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Multiple stealth / multiple bank account question
 

I have my first stealth eBay and PayPal up and going good, and contemplating getting a few others (5-10).

Question - if I had 5 stealth PayPal, does that mean I would need 5 separate bank accounts (1 for each)?

And if so, does that mean some of you veterans on here who have dozens of stealth PP have dozens of bank accounts (1 for each)?

Thanks in advance!

Re: Multiple stealth / multiple bank account question
 

1 bank account per PP account.

Re: Multiple stealth / multiple bank account question
 

Thanks for the quick response 1974!

I kind of thought maybe that was the rule of thumb - but for someone who has 20+ stealth, wouldn't getting 20+ bank account seem strange from the banking establishments?

Re: Multiple stealth / multiple bank account question
 

Banks want your business. One of any bank's main goals is to get more people to open accounts. As long as you don't have a bad credit report or Chexsystems report (you can get annual copies of both for free) most banks/credit unions are happy to let you open account(s), providing you have an opening deposit.

In my opinion the best setup for multiple PP's is to have multiple accounts at multiple institutions. Go out and open one checking and one savings account at Wells Fargo (or any other bank). Then next week request a 2nd checking and/or savings account for your "significant other" to use (doubtful they'll ask, but that's a good reason if they do). Then, in a month or two, go to another bank or credit union and repeat the process.

You can also mix in business accounts if you have a registered business.

Re: Multiple stealth / multiple bank account question
 

Just FYI, you don't have to open all your bank accounts at once, or all at the same bank. Open bank accounts as you go along. People assume that you have to open a ton of bank accounts all at once...no need for that.

Re: Multiple stealth / multiple bank account question
 

Thanks for the follow up MM. And so when/if the day comes an eBay & PP go bad (hopefully never happens) do y'all recommend closing out that bank acct and getting a new one? Or still keep open and get a new one?

Re: Multiple stealth / multiple bank account question
 

info specific for the USA


Why not? If you create over a period of time, if you plan properly, then multiple bank accounts work.

The Big 4 of USA banks often offer a checking account and a savings account.

One bank application but two bank accounts.

I hope you see where I am going.

Going slowly and not opening/closing bank accounts is how you work. You try to never get your activity flagging your Credit score.
Another place of interest is a Credit Union. If you qualify for one, you have wonderful advantages.
Hope this helps.
:yar:

Re: Multiple stealth / multiple bank account question
 

Can easily close that account - don't need it open unless 1) you are waiting for cash to hit it from PP or 2) you use it for other purposes like direct automatic debit payments

Re: Multiple stealth / multiple bank account question
 

Yes GreenBean USA, and thanks.

Ahhh yes you are correct, each bank acct opening is essentially TWO more stealth opportunities (checking & saving). Didn't think about that aspect. And yes I think I will also keep in mind credit unions.

Re: Multiple stealth / multiple bank account question
 

A pleasure.

For down the track, may I also make this suggestion?

If you have an issue with PayPal or eBay, try to ask here before maybe doing some damage to your account.
Quite often, we can help with a reasonable reply.

Good Luck with this stealth journey.

It is such fun to realise you are getting to beat PayPal/eBay and making money.

:thumb:

Re: Multiple stealth / multiple bank account question
 

Well this is another part of ‘doing’ stealth.

If you get limited you want the bsnk still attached and open to get your funds out.

Closing it means adding a new bank account. That can be really a lot of trouble.

What can also consider doing, is paying your eBay fees by gift card.

Why? PayPal can never touch your bank account for fees.

;)

Re: Multiple stealth / multiple bank account question
 

My friend, I cannot tell you how much you exactly echo my thoughts!

Initially in getting on here, I initially felt like I don't want to be "that guy" who overasks or overposts. Then I thought, (exactly as you are saying), better to ask and have knowledge before than to make a mistake. And that is what I have been doing. And, fingers crossed, has been working beautifully. Haven't had any issues, because I always drop in here first to check with you guys who have been doing this longer than me.

Yes on my initial main 11 yr old eBay acct shutdown a couple months back, thought I was dead in the water - would never make a sale again. But alas, this community exists. A literal life-changer for me. Forever indebted to everyone on here.

Hopefully I will be in the position to pay it forward with knowledge one day :)

Re: Multiple stealth / multiple bank account question
 

Ahhh I see. Hadn't even thought about using gift card for fees. Brilliant. That was actually going to be a question I posed soon enough, before my first billing cycle hits.

I guess the same gift card theory would apply for paying for eBay shipping labels?

Re: Multiple stealth / multiple bank account question
 

Yes. But it's SOOO much easier to just leave enough funds in your Paypal account to cover your shipping costs + selling fees. That way you aren't always having to spend money on new gift cards.

Re: Multiple stealth / multiple bank account question
 

I see, yes that makes sense.

So is the general consensus (from both those that use PP balance and those that use gift card/prepaid card) that IF you were going to use PP for shipping fees and selling fees to just make sure to always have more than enough funds in your PP balance to cover, in an effort to not let PP dip into your bank acct?

Please folks from both opposing methods weigh in.

Re: Multiple stealth / multiple bank account question
 

Hi, there was a lot of useful information in this post. Thank to everyone who contributed. I'm currently being super cautious, and only have 1 bank checking attached to 1 stealth pp, but i have several other pp accounts I would like to withdraw from.

I would like some feedback from anyone who had any experience with using the checking account on 1 stealth pp and the savings account on a separate stealth pp under the same bank application/account.

I have a few saving account that is not attached but would like to use them for other stealth pp i currently do not have a real back account attached too.