payment Account > Recent activities - does it show that the deposit was attempted and then bounced back?

How long has it been since you requested the call? 

[TheBubblyType]

Thanks, it's been such a pain trying to fix this! I looked and can't see any deposit attempts in the recent activities section. There's also nothing for when payments were going through successfully. Not sure if I'm looking in the wrong spot though. 

I requested the call yesterday afternoon around 4pm and it did give me an average wait time of 30 mins to get a call. But I heard nothing, maybe they'll call today.

I have heard from another seller that it might be because I have a PO Box listed on Etsy and the bank has my residential address. I've updated it to match hoping it'll fix the issue - just re-verified and am waiting to see if it works.

[givemeacrown]

@TheBubblyType The PO Box is likely to be the issue so hopefully changing that helps.

A few years ago I had a message in my shop manager telling me I had to change it from the PO Box I had been using for years. I changed it to a street address and it's been fine since.

[TheBubblyType]

Thanks, my fingers are crossed! My account was successfully verified just now but there's a 5-day hold on funds after you update bank details so have to wait to see if it worked.

I wish I'd had something similar pop up in my shop manager. Would have saved all this hassle! Oh well, just have to wait and see.

[Hertfordweaver]

Maybe ask your bank if they have any insight on the issue.

[TheBubblyType]

I'm going to pop into the bank today and see if there's any issues on that end

[givemeacrown]

Just FYI - Another seller in Australia seems to have been affected the same length of time as you: https://community.etsy.com/t5/All-Things-Finance/Etsy-Not-Paying-Out-My-Deposits/m-p/144213311

[ArtOfZig]

I'm having the exact same issue with my deposits, and no useful support from Etsy to help resolve the issue what so ever.

[TheBubblyType]

Sorry to hear it, it's been so frustrating trying to get this fixed! I've had zero luck talking to anyone from Etsy. Haven't been able to chat or call which is ridiculous.

I'm hoping that changing my PO Box to a residential address to match the bank account will work. I still have to wait for the 5-day hold to pass before I know if it will be successful.

[ArtOfZig]

It is very frustrating. I change my info to my home address also, so we'll see if it works. Not sure how its been scheduled earlier than the 5 days, but my deposit is due for tomorrow, so will let you know if it goes through or not.

[MercyIndustries]

@ArtOfZig

Thank you for letting me know, really appreciate it. 

I did have a PO BOX in there, and I've changed that to physical address and added middle name as well so that everything matches the bank statement letter for letter, e.g. name and physical address. 

I am now in the 5 day wait before a deposit can be made. 

Please keep us updated as to whether the money actually lands in your bank account!

ETSY support.. well, it has been a very disappointing, no help, and they have no idea what they're doing or how to fix it. No one takes ownership or actually help with fixing the issue.

I even got an email from support saying the reason this was happening was because I had entered the bank name incorrectly.. I had entered  'Commonwealth Bank of Australia'  exactly as they have it on the statement.. I had also screen shotted it as I knew they were going to come up with something like this and when I sent the screen shot proving there was no error in the data entry, they just went silent on me.. That's the last I heard. 

But we'll see after the PO Box issue, I'm the same as you, the only place I've had some real help is from the forum. 

Look forward to hearing how you go!

[IndigoMapleDesigns]

I'm having exactly the the same issue. My bank is Westpac. 

I've tried Etsy support "chat" but after initially telling me to re-enter my bank details (which I'd already done - and sent a bank statement) I got the same error message again and now the chatbot is not responding at all - total radio silence. Waiting for an hour, starting again, nothing!!! who or how else can I contact to find out what's happening?

[TheBubblyType]

That sucks! I haven't even been able to get through on chat - I did enter my number for them to call me but never received a call... it's been 3 days and radio silence from Etsy.

I'm hoping that changing my PO Box to a residential address to match the bank account will work. I still have to wait for the 5-day hold to pass before I know if it will be successful. Should know by Monday and if not then I'm at a complete loss on what else to do.

[MercyIndustries]

hi @TheBubblyType

Hi @ArtOfZig

We have the exact same issue. 

I've done a bit of a summary, but it sounds like our situations are almost identical

1. We have been with Commonwealth for years, same account, never changed it, never had an issue. 

2. One day we get told the bank bounced the deposit.  We then contacted CBA who provided a letter saying this is simply not the case, no deposits was ever made by ETSY.

3. We contact ETSY support who then say our bank account details are 'incorrect' and we need to re enter them. This makes no sense as we didn't change them. We re-enter the details, only to have the deposit bounce again and we never received the micro deposits. 

4. Support told us to re enter details again, we did, same thing happens. 

5. We contacted support who told us we now needed to enter bank account details and upload statement for verification. We did, the account was verified and the deposit bounced again. 

6. ETSY support told us we need to do it again, they have 'fixed' the issue now, and we entered bank account details and uploaded statement again. This time we were told it 'could not be verified'. We then received an email from ETSY's Trust and Safety Team saying that the name of the account we entered is incorrect and doesn't match the statement. Completely untrue, I had foresight enough to screen shot the details as we put them in and I had entered it exactly as 'Commonwealth Bank of Australia' exactly as per statement. I sent them the screen shot proving the details were correct, never heard back. 

7. Now we have again uploaded the statement and added details, but it is now just sitting there awaiting verification. Given that nothing has changed from the previous times we tried to verify, we hold little hope that it will work this time. 

There is something going on here, and no one is willing to take responsibility for it. Email, chats, phone calls, completely hopeless and unable to resolve the situation. We are on the verge of pausing our ETSY store until this has been resolved due to the risk and the now substantial amount of money they owe us. 

Have you had any updates or progress with yours?

[ArtOfZig]

This is exactly the same situation for me. Everything you outlined is identical. Do you have a PO Box as your address on your Etsy settings ?? 

My most recent deposit was scheduled for yesterday after changing my PO Box details. Overnight I received the email saying funds are on the way, so I jumped onto my payment account to see if there was an error like previous times, and it seems like it may have gone through this time. I won't know until later today whether is reaches my account or not, but so far so good. Will let you know later on if it worked.

I'm very frustrated with the quality of Etsy support in regards to this matter though. If it wasn't for jumping on the forum here and having other community members and sellers help out, I would still be at a loss with what to do. 

[SnozaGifts]

I am having the same issue and I am a new seller 

[SnozaGifts]

I have already updated my account and I don’t know what this error is still persistent. Please address this issue.

[givemeacrown]

@SnozaGifts You have not made any sales and appear to be a new shop so your issue is different to the one being discussed in this thread.

To avoid confusing the topic, please start a new thread or contact Etsy Support via the help center.

[TheBubblyType · Accepted solution]

UPDATE! 

I have just had funds successfully deposited in my account! YAY

After 4 weeks of trouble and zero help from Etsy support, I finally have fixed this issue.

The problem was a PO Box listed as my address which does not match my bank account. I updated my Etsy address to the same residential address linked to my bank account and waited the 5 day hold period. This has worked to fix the issue for me!

To be clear I updated the address in Finances > Legal Shop Information > Home Address

I hope this works for everyone else having this problem! Thanks to all who reached out with advice - you were all way more helpful than Etsy support!

[MercyIndustries]

I can also confirm that the money did go into our account this morning. 

We did exactly the same, updated our address in the Finances > Legal Shop Information > Home Address

and we also updated the name to include my middle name, but it appears the address update was probably what made it work. 

ETSY support never mentioned this, so thank you to all forum participants who have helped out with this!

Hoping all others have the same result when they update address!