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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