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Bank accounts. Paypal. IRS.
 

So I have a few questions.
1: how many bank accounts is too many and it will raise a red flag in IRS system?

2: if you have a fresh stealth account when is a good time to add a real bank account? Do you accumulate a few hundred dollars in sales to make sure that your accounts are running with no hiccups and then attach the real bank account so you won't waste one.
P.s. me being a rookie burned 2,real bank accounts already....

3. is it a good idea to open two eBay accounts in same name and same paypal?

4. is it really the best solution to have formula of one paypal one real bank account? Coz if you have more then 10 let's say, isn't it too many bank accounts aren't you gonna run out of banks that will let you open accounts with them?

.5 let's say I had account with a bank then I closed it. How long is the wait to open a new one with the same bank?

Thank you my mentors☺

Re: Bank accounts. Paypal. IRS.
 

There is 7000+ BANKS in the USA. Never going to run out of banks.

Banks have nothing to do with the IRS.

It is impossible to have the same bank account on more than one paypal. Once that account is added to paypal it can never be used on another. Paypal wont allow it.

Start with opening a checking and savings account as a two banks. That is four accounts there. Open a business account and that is two more, etc...

10 bank accounts is not very many but don't open 10 accounts all at once.

Re: Bank accounts. Paypal. IRS.
 

No no . I was asking having two eBay accounts(same name) connected to the same paypal. Do you practice that or is it useless?

Re: Bank accounts. Paypal. IRS.
 

That is possible but useless and doubles the risk.

Useless because you will have combined selling limits

Re: Bank accounts. Paypal. IRS.
 

If you close an account with a bank there is not a SPECIFIC waiting time to open a new account. I had 4 accounts at 1 bank. When the accounts were no longer useful, I told the bank that I had a problem with my PC and the technician who fixed it told me a had a virus called Zeus and suggested that I change all of my bank accounts. They closed out the 4 and reopened them with new account numbers and it didn't cost me a dime.

Re: Bank accounts. Paypal. IRS.
 

It's useless unless you're trying to keep each account under FDIC insurance limits ($250K). For tax reasons IRS collects data from Paypal directly so it would be useless to try to avoid tax implications by splitting up the deposits.

Re: Bank accounts. Paypal. IRS.
 

For me, it's when I have received multiple limit increases on the stealth eBay account and 21 day hold has been lifted. Then I know the paypal/eBay accounts are going to survive unless I mess up real bad.

yes, and I'll bet there are dozens of banks within your driving radius and you can open 3-4 accounts at each. You can have more 10 bank accounts running but it's not like you're going to run 100 at any one time. As long as you're running a manageable # of accounts, running out of banks shouldn't be an issue.

Re: Bank accounts. Paypal. IRS.
 

Yeah 10 banks isn't that many, key is to not go and open them all up at once. Take it slow and easy.

To kind of recycle accounts at a bank I will tell them I need to close my checking account and open a new one because I had a business transaction that didn't work out and am now uncomfortable the person I was doing business with has my account and routing number, so for my protection I would like to close my current checking account and open a new one. They have never given me an issue with this excuse. You can use it at each bank every now and then and it gets by.

IRS doesn't really care how many banks you have. Problem comes when the money going through those accounts are unaccounted for.

Re: Bank accounts. Paypal. IRS.
 

Please dont start with the FDIC crap no need to put useless information in peoples heads.

Re: Bank accounts. Paypal. IRS.
 

Spread out your account-opening activity OP

Re: Bank accounts. Paypal. IRS.
 

:rolleyes::laugh: :laugh:

Re: Bank accounts. Paypal. IRS.
 

Good stuff!!
I like that!

Re: Bank accounts. Paypal. IRS.
 

to answer #3 NO
keep things separate

Re: Bank accounts. Paypal. IRS.
 

So I have a few questions.
1: how many bank accounts is too many and it will raise a red flag in IRS system?

IRS is usually not notified. If you do have to many accounts or suspicious behavior a bank for various reasons may have to file a SAR (Suspicious Activity Report) with FINCEN (Financial Crimes Enforcement Network) I believe it is a subsidiary of the US Treasury. Personally I open bank accounts slow and never have more than 4 at any bank. Usually 1 checking and two or three savings.

2: if you have a fresh stealth account when is a good time to add a real bank account? Do you accumulate a few hundred dollars in sales to make sure that your accounts are running with no hiccups and then attach the real bank account so you won't waste one.
P.s. me being a rookie burned 2,real bank accounts already....

Personally I add them when I begin to start selling. However I prep my accounts differently by buying 5 or 10 cheap items through eBay & PayPal before I start selling

3. is it a good idea to open two eBay accounts in same name and same paypal?

This might be changing with the split up. But I personally suggest keeping everything consistent. 1 eBay working with 1 PayPal. Matching info

4. is it really the best solution to have formula of one paypal one real bank account? Coz if you have more then 10 let's say, isn't it too many bank accounts aren't you gonna run out of banks that will let you open accounts with them?

You would have to run a ton of accounts. I wouldn't even worry about that right now. Let say you open accounts a four large banks (Chase, Wells Fargo, BOA, US Bank) if you end up with 3 or four accounts at each that will put you at 12 to 16 right there. There are other tricks some higher up Stealthers use for shuffling money.

.5 let's say I had account with a bank then I closed it. How long is the wait to open a new one with the same bank?

Lots of factors for this one. Personally I close accounts and wait like 6 months before I open another at the same bank in the rare instance this does happen. Unless you have massive amount of stealth accounts you have options for banks to use.

Thank you my mentors☺
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Re: Bank accounts. Paypal. IRS.
 

Thank s to everyone for your inputs.

Re: Bank accounts. Paypal. IRS.
 

Good information

I'd like to hear everyone's input on how often you open bank accounts, for example 1 a month, 1 every 6 months, 4 a month, etc and how many active bank accounts you have, does anyone here have 50-100 or more?

Re: Bank accounts. Paypal. IRS.
 

Dude did you just read anything that was posted?:ballchain:

Re: Bank accounts. Paypal. IRS.
 

:smash:

There are alot of threads about this too.

Re: Bank accounts. Paypal. IRS.
 

As soon as you close an account you can open a new one online and usually never have more than several at each bank like 3-4 checking along with 3-4 savings, that always worked for me.

Re: Bank accounts. Paypal. IRS.
 

Don't forgot just because you CAN doesn't mean you SHOULD.

You never know who's watching you on the other end... :boink:

Re: Bank accounts. Paypal. IRS.
 

oops :faint: