Cannot Verify Business Bank Account

[motorsportmodelshop]

Hi all,

Currently having a nightmare with verifying my business bank account at the moment. As with other users, I currently bounce between waiting 48 hours for approval and having to update my details again as my verification fails.

In early 2024 I migrated my personal eBay account to a business account whilst starting up a store reselling model cars. During this period, I continued to use my personal bank account to manage payouts without any issues.

Yesterday, I opened a business bank account, in the trading name (not my own) as managing payments is getting difficult to manage. I should have done this a long time ago, but this is where we are today.

I believe verification keeps failing because when I try to connect my business bank account (Virgin Money M Business), I cannot choose a different name associated. The new business account is in my trading name, whilst eBay 'greys out' the box in the name field which is clearly still submitting my personal name.

I've had 3-4 different chats with eBay support, plus 2 phone calls with absolutely no success. One went as far as suggesting I change my legal name in my account to my business name. But unfortunately, as I wasn't born with the name 'Motorsport Model Shop' that of course failed due to a driving license name mismatch (I tried, amusingly).

In short:

Virgin Money M Business account setup yesterday, in trading name. Cannot change the bank account name when adding new bank account for payouts, failing verification because name/statements from new bank account isn't my personal name.

How have others got around this? Is it just a case of keep hammering support until someone understands what I'm trying to do, or is there a specific dept/team I need to get in touch with?

Thanks!

[4_bathrooms]

I wasn't aware a bank account could be set up in a trading name. A bank account can be set up in the name of a registered company or partnership because they are legal persons but a trading name is not a legal person.

It is possible to set up a business account under the name of a natural person that accepts cheques and BACS payments addressed to a trading name associated with the account - are you sure this isn't the setup you have? Can you view an online statement that shows the full name and address the account is registered to? I'd be surprised if your own name didn't appear on it somewhere.

[motorsportmodelshop]

Thanks for the response - The account itself is definitely registered in my natural name. However the printed/opening statement only has the trading name displayed and not natural.

I'll have to see if that can be added to the statement which gets this over the line.

I imagine the above may be the only option, outside of shutting down my current eBay account and setting up a new, fresh one off the bat using my trading name. Even if I registered the business / went LTD I'd still have the same issue as the name field when choosing a new payout bank account seems to be locked entirely & can't be modified.

[4_bathrooms]

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@motorsportmodelshop wrote:

Thanks for the response - The account itself is definitely registered in my natural name. However the printed/opening statement only has the trading name displayed and not natural.

I'll have to see if that can be added to the statement which gets this over the line.

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That's exactly what you need - your name on the statement. When you choose to view or print a statement is there an option to choose between a full or summary statement? A full bank statement usually shows the full account holder's name and the address registered with the account.

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@motorsportmodelshop wrote:

I imagine the above may be the only option, outside of shutting down my current eBay account and setting up a new, fresh one off the bat using my trading name. 

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That won't work. eBay is subject to the same money laundering regulations as banks; an eBay account can only be owned by a legal person (either a natural person or a registered company). You would have no way to verify the identity of your trading name.

[motorsportmodelshop]

Thanks again for the response.

In the end I got in touch with Virgin.

I've scanned and returned a revised mandate this morning which should result in both my legal name and trading name to be shown on statement alongside the address.

Once I get that, I'll resubmit to eBay and hopefully that'll get it over the line.