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Old 03-01-2017
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Smile 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.

Last edited by JamesLee; 03-01-2017 at 02:32 PM.
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Default 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.
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Old 03-01-2017
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Default 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.
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Default 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?
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Default Re: All my paypals are linked to personal bank account

Quote:
Originally Posted by BigCJ View Post
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.
I mean every paypal account linked to per personal bank account
Sorry for misunderstanding.
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Default Re: All my paypals are linked to personal bank account

Quote:
Originally Posted by MM78 View Post
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?
No.They are all stealth account, but linked to 12 my personal bank accounts
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Default 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...
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Default Re: All my paypals are linked to personal bank account

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Originally Posted by JamesLee View Post
I am worried about my bank accounts.Since there are too many deposit and two many mismatched names...
Like I said, you should be using Business Checking Accounts and should be spread out across multiple banks.
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Default 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).
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Default 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.
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Default Re: All my paypals are linked to personal bank account

Quote:
Originally Posted by JamesLee View Post
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.
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.
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Default 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.
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Default 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...
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  #14  
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Default Re: All my paypals are linked to personal bank account

Quote:
Originally Posted by MM78 View Post
Like I said, you should be using Business Checking Accounts and should be spread out across multiple banks.
OK.
I see your point. I already have a LLC. So I will apply multiple business bank accounts like my personal.
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Default Re: All my paypals are linked to personal bank account

Quote:
Originally Posted by BigCJ View Post
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.
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.
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Default Re: All my paypals are linked to personal bank account

Quote:
Originally Posted by yotano211 View Post
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.
I get it. Business account is better. What else banks do you recommend use for business account.
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Default Re: All my paypals are linked to personal bank account

Quote:
Originally Posted by stressed08 View Post
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...
My average profit margin is around 50%...
Names are totally different
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