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.
Last edited by jeffweico; 03-31-2011 at 08:12 PM.
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thats what im aiming for now
