It is irrelevant how long you have been an eBay member.

It is irrelevant whether or not you have sold on eBay previously.

If you have not been selling regularly - for instance, if the last time you sold was a few months ago or longer, and/or if you’ve not been selling a reasonably regular and consistent amount, then eBay will now consider you a new seller. That means that, even if you’re fully signed up and verified for Managed Payments, your funds will be on hold for at least 21 days.

If you are not yet fully verified for Managed Payments, you’ll never get those funds.

You must verify both your identity and your bank account.

The way to do this is spelled out very clearly in the Registering as a seller help page.

❝Confirming your identity

To sell on eBay, we'll need to confirm your identity at registration. We may also need to confirm your identity at other times.

Individuals will need to provide:

• Full name
• Address
• Date of birth
• Details of your government-issued photo identification document (e.g. passport number)

Companies will need to provide:

• Individual identification information (as listed above) for your primary contact as well as any other beneficial owners and directors
• Legal business name
• "Doing Business As" (DBA) name (if you have one)
• Australian Business Number (ABN) or Australia Company Number (ACN)
• Business address
• Phone number

Providing proof of identification

In some cases, we may need you to send us another valid form of identification. We'll send you an email and/or place a banner on your account to let you know what we need, including instructions on how to upload the image.

We accept the following forms of valid identification:

• Driver's licence
• Passport (current Australian or foreign passport, or an Australian passport expired within the last 2 years)
• Other government-issued photo ID

Uploading documents to eBay

When you're uploading documents to eBay, the files you upload must follow eBay's guidelines. You should make sure the names on the documents match the names on your eBay account. Additionally, the files must be:

• In JPEG, JPG, PDF or PNG format
• Visible from edge to edge, including all four corners – we may not be able to verify your details if the image is blurry or if information is cut off
• A maximum file size of 4 MB
• In colour❞
  
  
  
  

So much for verifying your identity.

Then you must verify your bank account, as explained by eBay.

You shouldn't list until you’re verified, really.

Oh, and DO NOT change your account to business if it’s personal. You can sell with a personal account and you won’t lose the benefits and perquisites that are not offered to an eBay business account. Furthermore, you can never change back to a personal account once you’ve changed over.

What does it show under your payments tab

when you say update and verify account, do you mean you actually fully signed up to and were verified  for  Managed Payments or you just simply 'updated' your actual eBay account?

You should have completed the Managed Payments part before selling, it came in three years ago

What eBay say is simply what the script they have tells them to say

If you have not actually done everything  you needed to do for Managed Payments you are not going to get the funds

As well as that, even when the Managed Payments part is all done, you will still be subject to the same 30 hold on funds that all new seller are