Withdrawing PP funds? Cashing out?

[AskSC]

I could not find any sources that would lead me to successfully withdrawing my stealth funds. What do you guys usually do to get your funds to become available to you? PM or comment please?

[ilcarletto]

Banks have been around since 1000s years... seems to be quite a solid method

[AskSC]

Originally Posted by ilcarletto

Banks have been around since 1000s years... seems to be quite a solid method

Haha, i agree. It's just that i buy VBA from vendors for my PP accounts, so idk how i could withdraw into a bank. Unless you are recommending i send from stealth to main and withdrawing that way. It's just that i pref not to because it will raise flags at the end of the day.

[ilcarletto]

When your account is pretty solid and you are confident it is running well, you get a proper bank account, attach it to your paypal and withdraw to that.

Do not send money to one PyPal to the other, this will cause issues... Beware not withdrawing to your VBA...

[AskSC]

Originally Posted by ilcarletto

When your account is pretty solid and you are confident it is running well, you get a proper bank account, attach it to your paypal and withdraw to that.

Do not send money to one PyPal to the other, this will cause issues... Beware not withdrawing to your VBA...

When i get a new bank account, i would have to create it under my own name though. Wouldnt it look weird if i have 2 bank accounts under the same branch? On top of that the paypal name that is withdrawing the funds will not match the bank name. So wouldnt the bank get suspicious? fill me in on that if possible. Thanks.

[ilcarletto]

PayPal is not going to see the name attached to the bank account.

There are banks who did not care about name mismatch... 3 way to find these out:

1 -US community will help you

2 - forum search

3 - I guess stealth guide is mentioning something... not 100% sure but it will be a very interesting reading indeed if you are starting to walk the "stealth" way

[rsot]

Originally Posted by AskSC

When i get a new bank account, i would have to create it under my own name though. Wouldnt it look weird if i have 2 bank accounts under the same branch? On top of that the paypal name that is withdrawing the funds will not match the bank name. So wouldnt the bank get suspicious? fill me in on that if possible. Thanks.

Most banks have no problems with deposits in stealth names. That being said, you want to avoid MASSIVE $ coming into a personal acct in mismatched name....that could cause problem

[Play]

Pretty much what everyone else said above is correct. Stealth mismatch is no big deal for most banks. Personal tip, dont withdraw every dollar as soon as it comes into your account.

[AskSC]

Originally Posted by Play

Pretty much what everyone else said above is correct. Stealth mismatch is no big deal for most banks. Personal tip, dont withdraw every dollar as soon as it comes into your account.

What happens if that account closes and you want to open at least 3 stealths? The bank wont question why you want to open 3 bank accounts?

[ilcarletto]

Not my case but I am pretty sure someone in here has 10s of bank accounts...

[phaz0rz]

You DO NOT want to open a bunch of accounts at the same bank as you grow your stealth empire. I made that mistake with Bank of America. When BoA closed my accounts I had 4 accounts open with them. Overnight I lost the ability to access the funds for my 4 most active accounts.

The smart way to go about this is to slowly start opening accounts at different banks/credit unions in your area. I currently have personal accounts at 2 different banks and 2 different credit unions, then I have two business accounts at Wells Fargo. I say this is the "smart" way because you won't be completely shut down if one bank closes your accounts. And if you start receiving stealth deposits from 3 or 4 different accounts to one bank, your account will most likely be closed within a few months. I can tell you this from experience.

Your next question will most likely be something like "but won't I get in trouble or won't they think it's suspicious if I start opening accounts everywhere?" The answer to that, in short, is no. There's nothing illegal about opening bank accounts. However I do recommend waiting a few weeks/months between opening accounts. It can appear suspicious to a bank when/if they pull your chexsystems report and see you just opened an account at another institution yesterday.

[aspkin]

PayPal business accounts is the way to go as far as receiving funds.

Sub-saving accounts still work.

I have too many bank accounts to count but it's usually not a problem if you don't open them all at once, you have funds in business names and you don't withdraw all funds 100% as that's a red flag.

Get eBay Stealth by the way, it answers this question and lots of others you might have.

[phaz0rz]

Originally Posted by AskSC

What happens if that account closes and you want to open at least 3 stealths? The bank wont question why you want to open 3 bank accounts?

If you tried to open 3 accounts at the same bank at the same time without a really good explanation, the bank would most likely close any accounts already open and inform you that you're no longer welcome to bank with them.

Sad but true. For eBay Stealth scalability you will need accounts at more than one institution.

[glacier922]

Originally Posted by phaz0rz

You DO NOT want to open a bunch of accounts at the same bank as you grow your stealth empire. I made that mistake with Bank of America. When BoA closed my accounts I had 4 accounts open with them. Overnight I lost the ability to access the funds for my 4 most active accounts.
.

Were you using deposits with different names all the time? As in you had changed names constantly each time u had a new bank account. Mine had the same exact name consistently, never had any problems.

[GreenBean]

This is a PAYPAL issue.


If the thread was in that part of the forum , all the other posts are there to read.

Sticking the question in ebay does not help ypu to get the info.

[AskSC]

Originally Posted by GreenBean

This is a PAYPAL issue.


If the thread was in that part of the forum , all the other posts are there to read.

Sticking the question in ebay does not help ypu to get the info.

I apologize, i thought it would go here because it is in relation to eBay Stealth and how to withdraw funds from it.

[tuonlineshopping]

Originally Posted by phaz0rz

You DO NOT want to open a bunch of accounts at the same bank as you grow your stealth empire. I made that mistake with Bank of America. When BoA closed my accounts I had 4 accounts open with them. Overnight I lost the ability to access the funds for my 4 most active accounts.

The smart way to go about this is to slowly start opening accounts at different banks/credit unions in your area. I currently have personal accounts at 2 different banks and 2 different credit unions, then I have two business accounts at Wells Fargo. I say this is the "smart" way because you won't be completely shut down if one bank closes your accounts. And if you start receiving stealth deposits from 3 or 4 different accounts to one bank, your account will most likely be closed within a few months. I can tell you this from experience.

Your next question will most likely be something like "but won't I get in trouble or won't they think it's suspicious if I start opening accounts everywhere?" The answer to that, in short, is no. There's nothing illegal about opening bank accounts. However I do recommend waiting a few weeks/months between opening accounts. It can appear suspicious to a bank when/if they pull your chexsystems report and see you just opened an account at another institution yesterday.

May I know the reason BOA close all your bank account?

[GreenBean]

Originally Posted by tuonlineshopping

May I know the reason BOA close all your bank account?

Here is his thread on the topic...


http://www.aspkin.com/forums/paypal-...i-screwed.html

[Play]

Originally Posted by AskSC

What happens if that account closes and you want to open at least 3 stealths? The bank wont question why you want to open 3 bank accounts?

Your new to stealth. Take a deep breath, open one bank account, one stealth account, get the ball rolling.

Dont worry about anything else for now. Get a grip first!

[phaz0rz]

Originally Posted by glacier922

Were you using deposits with different names all the time? As in you had changed names constantly each time u had a new bank account. Mine had the same exact name consistently, never had any problems.

I'm not 100% sure of what you're asking, but each account I had open with them only had deposits coming from 1 Paypal account. 4 different stealth accounts linked to 4 different checking accounts. None of the stealth names matched the bank account name though.

Everything was fine until my business grew to the point where I was transferring $10k+ per week across the 4 accounts. As I said in my thread a few months ago, I would have several thousand dollars come in over the course of week then immediately withdraw 98% of the money on Monday morning. The large amounts of money coming in and going out got my accounts flagged by the fraud dept. When they looked closer at my accounts and noticed each account had money coming in from a seemingly random Paypal account, my accounts were instantly closed and I got a certified letter from BoA explaining why they took the action they did.

[phaz0rz]

Originally Posted by tuonlineshopping

May I know the reason BOA close all your bank account?

Blatantly suspicious activity, lol. See my post above.

My advice to anyone reading this - don't get too comfortable with your financial institutions. They have the ability to bring your business to a grinding halt, just like Ebay, Paypal, Amazon, etc..