Bank account once PayPal has been limited...

[aksalesonline]

What do you all do with your bank accounts once they get limited?

Any reason to keep them?

[Play]

Transfer funds to another bank, then close it. Usually what I do.

P.S. Some banks are easier to close than others.

[davids01]

Originally Posted by Play

Transfer funds to another bank, then close it. Usually what I do.

P.S. Some banks are easier to close than others.

I just go to another bank and open another account, if funds are needed to open or minimum balance i just use from the account i am closing. I have had a bank tell me that there is a minimum low balance i had to keep for a full monthly cycle before it could be closed permanently. They do this to cover check and card transactions.

[Play]

Originally Posted by davids01

I have had a bank tell me that there is a minimum low balance i had to keep for a full monthly cycle before it could be closed permanently.

I've heard that here in the UK, though I have a bunch of accounts with no balance sitting dormant with different banks for months, if not nearly a year, and nothing has ever happened to them.

[aksalesonline]

I am thinking of closing 8 of mine down and re opening 8 a month later (in week intervals).

[rsot]

Originally Posted by aksalesonline

I am thinking of closing 8 of mine down and re opening 8 a month later (in week intervals).

If you have no use for them, might as well close them down. I close out bank accounts when not needed - and open new ones later on, spreading them out over time

[yaBeh8ater]

have you guys ever had problems opening and closing so many accounts at such close periods to each other?

[rsot]

Originally Posted by yaBeh8ater

have you guys ever had problems opening and closing so many accounts at such close periods to each other?

Define "close period"....

[aspkin]

Eh, it's a red flag to your bank when you're opening and closing banks quickly.

If anything do it slowly.. over period of months.

[yaBeh8ater]

if paypal limits an account i will close my bank account once all money is in it. then i calmly tell the bank employee that i had a slight set back with paypal and needed to close account and that i will come back next week to open a new one.

never had problems. although because theres only so few banks near me i will sometimes wait six months to open another account.

its surprising to me how well i am remembered at some banks.

at keybank i walked in last month to reopen an account after about a year and the teller lady remembered me on the spot even though i have lost ~20 lbs since then.

and at usbank i know the managers. they are the friendliest people. so friendly that i feel guilty for not spending any of my money on them. think im gonna start buying some gift cards for them.

[yaBeh8ater]

Originally Posted by rsot

Define "close period"....

1-2 months 5-6 accounts.

i dont usually need to open many accounts but when i do ill do 3 accounts in 1 day and build them up for a few months until i need more.