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