Quick question about Etsy New Issue. HELP

[TheModdingDad]

I got this on my dashboard today, stumped what have any of you done who got this.

I have a couple shops all variation / diff name running for 3yrs.
Now they ask this so no clue which route should I take.


Make sure to update your name within 30 days
Due to anti-money laundering regulations, you must use the same name for your bank account and legal shop information on Etsy. Otherwise, you’ll no longer be able to receive funds and your shop may be suspended.


When I choose update name I get this.

Which name do you want to use?
Anti-money laundering regulations require the names on your bank account and legal shop information to match. Choose one to use below. Don’t worry, this won’t change the name that appears on your public profile on Etsy.


Bob Jones

Currently used for your bank account


Mac Gyver

Currently used for your legal shop info

Don’t see the correct name? Go edit your legal shop information Opens a new tab then we’ll update the name on your bank account to match.

This has been running like that for a while now I get this. Also bank used is wells fargy.

[aaa7z5]

Yea been getting this since August, never changed bank accounts but I have changed info twice at least, all verified, but now my name wont match the bank name, and they are just asking me to verify the account, I figured I would verify manually soon.

I Never got that specific "Make sure to update your name within 30 days
Due to anti-money laundering regulations, you must use the same name for your bank account and legal shop information on Etsy. Otherwise, you’ll no longer be able to receive funds and your shop may be suspended.


When I choose update name I get this.

Which name do you want to use?
Anti-money laundering regulations require the names on your bank account and legal shop information to match."

Never seen this one..if thats true, I am assuming either way even if you dont use "Plaiyed" and use the manual deposit confirmation, I hope not.

I am going to bite the bullet either way in the next 9 days, so Ill post my results.

[SaiJin]

I wanna believe that they all say that right?
But from what I've seen so far as long as you PAY uncle sam from your tax filings they shouldn't give etsy any issue.

[aaa7z5]

Originally Posted by TheModdingDad

I got this on my dashboard today, stumped what have any of you done who got this.

I have a couple shops all variation / diff name running for 3yrs.
Now they ask this so no clue which route should I take.


Make sure to update your name within 30 days
Due to anti-money laundering regulations, you must use the same name for your bank account and legal shop information on Etsy. Otherwise, you’ll no longer be able to receive funds and your shop may be suspended.


When I choose update name I get this.

Which name do you want to use?
Anti-money laundering regulations require the names on your bank account and legal shop information to match. Choose one to use below. Don’t worry, this won’t change the name that appears on your public profile on Etsy.


Bob Jones

Currently used for your bank account


Mac Gyver

Currently used for your legal shop info

Don’t see the correct name? Go edit your legal shop information Opens a new tab then we’ll update the name on your bank account to match.

This has been running like that for a while now I get this. Also bank used is wells fargy.

About to test this tomorrow fyi, ill report back.

Complete different name on the Tax info (Valid), bank is my friends as a loaner (and a kickback xD)

Gonna see once and for all if manual will work.

[rsot]

Good luck

[aaa7z5]

Was not able to do manual deposits, ended up changing my Tax info completely to my friends, and they deleted my account.

I am going to send an appeal...no email or anything from them. I made them alot of money...

[rsot]

Originally Posted by aaa7z5

Was not able to do manual deposits, ended up changing my Tax info completely to my friends, and they deleted my account.

I am going to send an appeal...no email or anything from them. I made them alot of money...

how much locked up?

[aaa7z5]

Originally Posted by rsot

how much locked up?

Thankfully nothing really, $75. I had my payment account set to pay out daily.

[agent006140]

They should not lock up your sales proceeds,but it sound like your legal shopowner name and bank account name must match to avoid money laundering.

[Duab]

Hope I understood this correctly...

Similar situations can be easily avoided by just keeping same name under banking info, even though it does not match the bank holder.

They have no way of verifying the name from banking numbers only. I sell on multiple shops myself, and none of the names match the bank holder.

[agent006140]

Originally Posted by Duab

Hope I understood this correctly...

Similar situations can be easily avoided by just keeping same name under banking info, even though it does not match the bank holder.

They have no way of verifying the name from banking numbers only. I sell on multiple shops myself, and none of the names match the bank holder.

Some banks will reject the incoming transactions,but most would not.
With brick and mortar banking,if you try to deposit a check which is not addressed to you,your bank will reject it.
These days,more banks are not accepting endorsed third party checks

[rsot]

Originally Posted by agent006140

These days,more banks are not accepting endorsed third party checks

Still works for many banks...more so if you have a good relationship with them...

[TheModdingDad]

Well I did all the Real name stuff so far still good I did delay it like mad due to real life situations but hey. Anyhow so I need me a VCC for new store any recommendations out there ? Like which type VCC should I get thanks.

[agent006140]

Originally Posted by SaiJin

I wanna believe that they all say that right?
But from what I've seen so far as long as you PAY uncle sam from your tax filings they shouldn't give etsy any issue.

iT DOES MATTER,LIKE IT SAID IT HAS TO DO WITH MONEY LAUNDERING,NOT TAX AVOIDANCE

[rsot]

Originally Posted by TheModdingDad

Well I did all the Real name stuff so far still good I did delay it like mad due to real life situations but hey. Anyhow so I need me a VCC for new store any recommendations out there ? Like which type VCC should I get thanks.

marketplace has vcc sellers