Adding Real Bank Account to A stealth Account

[club1010]

The question is I use both Wells Fargo and Guarantee Bank, I should be adding my real bank info to my stealth PayPal, do I have to use my real name on my bank account to add it to the Stealth account? If I just add my account number leaving the stealth name on the PayPal account as it is, will it work to withdraw?

[SUVE]

Correct on both questions.

[Sandy D]

PP will only get your routing and account number.

[mirus]

What if Paypal ask for a bank statement letter with your name on it?

[meVebay]

Mirus, search my friend. Surely you wouldn't send PP photo ID & proof of your address that DO NOT MATCH what your account details say?

That would be very silly wouldn't it.

PM GreenBean...she might be able to point you in the right direction... Maybe

[mirus]

Originally Posted by meVebay

Mirus, search my friend. Surely you wouldn't send PP photo ID & proof of your address that DO NOT MATCH what your account details say?

That would be very silly wouldn't it.

PM GreenBean...she might be able to point you in the right direction... Maybe

I do not want to seem silly!

But my last account that was what was asked of me to show them photo id and a bank statement

[hercheys]

Many banks consider pp as non-DD ACH and they print the names on the statement sheets, (Direct Deposit must be a payment not a transfer, even though both payment and transfer may use the ACH method)

Fidelity Money Line transfer to BoA is posted as:

Transaction Description:
FID BKG SVC LLC DES:MONEYLINE ID:Xxxxxxxxx XXXXX
INDN:FIRSTNAME M LASTNAME CO ID:XXXXXXXXXX PPD REF:XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Note PPD in the 2nd line. Also, note the definition of PPD below. I am assuming BoA accepts such ACH transactions as qualified Direct Deposits even if they are not Direct Deposits by definition (see below). BoA possibly looks only for code PPD:

PPD - Prearranged Payment and Deposit Entry

So to answer your question it all depends if you are transacting with your name or if you, they could flag it. The RDFI however may reject the ACH transaction and return it to the ODFI with the appropriate reason, but different securities softwares now in place banks have step up there systems to avoid fines and other.

I would just suggest to use as close to your name a possible, or get a business account which is the best thing to do.

Cheers,

From experience in Finance and Banking for over 15 years.

[hapajenn1]

Originally Posted by hercheys

So to answer your question it all depends if you are transacting with your name or if you, they could flag it. The RDFI however may reject the ACH transaction and return it to the ODFI with the appropriate reason, but different securities softwares now in place banks have step up there systems to avoid fines and other.

I would just suggest to use as close to your name a possible, or get a business account which is the best thing to do.

On the topic of opening a business account, is it as simple as adding another bank account (category: business account) to your already made checking/savings account? For instance, if you already have a BoFA checking/savings then you just walk in the bank and say you want to open up a business account as well?

[rsot]

No business account is its OWN set of accounts - registration is different...I have done this - they dont attach it to your personal account

[hercheys]

BoA sometimes will attach your current together accounts under one login if thats what you refer? But it would be a seperate account as a whole, none the less this loophole gives you the advantage anybody in you facilty (business network) may deposit money into this account. Many banks reject the strategy, many don't, because often and always business account are not checked for slip sheets with unmatched names or not given underwritter reviewals for account revenue.