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@vogeltron, you have quite a few banks to choose from so why would you need to keep 10+ accounts all at one bank?

10 bank accounts at a online only bank is crazy, those accounts are mostly likely for subprime accounts holders. 10 accounts at a brick and mortar bank is not unheard of.

My ex GF has 9 bank accounts, 1 for each kid of hers (5), 1 for her, 1 of her husband, 1 for car payment and insurance (bills), 1 for vacation savings. And this woman has no eBay/paypal account what so ever.

Its not how many bank accounts you have, its how well you use them. If you have a investment plan with the bank, say a 529 college plan or IRA with them, Stock trading portfolio, Loans, they will let you get away with so much more.

dear dear dear rsot!!!!!

READ the damn post correctly please

vogeltron made no such comment.

:doh:

The rsot bot strikes again.

Hmmm, has to be some society we can find.

The Society For Prevention of Cruelty to 'Bots

La Société Pour la Prévention de Cruauté aux Robots

La Sociedad Para Prevención de Crueldad a Robots

sighs

:juggle:

I am afraid SPCB would not work out so good in the US. I would like SPCB be formed in a friender country.

There are lots of business that have multiple accounts. I called one of my banks and explained that I run an online business and I prefer to use different accounts for payment methods in case I am ever the victim of fraud I will know exactly where it came from.

They told me that's no problem at all, opened me up 10 accounts on the spot and told me I could have a hundred accounts and it wouldn't be a problem, the guy was so cool that I talked to, he told me they have a customer with over 100 accounts for similar reasons.

If you have a family, it's very common to have savings accounts for your children. I find nothing wrong with having 1 checking and 4 or 5 savings accounts with a bank. I have accounts with 7 different banks/credit unions and at least 4 accounts with each, up to 10 with some.

You're digging way too much into it. Banks care about your money. If you've been a customer for several years and they're making money off of you, they're going to try and secure your business, not cause you problems.

Maybe you're right and I'll get screwed one day, but I've been doing this for a few years and no roadblocks in this regard.

This situation with Ally bank is very unusual, one of the few instances I've heard of this happening, and I'm very grateful for the info so that I can avoid them.

Thanks OP for sharing your experience.

Ally Bank has been trouble for some people accepting deposits with mismatch names for some time now. It seems a hit or miss with, some people report bad news and others have reported they are OK.

I am trying to say is that, there are much better banks out there than Ally.

You can open many accounts at a bank, that's not the problem.

However, depending how much money comes in/out, eventually somebody will get to review those accounts. If you are moving hundreds of thousands a year, I assure you it will trigger a manual review.

Banks will either request more info about the money, or outright close you down ( they don't need to give you reason when they shut you down ). Once they consider you "high risk", you get the boot.

The good news is, there are several banks to choose from.

There may not be a release of monies

Not usually under those types of circumstances.

Unless the OP gets a formal parting of the ways email, those funds are held.

Bear in mind he has to reply to their request for ID too.

It's a gray area and not a 'likely' at all.

:peace:

The problem is usually a combination of 5+ accounts at the same bank, multiple with 0 balances, quickly withdrawing ALL deposits out the account constantly on top of mismatch deposits.

This just looks awful if the risk department investigates the account holders activities.

If each account had 5K each in there, I doubt they would be as quick to shut you down.

Decent idea to keep 1-2k in each account - not only for security but also to avoid monthly fees on the account. Many accounts have a base minimum that allows for avoiding fees.

You are talking about business accounts. At least in my state you have to provide a DBA or record showing you registered to collect sales tax with the state etc. I will go on record saying if you have 10 personal accounts at a bank good luck explaining that one. I understand kids and what not but good luck explaining the PayPal transfers to John Doe for every single account. I do I agree however you are probably better off having more savings accounts than checking accounts at a bank. That is much more credible. But if you are at a conservative bank that does not mean they will not file a SAR report. I do agree though business accounts are treated much differently at almost every bank than personal ones.

If they file a SAR report will I be notified at all? For all I know I could have a dozen floating around out there...

Hell no. Entire idea is to file discreetly.

Are you unfamiliar with banking regulations?

If so, learn them very quickly.

:peace: