UPDATE 12/5/15
ACCOUNT REINSTATED!!!
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After e-mailing and calling Google support more times than I can count, my account was reinstated!!!
I had come to accept the idea of not having a Google Wallet account anymore, so I was frantically trying to get my money back. I had made numerous phone calls and had 4 on-going e-mail conversations with support "specialists", most of which all seemed to be scripted. At this stage in what was seeming like a pointless process, it was understood by myself (apprehensively) and the support specialists that my account was to remain closed and I would be receiving my refund in 14 days (no exceptions). One of the e-mail conversations I had going was with a self-identified supervisor which genuinely did seem to be trying to help me.
Basically, after persistent complaining and a very stern e-mail threatening varying degrees of legal action, I received the following e-mail:
Hello bingbong52,
Thank you for submitting your verification information; your Google Payments account is now fully active and ready for use. We apologize for any inconvenience you may have experienced.
Note that authorization confirmations for pending transactions may still appear on the transaction summary for the payment method you used, and these authorizations will be removed within 15 business days, depending on your bank’s schedule. However, rest assured, your account has not been charged and this is reflected in your Transactions page.
Thank you for using Google.
TL;DR: Google Wallet "perma-banned", kept contacting Support to get $$ back, sent angry e-mail threatening legal action, account reinstated