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All my paypals are linked to personal bank account
 

Hi folks,

Hopefully you are doing well in your business.
I am wondering if there would be an issue since I have 12 paypals which are linked in all my and wife personal bank account.
I am transferring around $40k-50k every month from pp.
I only use BOA and chase bank.I am worried that too many mismatched name deposit and too much money in personal account.
I mean 12 Paypals linked 12 personal BOA or Chase account.Per paypal to Per bank account.
What do you think for this ?
Or how I can do this better ?

Thanks a lot for sharing any information.

Re: All my paypals are linked to personal bank account
 

Well, they're all linked now. As long as you don't piss Ebay/PP off you'll be ok. If you're doing anything risky, once one account blows up they'll link and take down all your accounts.

Re: All my paypals are linked to personal bank account
 

oh my dear...

Talk about all eggs in one basket...

Best to have ONE individual bank accounts PER paypal..

Once one falls, it will be a massive domino effect.

Re: All my paypals are linked to personal bank account
 

If you are moving $40K-50K a month, you should be opening Business Accounts. Just to be clear, these 12 PayPals all have separate information and are attached to their respective Ebay accounts and none of them are in your name, correct?

Re: All my paypals are linked to personal bank account
 

I mean every paypal account linked to per personal bank account
Sorry for misunderstanding.

Re: All my paypals are linked to personal bank account
 

No.They are all stealth account, but linked to 12 my personal bank accounts

Re: All my paypals are linked to personal bank account
 

I am worried about my bank accounts.Since there are too many deposit and two many mismatched names...

Re: All my paypals are linked to personal bank account
 

Like I said, you should be using Business Checking Accounts and should be spread out across multiple banks.

Re: All my paypals are linked to personal bank account
 

What's wrong with personal vs business accounts? I think this has more to do with being sued not to pierce the corporate veil of your LLCs or S-Corps(better for state tax purposes).

Re: All my paypals are linked to personal bank account
 

Because once you reach a certain amount or a rep decides to get into your account for a deeper look they will want to know where the money is coming from, and who are the people on said banks.

Business accounts eliminate all of that.

Re: All my paypals are linked to personal bank account
 

At this point, you really need to get some other banks going. I would stop using half of the BOA and Chase banks and get some others at other banks.

Stop using them slowly, just until the other bank accounts at other banks are linked to those paypal accounts.

I am very surprised that BOA will let you transfer that much money into a personal account. I would do that much with a business account but never with a personal account. You really need to move to some other banks today and not tomorrow. You are really risking BOA or Chase to shut you down, or better yet, get some business accounts with those banks and they wont even look at you.

Re: All my paypals are linked to personal bank account
 

This is one for the record books!

These two banks are going to start to wonder if you're laundering money.

They may not only shut you down, but put all the funds on lock-down.

You need to disengage from this strategy asap.

And my guess is anyone this sloppy with details has managed to link them all, and is at risk of losing all the PP's, along with the funds in them, and all the EB's as well.

You'd better start building backups and be more careful, this house is probably going to collapse hard and fast and you're going to lose everything in the blink of an eye.

Re: All my paypals are linked to personal bank account
 

Jeezus 50k a month to your personal account... that's my goal someday! Out of courisity what is your average profit margin?

They're all linked now, but you could always add new ones if you choose... you could probably make $10k a year just on bank signup bonuses with your situation!

Are all of the names similar? Are you close with your local bank branch? I would think it would get caught at the local level before corporate catches it... since they don't seem to care much at this point. If you do keep them, you should get close with your local bankers and make it seem like there is a valid reason for all of this...

Re: All my paypals are linked to personal bank account
 

OK.
I see your point. I already have a LLC. So I will apply multiple business bank accounts like my personal.

Re: All my paypals are linked to personal bank account
 

I do not transfer all money in one bank account . I and my wife has 14 bank accounts include checking and saving through BOA and Chase. It may get in 4k-5k per account every month.
But I will use business account if I make more paypal.

Re: All my paypals are linked to personal bank account
 

I get it. Business account is better. What else banks do you recommend use for business account.

Re: All my paypals are linked to personal bank account
 

My average profit margin is around 50%...
Names are totally different :tears: