Bank requests verification

Dude · #1 10-07-2010

I have a very odd situation on my hand, amazon account was blocked and after 90 Days money was released. The sum was rather large and now the Bank requires verification of where this money has come from before they are able to release it.

I have contacted amazon to get a confirmation letter but am still waiting on them. However the bank detail is not the same as amazon account details.

Can someone please confirm if it is against amazon policy to add bank account with a different name to that of the actual account? I have looked on their site and couldn’t see this.

This is a very odd situation so any advice on my next move would be great.

First Edition · #2 10-07-2010

It's up to the bank, not amazon.

Dude · #3 10-07-2010

I know but has anyone ever been in a situation like this?

First Edition · #4 10-07-2010

Probably. Banks have different levels or risk management. I got shut down by Wachovia one time for having two verification deposits come in from paypal, totally 34 cents.....

Call the bank and see what's up.

trig · #5 10-08-2010

can u add a dif bank act?

imjustme · #6 10-08-2010

The bank is probably suspicious because the name on the transfer didn't match the name of the bank account.

jeffweico · #7 10-08-2010

Quote:

Originally Posted by imjustme

The bank is probably suspicious because the name on the transfer didn't match the name of the bank account.

This is most likely the case. You didn't say how much money was involved, but look at it from the Bank's point of view...

A large sum of money coming into Bob Smith's account has John Jones referenced on it. If the bank releases the money and it turns out to be an error, then John Jones could potentially make a claim against the bank using the argument that the bank KNEW or SHOULD HAVE KNOWN it was a mistake because of the name mismatch.

The smaller the bank and the larger the sum of money involved, the more likely this will happen. But there ARE some banks that are known to not care - you can search for them on the forums.

GreenBean · #8 10-08-2010

Fraud protection has come into play. Banks have a duty of care to ensure that a deposit is meant for the intended account. UK banks can be sticklers for this.

Not unreasonable as banks dont understand the need for speed. Ooops. wrong line, need for stealth.

I've said B4, have a good working relationship with your bank. Most helpful from a business pov

newtools · #9 10-09-2010

a couple of banks do not care where the funds come from or who the third party is, searching forum will give you the answer like Jeff said. but you can always just tell the bank it's from amazon and a business associate. if they do not want to clear the transfer after you print out your amazon payments acct. showing the exact transfer amount and bank acct infos then you can tell them to reject the transfer, send it bank to amazon.

Amazon cannot just take your money even if it send back it will still be in there and then you can go ahead and transfer to a new bank with new bank infos.
amazon always asks for name on the acct. when you add the bank infos.
What you gave them when you opened the acct. doesn't matter because a 91 st day transfer is not automatic. you have the chance to log on and add new infos before doing the transfer.

In the future, when logging on the 91 day, go ahead and change the name on acct. you are transferring too to a variation of your own name. or a slightly misspelled last name so the error is so small that the bank will take it. If the names are similar then at least the bank will know its going to the right place.

At that point amazon doesn't really care. They made there money and they are out of the 90 day charge back period that all credit card companies give their customers.

also if you get a business bank acct. you can tell you bank that you receive third party transfers on occasion from your business partners and if they want there names you can tell them. Business accts. do accept ach transfers for payments or all kinds and trades

GreenBean · #10 10-09-2010

But if the OP is using a USA bank as a customer from the UK, he's got problems from the get -go. Banks are hardly going to allow an alien to deposit funds in other names. He's stated elsewhere he has at least $26000 being held by Amazon. Normal rules might not apply given the amounts

rsot · #11 10-09-2010

As a rule, due to new money-laundering accounts, banks will want verification of any amounts in excess of 10k being transferred in. Now, as other posters have said, since the name doesn't match, that's another flag.

You will have to go into Amazon account, change name+info, put in new bank account, and go to the bank to speak to manager saying you are expecting XXX amount. You will likely have to fill out some forms for this 5 digit amount.

For future people, don't let your accounts get so high up before doing withdrawal. All the best

Dude · #12 10-09-2010

ok, thanks for all the info. I am gonna explain a little more. Amazon was created in the name of an actual person, the added bank account is in a name of a different person but the name matches exactly of that on the amazon checking account *NOT SELLER*. So for example if the bank is in the name of Mr A Jones, when I aded the bank account details on amazon I put account holder name Mr A Jones.

The funds is not clear beacuse its just over 10k which I think caused to flaged up the account. After speaking to amazon they sent over a verification email for the attention of seller stating that they authorised the payment.

I need to know will the bank ever know that the amazon account had a different name than the bank account holder. Bare in mind I put the correct account holder name in the bank account section on amazon. I ask this because I need to know how to play it with the bank, i.e. say their is a 2nd person involved.

As rsot mentioned above I don't want this to turn into a money-laundering issue as that is what I am scared of.

How is it the best way I should play this?

GreenBean · #13 10-09-2010

Preferable to have given that info from the start. Seriously you should not be mucking around with names for bank accounts. How can you bring in a 2nd party? What if the bank asks for their details> Geeze.

Is this a US or UK bank?

Dude · #14 10-09-2010

Its 2 business partners who are both fully aware of the transfer

Quote:

Originally Posted by GreenBean™

Preferable to have given that info from the start. Seriously you should not be mucking around with names for bank accounts. How can you bring in a 2nd party? What if the bank asks for their details> Geeze.

Is this a US or UK bank?

Dude · #15 10-09-2010

Just a follow up, all is ok now as the problem is resolved after supplying documents requested

Thanks

Recherché · #16 10-09-2010

If your account was suspended and you waited the 90 day hold, why not just use your real name? Same as using previously suspended bank account to transfer funds. It is good you were able acquire funds though.

newtools · #17 10-10-2010

i agree that once you log back in after the 91 st day just use real name or a name variation with slight misspelling! This usually is fine.

My amazon accts usually go 2k - 4k and then get blocked. how you collected 26k is beyond. Transferring in smaller amount from accts with smaller amounts is easier and does not cause flags like 5 digits.

by the way, there is no law against having more then one amazon or ebay account!
If you are outside the credit card companies 90 day chargeback policy and amazon's money is now safe then so is yours.

another option for larger sums is to gets whats called an Ach payments account which is usually for business accts.

You can be paid by Ach wire which is what direct deposit is anyway.
usually if you have one of these payments accounts it is used to pay your employees, taxes and also to collect wire payments from customers. anything over 10k requires an ach wire transfer form. this documents that you know it's coming and from who.

Dude · #18 10-10-2010

I never collected 26k, where did you get that figure from?
Also name was the same as my own Bank account, anyways a verification letter from amazon was passed down and the situation is now resolved

newtools · #19 10-10-2010

Quote:

Originally Posted by GreenBean™

But if the OP is using a USA bank as a customer from the UK, he's got problems from the get -go. Banks are hardly going to allow an alien to deposit funds in other names. He's stated elsewhere he has at least $26000 being held by Amazon. Normal rules might not apply given the amounts

as you can see from Greenbeans post: He's stated elsewhere he has at least $26000 being held by Amazon.