Withdrawing Amazon Balance? Prepaid Deposit Cards?

[eager693]

Hi everyone. I am recently having trouble with bank accounts and withdrawing my amazon balance. For whatever reason, I had trouble opening accounts at local branches. Many of them want a large average monthly balance ($1500 or more) and I applied online for others and they are refusing to give me an account. At least for me, it has been very difficult to open bank accounts for some reason.

I have between 5-7 amazon accounts to spread risk, but I am having great difficulty getting 5-7 bank accounts. I am pretty much stuck at the last step of stealth, withdrawing the funds. I missed the disbursement cycle bc I can't find anywhere to withdraw, my funds are just sitting there with amazon....

I heard prepaid cards that come with routing and account numbers are the solution. Is this correct? Does anyone have a recommendation of which card (greendot, etc.) to use to withdraw the balance? Thank you.

[dealagreeproceed]

Originally Posted by eager693

Hi everyone. I am recently having trouble with bank accounts and withdrawing my amazon balance. For whatever reason, I had trouble opening accounts at local branches. Many of them want a large average monthly balance ($1500 or more) and I applied online for others and they are refusing to give me an account. At least for me, it has been very difficult to open bank accounts for some reason.

I have between 5-7 amazon accounts to spread risk, but I am having great difficulty getting 5-7 bank accounts. I am pretty much stuck at the last step of stealth, withdrawing the funds. I missed the disbursement cycle bc I can't find anywhere to withdraw, my funds are just sitting there with amazon....

I heard prepaid cards that come with routing and account numbers are the solution. Is this correct? Does anyone have a recommendation of which card (greendot, etc.) to use to withdraw the balance? Thank you.

[yankee]

bank accounts are extremely easy to open.
It seems like you are not telling us something.
Do you have a check systems issue?

[jeffweico]

Usually those average monthly balances are just to avoid being charged a monthly fee.

There is something missing here. Something is wrong. Either you have a really bad ChexSystems report, or have maybe CLOSED a lot of accounts recently? That WILL prevent you from opening bank accounts.

Those Deposit cards are not liked by Amazon and PayPal. And Metabank manages most of them and they have a HUGE ISSUE with mismatched names. They are not, unfortunately a solution for stealth.

If you are dead set on looking for one, read the terms and conditions and make sure that METABANK is not the manager of the bank accounts associated with the card. I have heard that the Metabank cards from WalMart work, but I cannot confirm that.

Have you thought about trying a "second chance bank" like Woodforest? They are pretty forgiving about bad ChexSystems reports, unless actual fraud was involved. If you do this, do not open more than a checking and savings account to begin with. If you try to open too many accounts at one time, you could end up blacklisted there as well.

As a LAST RESORT, is there someone who would be willing to have a few accounts in their name for you? I say "last resort" as it is NEVER a good idea to involve friends or relatives in your business dealings because it can cause all kinds of problems, but you appear to have very few options at the moment.

Search the forums for "reloadable cards" or "deposit cards". There might be some that will work.

[eager693]

Thanks Jeff, Yankee, everyone. Below are the full details:

I went to PNC bank to open 4 bank accounts 1 week ago. Initially all 4 were approved, I got the debit cards, routing numbers, and acct numbers for all 4 accounts that day at the bank. 5 days later, I got 4 letters, Positive Balance Account Closure, in the mail stating all 4 accounts were closed. My guess, as well as Yankee, was that this was due to opening 4 accounts at once, a security risk.

I opened a Wells Fargo account online today, said it was Conditionally approved. I assume this will go through in a few days? Is a conditional approval a good/normal thing? Then I went to BB&T online and applied, said could not approve at this time instant online decision. I think if I go to the actual bank it might be approved...

I don't think I have a chexsystems issue. I have voluntarily closed many bank accounts in the past (at least 4-10 accounts in the past 5 years), but never owed the bank money at closure or left on bad terms. I do remember PayPal had a major security slipup about a year ago, and one of my banks asked me to close my 4 accounts within 30 days instead of issuing new debit cards. I did in about 10 days, but still, I voluntarily closed those accounts, nothing with a negative balance. I always closed on good terms. So I dont think its chexsystems issue. I have had tons of overdraft etc, but I always transfer and make the accounts positive within 24 hours.

I honestly want to use Bank of America, I love them. I have 5 excellent accounts with BoA and have been with them for 5+ years. But thats the issue, I am very worried to use them. Thats my personal bank, I do not want to do stealth stuff with them or take any risks. For example, if they see mismatched name deposits on several accounts, and choose to close my accounts, I have a lot to lose bc my mortgage, credit cards, savings and personal accounts is with them. Thats why I am trying so hard to open with another bank. But BoA gives me new checking accounts in a heartbeat, meaning the chexsystems issue might be doubtful. I just can't use BoA for stealth bc its my personal bank. Why would BoA give me a new account in a heartbeat if I have a chexsystems issue? For this reason, my guess is a chexsystems issue doesnt exist.

I actually made sales on Amazon before even worrying about getting a bank account. I thought the bank account would be the easiest part. Im shocked its harder than I thought. I am going to go to 3-4 branches tommorow and apply for just 1 account this time. Maybe it was just PNC. Other members on the forum are also complaining about PNC. I really hope its not Chexsystems. I will give you guys an update later today. Thank you.

[eager693]

Jeff, Yankee. Both are correct. Thank you for the pointers.

I spoke to a banker, they said the bank will not even issue you an account number when you visit if you have a bad ChexSystems. So basically, it was just the people at PNC who saw it as a security risk. Best advice: avoid opening more than 1 bank account at a time.

[vogeltron]

Originally Posted by eager693

Jeff, Yankee. Both are correct. Thank you for the pointers.

I spoke to a banker, they said the bank will not even issue you an account number when you visit if you have a bad ChexSystems. So basically, it was just the people at PNC who saw it as a security risk. Best advice: avoid opening more than 1 bank account at a time.

That it plain common sense. 1 checking and 1 savings account per bank. Maybe later on you add a second savings possible a third savings never more. Especially if you have low balances.

[mshamazon]

Originally Posted by vogeltron

That it plain common sense. 1 checking and 1 savings account per bank. Maybe later on you add a second savings possible a third savings never more. Especially if you have low balances.

I use both BOA and Chase's $25 programs where you get 9 accounts (Chase) and 7 accounts (BOA) for stealth AND personal. I frequently close and open accounts (whenever I do a new account) and never have any issues. I also use them for personal banking AND credit cards - which I think only HELPS my case since they make lots of money from swipe fees (and my monthly paltry $25 for having platinum accounts).

I DO spend and run through a ton of money (more than 100k on my credit cards last year and obviously a lot more than that in revenue to PAY for the credit card swipes lol), so I don't think they see frequent opening/closing accounts as that much of an issue. I think keeping personal and stealth together makes a TON of sense because it makes you a VALUABLE customer. You have a mortgage, credit cards, checking/savings, investment accounts - why would they have an issue with spending a little money on account management when you open and close stuff? Not a big deal I don't think - your mortgage terms are set so even if they DID close you (which they wouldn't.. because money), your payment doesn't change.

TLDR: When I go to Chase/BOA, I get the red carpet because of my credit spending and revenue through their accounts - personal AND stealth. They don't care that I open and close tons of accounts each year or that 100% of my deposits mismatch. I had a personal banker call me on my birthday, which makes me feel special and warm inside (Chase did but not BOA ).

[vogeltron]

MSHAMAZON good for you. That is the type of behavior that ends up with a suspicious activity report (SAR) filed with FINCEN (financial crimes enforcement network).

[mshamazon]

Originally Posted by vogeltron

MSHAMAZON good for you. That is the type of behavior that ends up with a suspicious activity report (SAR) filed with FINCEN (financial crimes enforcement network).

^^lol and when they find nothing illegal they...?

[mshamazon]

Originally Posted by vogeltron

MSHAMAZON good for you. That is the type of behavior that ends up with a suspicious activity report (SAR) filed with FINCEN (financial crimes enforcement network).

It's extremely common for people in money to have lots of bank accounts and frequently use them for various businesses and expenses - there's really nothing suspicious to "report" in the first place. I keep my accounts for years so it's not like it's a ton of run and gun accounts opening/closing.

Cash deposits, weird/foreign wire transfers (especially in one and out another), these are things they're going to look for. Having LLCs deposit into bank accounts is pretty regular, and having money going in makes banks pretty happy....

[vogeltron]

Originally Posted by mshamazon

^^lol and when they find nothing illegal they...?

Depends on the situation. If you are running lots of accounts with LLC filed you are probably fine. Advocating the same behavior for many users on here who use phake info with personal accounts and mismatching names is not ideal. There is a clear difference between the two.

For most people they will find something illegal on coming close to it. If you transfer $10k in one day across various accounts. Guess what that is considered structuring to avoid reporting. Everyone should do their due diligence and research the Bank Security Act and certain guidelines under the Internal Revenue code for US members.

[mshamazon]

Your post is well intentioned but ill informed. The $10k applies only to cash deposits, not ACH transfers. In fact, wire transfers can also be reported if they are deemed suspicious, but ACH deposits do not have any $10k reporting requirements. I have had more than $10k a month go through Chase for a couple years now (before LLCs) and they have never had any concerns or questions. ACH transfers are one of the lowest risk for the IRS because if it's an ACH transfer, it's already been in a bank account tied to a SSN or EIN and is thus likely to have been reported by the payee (since it is to their tax benefit to do so). It is not entirely irregular to have regular deposits in a family member, friends name, or LLC that may not be designated as an LLC (Tom Hardy LLC might just say Tom Hardy even though it's an LLC).

But regardless of that - banks have no obligation (and thus no motivation) to file any suspicious activity forms due to mismatch since there exist no such government regulations that even suggest that they do so.

If you don't think so, feel free to explain yourself with sources - I have done tons of research on this but I am always willing to learn new things.

Everyone doing transfers to accounts with SSN (bank accounts) should still pay their taxes regardless - the IRS is the only thing to be concerned about and they are very real and very motivated lol but as far as the suspicious activity stuff, I don't think that's a real issue