Is it bad to have a bunch of bank accounts at the same bank?

amzpro · #1 08-21-2016

I have a personal and 2 business accounts with Chase. I like them because since I do my personal banking there, opening a new business account is a breeze, plus I get approved for a $35K limit credit card right away. (Which I do need, I'm using some of these corporations to buy inventory with and I buy 10K+ worth of inventory at a time). The business accounts at Chase are also relatively "cheap" in that the minimum balance is only $1500.

So, the question is, is it a bad idea to keep opening new business accounts there? (All different corporations of course) By this time next year I plan on having like 6 different corporations.

Emporium · #2 08-21-2016

I don't know that you will keep getting approved for $35k credit cards every time but as far as paypal is concerned I don't see how it could be a problem for them and the bank shouldn't have any issues either. I have heard rumors of Amazon linking bank accounts with similar account numbers but I doubt that is even true. I would say that opening more business accounts is perfectly fine if you are filing the taxes and everything like that.

**aspkin** · #3 08-22-2016

Nah, you should be fine.

Are these tied to business PayPal accounts?

amzpro · #4 08-22-2016

These would be for Amazon accounts and for usage as shell corporation fronts to purchase products from suppliers.

The bank in question is Chase, so I doubt account numbers will be an issue since there's probably a million+ Amazon sellers who use Chase.

rsot · #5 08-22-2016

Quote:

Originally Posted by Emporium

I have heard rumors of Amazon linking bank accounts with similar account numbers but I doubt that is even true.

I haven't heard this let along proof of this so shouldn't be an issue.

bjammin · #6 08-22-2016

As long as you keep you records straight for the IRS, you should be fine with as many business accounts as you like. There is not a specified number of businesses you are allowed to have.

amzpro · #7 08-22-2016

Quote:

Originally Posted by bjammin

As long as you keep you records straight for the IRS, you should be fine with as many business accounts as you like. There is not a specified number of businesses you are allowed to have.

Of course. Each new corporation is liable to file tax returns (and pay applicable minimum taxes for the states). As long as that's done properly you can open as many as you want.

My question was whether the bank would have an issue or find it suspicious that 1 person keeps opening a bunch of different accounts.

Prodigious · #8 08-25-2016

if you have on or 2 accounts with good transactions,it makes a good credit history and you can have big credit.if you will have many accounts,the history will not be very good and you are less likely to have good credite scoring.it does not look good to have too many accounts in the eyes of a bank.

Hop it will help