How to explain bank funds in defferent names?

[last3379]

I always worry that my bank is going to ask me why i have multiple accounts all receiving deposits from different random names....

What would be a good answer for this if my bank asked me??

Thanks in advance

[glacier922]

You could tell them the truth. Or, I usually have a different name with same last name or a misspelling of the name or try to phonetically spell out my first name in different ways. Like a c sound, I would spell it as an s. or an I sound, I change to y.

With last name, I'm thinking I could just say it's my cousin or something. With a phonetics, at least you can say the other side doesn't speak English well or something.

[last3379]

To be a little more specific i have 8 added on savings accounts to my one main checking account that receive funds from 8 totally different names than my own.. So 9 accounts for 1 bank account with different names and only 1 being my real name!

The bank might ask why i need 8 savings accounts with deposited funds all from different names.

[Sandy D]

Do you have access to another bank?

You have to be careful over doing accounts at one bank.

[JamesNorth101]

IMO it should be kept to no more than 4 accounts with 1 bank.

9 is going to raise questions with most banks

I'd say honesty is the best policy. You're not doing anything illigal so the banks shouldn't mind too much.

[GreenBean]

Originally Posted by last3379

To be a little more specific i have 8 added on savings accounts to my one main checking account that receive funds from 8 totally different names than my own.. So 9 accounts for 1 bank account with different names and only 1 being my real name!

The bank might ask why i need 8 savings accounts with deposited funds all from different names.

Which bank?

You are pushing the limits ( too many eggs in the one basket).

Are you able to use at least one other bank?

[GreenBean]

Originally Posted by glacier922

You could tell them the truth. Or, I usually have a different name with same last name or a misspelling of the name or try to phonetically spell out my first name in different ways. Like a c sound, I would spell it as an s. or an I sound, I change to y.

With last name, I'm thinking I could just say it's my cousin or something. With a phonetics, at least you can say the other side doesn't speak English well or something.

Your bank account is meant to be made with your real ID.

It's not obvious what you mean.

[rsot]

Spread accounts over several banks.

Keep having low amounts come from PP.

Dont drain the bank account - keep them happy.

Build STRONG relationships with the banks

[glacier922]

Originally Posted by GreenBean

Your bank account is meant to be made with your real ID.

It's not obvious what you mean.

Ahhh, I see what you mean.

[last3379]

I think I'll spread the accounts to a couple more banks.

I definitely will not be telling the bank the truth.

Thanks for the reply's

[vogeltron]

I agree about spreading them out. Here in states I usually have about 3-4 accounts max at each bank. As much as possible I try retrieve money via ATM and move money around via online banking.

If you have 8 savings accounts or even 8 checking/savings at a single bank I would say that raises a big flag.

[Gamefreak]

savings accounts in general aren't those a bad idea? as you a limited to the number of withdraw you can make and other limitations to deal with with savings that you don't have with checking accounts.

[rsot]

States tend to have more selection for banks than Canada /sigh - but still can get quite a decent selection up here still

[vogeltron]

Either way you slice it. 8 Savings accounts is very high. I mean like 4 would be pushing it big time in my opinion.

[Mr. Invisible]

1. accounts payable, want to keep things separate for accounting/tax purposes
2. ebay seller accounts in dba names, don't feel comfortable giving them full bank info
3. online clients pay me via their paypal accounts this way

ect.

I keep it at <5 accounts per bank. That being said, I don't think a bank would protest 10 accounts with 10K in each lol. They hate when you constantly drain the accounts as soon as money is posted (you seem shifty) or have several 0 balance accounts sitting doing nothing.

[last3379]

I went to my bank and closed 5 of the savings accounts, of course they asked why i had so many.. I just told them I had 8 different websites that i sold from and 5 of them went under. They never asked about the funds coming in to different names.

[yotano211]

Originally Posted by last3379

I went to my bank and closed 5 of the savings accounts, of course they asked why i had so many.. I just told them I had 8 different websites that i sold from and 5 of them went under. They never asked about the funds coming in to different names.

wow you closed 5 at once, I think that is another mistake, closing so many accounts at once. I would have closed the ones that are not used any more, the accounts that are linked to a banned paypal.

Maybe try doing this, see if the bank has a accounts for business. You would need a legit business in your country. At most of my banks I have personal and business accounts. 4 personal, 4 business accounts, 8 total accounts per bank, some banks are little more and a little less.

[hothotie]

I thought you could use your real name on a Stealth Paypal because Aspkin said Paypal doesn't link name on Bank account

[JamesNorth101]

Originally Posted by hothotie

I thought you could use your real name on a Stealth Paypal because Aspkin said Paypal doesn't link name on Bank account

Yes you can.

What you should not be doing is opening 7/8 accounts with the same bank.

That will raise eyebrows at the bank, nothing to do with PayPal

[rsot]

Originally Posted by last3379

I went to my bank and closed 5 of the savings accounts, of course they asked why i had so many.. I just told them I had 8 different websites that i sold from and 5 of them went under. They never asked about the funds coming in to different names.

That`s not a bad move - clear up the portfolio quickly

[GreenBean]

Originally Posted by last3379

I went to my bank and closed 5 of the savings accounts, of course they asked why i had so many.. I just told them I had 8 different websites that i sold from and 5 of them went under. They never asked about the funds coming in to different names.

Preferable to stagger closing bank accounts....

That closing of so many will have been 'noted' on your bank file even though they made no comments about the closures.