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Old 10-17-2016
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Default bank accounts on stealth paypal

I have decided to open many bank accounts for my steath ebay/paypal accounts. My problem is that, I dont want to have WAY too many bank accounts opened, even if they were opened at different times. How many accounts opened at different banks considered TOO many? Ive heard of guys with 25 bank accounts. Would 40 bank accounts raise alarm? would CHEX be alerted?
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Old 10-17-2016
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Default Re: bank accounts on stealth paypal

I have 9 accounts spread between 5 institutions, and it's a struggle. I'm going to Suntrust at some point this week to close my business account with them because I don't need it.

All month I'm running across town trying to get ten swipes on each debit card to avoid account fees. Keep that in mind.
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Old 10-17-2016
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Default Re: bank accounts on stealth paypal

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Originally Posted by phaz0rz View Post
All month I'm running across town trying to get ten swipes on each debit card to avoid account fees. Keep that in mind.
Too true about the fees adding up
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Old 10-17-2016
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Default Re: bank accounts on stealth paypal

"Too many" only really becomes a problem if it's done in rapid succession. There's a huge difference between 40 bank accounts spread across 10 years vs 40 accounts spread across 1 month, for example. You don't want a bank to think your identity has been stolen, which is what opening a ton of bank accounts quickly will look like.

I'm sure you have at least one bank account already opened right? I would look to open another account or two at that same bank. Many banks don't report to chexsystems if you are already a customer and are simply opening a sub account.

If you need a few bank accounts now, and you haven't opened any in a while then you don't really have anything to worry about. Just try to diversify and open them at different banks and don't open 15 or something on the same day.

If you need a few bank accounts now but you have already opened some lately then proceed with caution. Try business bank accounts and/or banks that do not report to chexsystems. There are also plenty of banks that either charges only a small monthly maintenance fee, or do not charge one at all so you shouldn't worry about that too much. I bank well over 10 different institutions and made sure they were banks that fit that bill.
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Old 10-18-2016
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Default Re: bank accounts on stealth paypal

For the record, you're only reported to chex if you leave a bank with a negative balance or something else bad like that. Just having an account closed for "suspicious" activity will not get you reported. You can get a chex report for free from their site. I got one a few months ago because I was curious what my two bank account closures looked like, and to my surprise they weren't mentioned anywhere on the report. My report was blank.
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Old 10-19-2016
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Default Re: bank accounts on stealth paypal

To Plumsake2, You stated "open another account or two at that same bank. Many banks don't report to chexsystems if you are already a customer and are simply opening a sub account." I thought it was good idea but how is possible open another acct if I already have PNC victual wallet acct (one check and 2 saving acct) with mismatch name. Can I open another PNC virtual wallet acct?
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Old 10-21-2016
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Default Re: bank accounts on stealth paypal

i just found out i may be on chex, is it possible that bank of america can close my existing bank accounts?
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Old 10-21-2016
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Default Re: bank accounts on stealth paypal

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Originally Posted by ishwri View Post
i just found out i may be on chex, is it possible that bank of america can close my existing bank accounts?
Of course you can. Just go into your local branch and tell them you want to close your accounts, and that's that.

You shouldn't have any doubt about whether or not you have entries on your Chex report. They will mail you a copy of your report for free. Just to go their website and request a copy.
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Default Re: bank accounts on stealth paypal

Theres a few banks that allow you to have many accounts... I have 10 accounts connected to one bank... I transfer all funds from pp to each account then move all funds to 1 account then withdraw or pay bills... bills bills billsl....lol
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