How many BOA accounts can I make with out suspicion?

[demitrick]

Originally Posted by grampastang

I have 11 Wells Fargo SAVINGS accounts. I keep at least $200 in each account and transfer the rest to checking accounts. Been doing this for 4 years. no problems. I can open them online. They don't care...they need customers after that fiasco.

Why you have them at $200 balance? Don't you need $300 in order not to get charge?

[cool25]

Originally Posted by nickopedia

It's not just the number of accounts, but lots of other risk factors that may concern a bank: Frequency of the mis-matched deposits, dollar amount, average balance, how long the funds are held before being withdrawn, etc. Most banks will pull a CHEX report to see your other account history, and if there were any problems. The last thing you want is getting noticed by your bank's fraud dept. and closing down your accounts for those 3rd party deposits.

There's a thread somewhere on this forum from a guy who claimed Chase Bank closed his accounts and was holding thousands of $ of funds. It's rare that it happens, but safer to spread the risk amonst several banks if you can.

I am totally agree with you

Its a risky task. You can't manage all accounts at once. It can confused you

during withdraw or deposit

IF still you want to open accounts then post here . I can guide you

[phaz0rz]

Originally Posted by grampastang

I have 11 Wells Fargo SAVINGS accounts. I keep at least $200 in each account and transfer the rest to checking accounts. Been doing this for 4 years. no problems. I can open them online. They don't care...they need customers after that fiasco.

Yeah I was about to say.. those guys are desperate for more accounts lol.

[iceman420]

Originally Posted by demitrick

Why you have them at $200 balance? Don't you need $300 in order not to get charge?

pretty sure the monthly maintenance fee is $5 if you have less than $300 in BoA, could be different for other banks

[SaiJin]

Or maybe he needs the funds to pay for invoices and bills.

Makes sense.

[kirkland]

Originally Posted by demitrick

I currently have about 20-25 accounts open with BoA (all savings and I have 1 main checking which I use as personal and move the savings to checkings a few days after I get a deposit into a saving from a unique paypal). In the past 3-4 years, I've closed about 200 savings accounts and never had any issues.

I keep $300 on all current savings to avoid the monthly fee.

Maybe I am just lucky, but sometimes when I go to a branch and they ask me why I have many savings, I tell them the truth and is that I have many paypal accounts and I need a unique account for each and they do not care.

I do plan however is to open savings in other banks just as a precaution for future, perhaps in PNC/Wells Fargo since those seems to be as easy like BoA.

I do not suggest using Chase for stealth accounts, as from what I have seen in this forum is the only bank with issues after only a few savings accounts.

Also, I do not have much funds in my BoA checking (only the $300 for each savings) just to be safe. I move all the funds after a week from my checking to my checking at Chase.

Holy crap 200... they were all at BOA?

[demitrick]

Yes, I currently only use BoA accounts.