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Closing a bank account and opening a new one with the same bank
 

Hi, please if a paypal account gets limited for any reasons, is it possible to just close that bank account and open a new one with the same bank? For example, i'm able to have two checking accounts at my financial institution, I would like to know if I can close one of the checking accounts and then open another one with the same bank. Will this be a red flag? Is it even possible to just close one checking account and open another one with a new account number altogether? Do I have to give the bank any reasons for doing this? Thanks for your input.

Re: Closing a bank account and opening a new one with the same bank
 

The red flag will only be to your bank.
Why not open a few savings accounts as well?
I actually did this - closed 3 accounts and then reopened them with a couple of my banks. The cover story was my computer was hacked and I was very concerned that someone has those bank accounts info. With all the cyber attacks going on these days that story should work well.

Re: Closing a bank account and opening a new one with the same bank
 

Normally I don't open and close accounts on the same day. I would open one or two accounts and transfer money over from the burnt account, and then close the burnt account in a month or so.

This way, you don't have to come up with any creative reasons for why you're swapping accounts. "I simply don't need this account anymore" is a perfectly valid reason for just closing an account.

Re: Closing a bank account and opening a new one with the same bank
 

Space out the opening of new accounts OP - same bank but different account numbers is fine