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Is it really possible to have 100 bank accounts?
 

Is it really possible to own 100 bank accounts for 100 ebay, paypal accounts?

It is possible - dangerous since they would all be in your name but I could see it doable.

Dangerous since it would raise flags - not all at the same bank though I would suggest.

Why would it be dangerous?
 

Why would it be dangerous?

The way I see it is definitely dangerous if all at a few banks - since more than 7 accounts would raise a big flag with the bank.

Secondly, only dangerous to IRS when you have quite a lot of money going through - all in your name, all from pa yp al....

Please do not attempt this........... "Why would it be dangerous?"....................... No offense, but where is your conscious? I feel paranoid having just 5 accounts, 10 maybe, but 100!????

Then how many accounts do most people own on eBay + PayPal?

This kind of questions can never be answered with a "blanket response" - some people own a couple, others operate without, others have many - there is no "set response". I must have many accounts too not just for pa yp al but shrug, all depends.

For example, say you are selling high risk items, like cell phones. I would want to sell around 30-50 cell phones for around $240USD each.
I would prefer to post 1-2 phones per month per account.

I am running 10 accounts daily. Only selling cheap items though buts its good coz money comes trickling in from all over.

I wanted to have 20 or 30 but after reading this thread, I think I will calm down and leave it at 10 for now.

For some reason, my natwest e-savers are coming back rejected after a few weeks. I have 4 of them and so far 2 have been rejected. No biggie, but I thought they were good - maybe I just got unlucky.

well done mate 10 accounts :) thats what im aiming for now

Here is the thing....

Some banks are better than others when it comes to allowing desposits to your account in another name. Usually this is a result of automation.

But the more accounts you have, and the more money running through them, the more likely the bank will have a problem with you.

NO BANK wants to put their funds at risk, I don't care WHERE in the world they are located. All banks, no matter how small, have a person or department whose job it is to minimize any possible risks to the bank. So, your goal is to stay off their radar.

A few accounts receiving a few hundred dollars each month is not likely to be noticed. But try running ten grand each month through the bank and see how fast you get a phone call or a letter demanding an explanation. If this happens to you, give it your best shot, but you can expect the accounts to be closed. At that point, most banks WILL give you your money, but they will also tell you to take your business elsewhere.

Some people have claimed to have hundreds of bank accounts. I have no idea if they are telling the truth or not, but I would be VERY NERVOUS about having so many. Having a few accounts (no more than 5 or 6) at a few banks (again, no more than 5 or 6) is probably OK. But you don't want to push it too far.

It is also important to conduct yourself in a professional and above-board manner at all times. That means NOT ripping off buyers, NOT leaving PayPal/Amazon holding the bag for unpaid claims and fees and it also means that reporting and paying your taxes is a MUST. Also, NEVER leave a bank holding the bag for money - it will make getting new accounts at ANY BANK more difficult.

Stealth, in and of itself is legal. But using these methods to avoid paying legitimately owed fees or taxes, or for ripping people off is NOT. That is a line you do not want to cross.

There are also other things you can do that will make having multiple accounts SAFER. By safer, I mean taking some extra steps to stay off of their radar. For example, if you have a stealth account in the name of "John Smith" you could register a D/B/A in that name. D/B/A means "doing business as". In the USA, it means filling out a form in the county in which you reside and paying what is usually a small fee. Where I am, this costs $12 and takes all of 10 minutes.

However, in some counties (Cook County in Illinois comes to mind) it can be more complicated and expensive. Cook County requires that you fill out a form, IN PERSON, and then have an "Assumed Name Notice" pulished in the newspaper every week for 3 weeks. That can cost upwards of $500. Then you have to go back, again, IN PERSON to provide the proof that the notice was published, pay ANOTHER fee, and then wait up to 60 days for it to be official. The good news is that these situations are rare.

Anyways, with a D/B/A you could then get a business account at a bank and it will not look unusual to have deposits coming in under your D/B/A name.

Of course, this is NOT absolutely necesary, but it DOES add a level of security for you.

^ Thanks you for spending your time to explain. I read it all and it was an interesting read.

I picked up a few key pointers even though I am in UK.

I would also like to say your post is easy on the eye and easy to read - thats a good skill you have there - impressed

All I have to say is....................... Where was Jeffweico when we had to partner up in school to write essays? My goodness he is good lol.

Biggest problems with banks (in all of the Western countries) is the potential for danger.

Danger may be any (and all) of the following:

getting funds to commit acts of terriosm
getting funds to profit from drug distribution
getting funds to circumvent legally payable taxes to a government.

Therefore certain regulations are made to prevent an abuse of a banking system.

Problems occur with a bank's perception of what an account holder may or may not be doing :suspicious:

jeffweico at his finest - as usual.

Say I wanted to make 30 accounts. Can I make 30 fictitious names and open 30 bank accounts without being noticed?

oops, I see that you jeff has already talked about that. Then how do you run a business without getting banned without getting d/b/a's