Question regarding bank information and check depositing

Edison_vu · #1 02-06-2016

Hi everyone!

I have an account that uses my friends information and Its been running just fine. Recently got my ebay limit increased to 1000/$100k

I'm thinking about going big by pushing my sale and expanding my product line.

But before doing that, I have a concern about getting that money out of PayPal. So instead of depositing it to my friends bank, I want to get checks and I will use the check to deposit to my bank.

Keep I mind that the check will be writtened to my friends legal name and not mine. I've done it before with small check like once but I didn't want to Take this risk so I stopped.

So I have a concern that if I deposit a $2000 value check to my bank account, will PayPal be able to know that it's me and will link it to this accoun?. Also keep in mind that when I had my account shut down, I was using a different bank, different routing/ account number with the one I'm going to deposit their check to.

I appreciate it.

GreenBean · #2 02-06-2016

What do you think the BANK is going to do when you start depositing $2000 checks?

Mitsu · #3 02-06-2016

What's the problem with adding your bank account to the PP account? PP does not see the personal information on the bank account, and if you're planning on selling this much sounds like you've set up a business PP account (which means deposits from PP will be in your business name), so you don't even have to worry about your bank disliking mis-matched names.

rsot · #4 02-06-2016

1. Not the best idea of using your friend's info.

That aside...

2. Paypal will not link by seeing a signed check - that's way too deep and paranoid. Unless something criminal going on, I don't foresee PP going that far to backcheck an account.

Edison_vu · #5 02-06-2016

Quote:

Originally Posted by Mitsu

What's the problem with adding your bank account to the PP account? PP does not see the personal information on the bank account, and if you're planning on selling this much sounds like you've set up a business PP account (which means deposits from PP will be in your business name), so you don't even have to worry about your bank disliking mis-matched names.

So if I add bank account, will PayPal make me send them bank statement again to verify again? (I've done it once on the working account). Because if they do that, my real name will show in the statement.
Also, from my understand about your advice, PayPal will not be able to see my name or my information through routing and account number right?

Edison_vu · #6 02-06-2016

Quote:

Originally Posted by rsot

1. Not the best idea of using your friend's info.

That aside...

2. Paypal will not link by seeing a signed check - that's way too deep and paranoid. Unless something criminal going on, I don't foresee PP going that far to backcheck an account.

Thanks. So when I deposit the check, they won't know where the check is deposited to right?

Edison_vu · #7 02-06-2016

Quote:

Originally Posted by GreenBean

What do you think the BANK is going to do when you start depositing $2000 checks?

I'm sorry can you educate me please... :/

rsot · #8 02-06-2016

Quote:

Originally Posted by Edison_vu

Thanks. So when I deposit the check, they won't know where the check is deposited to right?

PP won't know but the bank may question such a large amount...so just telling you.

I have cashed cheques in other names - you have to be wise and on good relations to the bank. 2k check without good relations to the bank may cause issues.

Mitsu · #9 02-06-2016

Quote:

Originally Posted by Edison_vu

So if I add bank account, will PayPal make me send them bank statement again to verify again? (I've done it once on the working account). Because if they do that, my real name will show in the statement.
Also, from my understand about your advice, PayPal will not be able to see my name or my information through routing and account number right?

I don't know, I've never got a request to submit bank statements after adding a bank account to paypal so I don't want to advise you on that... but yes PP will not be able to the name, or any personal information on your bank account.

This is how the majority of US stealthers get their money from their stealth paypal accounts.

Edison_vu · #10 02-06-2016

Quote:

Originally Posted by rsot

PP won't know but the bank may question such a large amount...so just telling you.

I have cashed cheques in other names - you have to be wise and on good relations to the bank. 2k check without good relations to the bank may cause issues.

I really appreciate your advice.

By good relation, do you mean like not having any dispute or charge back with my bank or no criminal history of me like money laundering or fraud activities?

GreenBean · #11 02-06-2016

Quote:

Originally Posted by Edison_vu

I'm sorry can you educate me please... :/

All US banks are obliged to follow Federal law regarding deposits of any type coming into a bank account.

Give me a minute, I will post the info in depth.

Edison_vu · #12 02-06-2016

Quote:

Originally Posted by GreenBean

All US banks are obliged to follow Federal law regarding deposits of any type coming into a bank account.

Give me a minute, I will post the info in depth.

Thank you very much!!

GreenBean · #13 02-06-2016

Read this and please ask more questions,Edison.

What Deposits Are Reported to the IRS? | People - Opposing Views

It is an informative article rather than straight law quotes.

You need to make sure you have a bank account that allows for certain limits being deposited.

Banks have two areas where reports can be given to the IRS.
Amounts over $10,000 and amounts being received that they do not "like".
These are the so called Suspicous Activity Reports.
They could involve desposits of $2000, or $5000 as cash
Checks have a paper trail.

Hope this helps.

Edison_vu · #14 02-06-2016

Quote:

Originally Posted by GreenBean

Read this and please ask more questions,Edison.

What Deposits Are Reported to the IRS? | People - Opposing Views

It is an informative article rather than straight law quotes.

You need to make sure you have a bank account that allows for certain limits being deposited.

Banks have two areas where repprts can be given to the IRS.
Amounts over $10,000 and amounts being received that they do not "like".
These are the so called Suspicous Activity Reports.

Checks have a paper trail.

Hope this helps.

Thank you so much!! It was very informative.
It would really help me if I can deposit the checks because I really need to file tax for myself.

GreenBean · #15 02-06-2016

Quote:

Originally Posted by Edison_vu

Thank you so much!! It was very informative.
It would really help me if I can deposit the checks because I really need to file tax for myself.

You should be able to do this.

What bank do you use now?

rsot · #16 02-06-2016

Quote:

Originally Posted by Edison_vu

I really appreciate your advice.

By good relation, do you mean like not having any dispute or charge back with my bank or no criminal history of me like money laundering or fraud activities?

That and also good investments with bank - keeping a bit of balance at least in accounts and also it does depend on bank

Edison_vu · #17 02-06-2016

Quote:

Originally Posted by GreenBean

You should be able to do this.

What bank do you use now?

I have chase and bofa.

Edison_vu · #18 02-06-2016

Quote:

Originally Posted by rsot

That and also good investments with bank - keeping a bit of balance at least in accounts and also it does depend on bank

Got it! Thanks boss!!! 😊😊

GreenBean · #19 02-07-2016

Quote:

Originally Posted by Edison_vu

I have chase and bofa.

Fine.

These are good banks to use.

As I mentioned make sure you have the correct type of account to take the incoming funds.

cmbhuy · #20 02-07-2016

bofa won't let you deposit 3rd party checks anymore
you would have to put your friends name on your account i believe, this is from personal experience a couple years back not sure if any policies changes.