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03-30-2014
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Activity: 0% Longevity: 73% | | How to explain bank funds in defferent names?
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
Last edited by last3379; 03-30-2014 at 02:24 PM.
Reason: wrong word
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03-30-2014
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Activity: 0% Longevity: 61% | | Re: How to explain bank funds in defferent names?
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.
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03-30-2014
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Activity: 0% Longevity: 73% | | Re: How to explain bank funds in defferent names?
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.
Last edited by last3379; 03-30-2014 at 03:09 PM.
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03-30-2014
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Activity: 0% Longevity: 87% | | Re: How to explain bank funds in defferent names?
Do you have access to another bank?
You have to be careful over doing accounts at one bank.
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03-30-2014
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Activity: 31% Longevity: 63% | | Re: How to explain bank funds in defferent names?
IMO it should be kept to no more than 4 accounts with 1 bank.
9 is going to raise questions with most banks
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03-31-2014
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Activity: 0% Longevity: 0% | | Re: How to explain bank funds in defferent names?
I'd say honesty is the best policy. You're not doing anything illigal so the banks shouldn't mind too much.
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03-31-2014
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Activity: 0% Longevity: 96% | | Re: How to explain bank funds in defferent names? Quote:
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? |
03-31-2014
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Activity: 0% Longevity: 96% | | Re: How to explain bank funds in defferent names? Quote:
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. |
03-31-2014
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Activity: 100% Longevity: 83% | | Re: How to explain bank funds in defferent names?
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
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03-31-2014
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Activity: 0% Longevity: 61% | | Re: How to explain bank funds in defferent names? Quote:
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. |
03-31-2014
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Activity: 0% Longevity: 73% | | Re: How to explain bank funds in defferent names?
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
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04-01-2014
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Activity: 9% Longevity: 66% | | Re: How to explain bank funds in defferent names?
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.
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04-01-2014
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Activity: 0% Longevity: 80% | | Re: How to explain bank funds in defferent names?
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.
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04-01-2014
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Activity: 100% Longevity: 83% | | Re: How to explain bank funds in defferent names?
States tend to have more selection for banks than Canada /sigh - but still can get quite a decent selection up here still
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04-01-2014
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Activity: 9% Longevity: 66% | | Re: How to explain bank funds in defferent names?
Either way you slice it. 8 Savings accounts is very high. I mean like 4 would be pushing it big time in my opinion.
Last edited by GreenBean; 04-02-2014 at 05:52 PM.
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04-01-2014
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Activity: 0% Longevity: 69% | | Re: How to explain bank funds in defferent names?
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.
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04-02-2014
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Activity: 0% Longevity: 73% | | Re: How to explain bank funds in defferent names?
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.
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04-02-2014
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Activity: 0% Longevity: 77% | | Re: How to explain bank funds in defferent names? Quote:
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.
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04-03-2014
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Activity: 0% Longevity: 58% | | Re: How to explain bank funds in defferent names?
I thought you could use your real name on a Stealth Paypal because Aspkin said Paypal doesn't link name on Bank account
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04-04-2014
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Activity: 31% Longevity: 63% | | Re: How to explain bank funds in defferent names? Quote:
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
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04-04-2014
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Activity: 100% Longevity: 83% | | Re: How to explain bank funds in defferent names? Quote:
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
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04-04-2014
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Activity: 0% Longevity: 96% | | Re: How to explain bank funds in defferent names? Quote:
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.
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