YouLend bank verification

[LucyLocketsCaravan]

I wonder if anyone has dealt with YouLend? And had problems with the bank verification letter.  

I know the company is genuine that's not the issue as it was recommended to me by a friend.  

I need to change my bank account in order for them to set up repayments.  I have a letter from them with my bank details but Etsy keeps rejecting it saying there is a discrepancy in my name.  I've asked in live chat they can't help. I've had multiple emails from Trust and safety same I think automated response that there is a small discrepancy in my account name.  I can't see it, I'm using my full correct name.  I'm really at my wits end now. Etsy is my living it's how I eat and pay my bills.   When I entered my new account details YouLend said they get a token payment but it never happened instead right away it went to upload a bank document.  I'm getting nowhere.. No one at Etsy will help and I'm still seeing out orders with no income.

I just have no idea why they are saying there is a small discrepancy.  My friend said here took less than 24 hours but this is an absolute nightmare.  I must say It's not YouLend at fault, they are just as confused as I am.  It's on Etsys side .  Why can someone not just tell me what is wrong with my details instead of telling me to change my details. 

Can anyone please pass this on to support at the moment it's pending verification again it's been like that since Thursday midday I'm sure it will be rejected again as I resubmitted without changing anything, but I can't change my details if I don't know what to change.  

[CraftyCornishMaids]

@LucyLocketsCaravan 

YouLend Limited is authorised and regulated by the Financial Conduct Authority (FCA) as a payment institution under the Payment Services Regulations 2017 (SI 2017/752)

Etsy says you need to use a bank, that is regulated as a bank, not a payment institution

You also need your UTR, in additional taxpayer ID (your sole trader number from HMRC)

[LucyLocketsCaravan]

Yes it is a regulated bank that is not the problem,  I also have my UTR number etc in place.  I know there are quite a few people already signed up to You Lend already and I have read the discussion in the Etsy forums.  Its something to do with my name, Etsy said the account number etc bank and You Lend details are fine but there is a discrepancy with my name.  

[CraftyCornishMaids]

Youlend is NOT a regulated bank

It is a loan institution, and is not protected by the FCA as a bank, just a payment provider, so you have much less protection.

doing further investigation.......

It looks like the Youlend, is in addition to your normal bank, as they take a percentage of sales first - a bit like factoring, but more expensive

You are entering into a business/merchant financing contract with them, so you don't even have standard consumer protection

If you think you have the same protection as a bank, you don't.

read this small print....

https://youlend.com/paymentaccounttermsandconditions

and from etsy .....

Any funding agreement that you enter into is directly with YouLend. Etsy has no insight or say as to whether or not you will be approved (although your profile has been approved) in what amount or over what term.

[LucyLocketsCaravan]

This is where I saw it first Etsy Updates: 5 things to know for October 2024 - Welcome to the Etsy Community   It was US only then but launched now in the UK 

[LucyLocketsCaravan]

I have read the small print thank you.   The question is about my name 

[CraftyCornishMaids]

does the name on

legal and tax information on etsy

the bank account name

the picture ID

and the UTR

and the Youlend account match EXACTLY

so if you have

Jane Ann Smith in one place

you don't have

Jane Anne Smith

Jane A. Smith

Ms. Jane Ann Smith

in another place 

[LucyLocketsCaravan]

Yes, it does. It's a puzzle, honestly. At first, I did not have my hyphen in my name, so that was fixed, but they are still saying it's not right.  Its so odd.