How to setup your bank account and verify it in Google Checkout:
1) Go to google.com/checkout and sign in.
2) Click on "My Sales".
3) a. Go to Settings
c. Click on "Set up account..."
4) Type in your bank account information, and then scroll down and click "Save account".
NOTE: The verification amount that Google will send you may take up to three (3) days before received. Be sure to remember the cent amount they send as it will be used for verification.
5) Once you know the cent amount Google has sent to your bank account. You can come back to Financials (explained in step 3) and click on "Verify account..."
6) a. Enter the cent amount.
b. Click on "Verify deposit".
You have now verified your bank account and will have no limitation on payouts.