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Adding a New Bank account to existing PP acct
 

Gents, been reading this site for a while now, and would like to start by thanking the members for all the contributions that helped get me out of a bad situation on eb/pp a few years ago.

Currently I'm using an eb and pp account that has been open for 11 years.

It was originally my father's account, using his real name, and real bank account info, and real address, social etc.

My father died a few years ago, and I still use the account. Please don't call me evil for doing this. I have a business and need to sell my things

My question is about the bank account tied to PP account. It's a BofA account. The bank account will be closed very shortly by the IRS.

I am wondering if I was to just go to any other bank, such as Citibank, or Wells Fargo, or Chase, or BofA, and open an account under my real name, can I then add that info to this PP account and use it to withdraw funds to it?

Or does PP look at the name of the person whose bank account is being linked to the PP account, and compare the names to see if they are the same?

Regards,

Re: Adding a New Bank account to existing PP acct
 

i am not experienced member as others .. but can tell you if you do some digging here in this forum you will find the answer from experienced members here
1 - paypal can not read bank ACC info .. so you can easy link your real bank account to PP .

2 - some banks works fine with mismatch name so you can withdraw from paypal to your real bank account ...

may members here confirm which banks you can use

- can i ask you a question : you said your father died a few years ago , so how you handle tax report all last yrs ?

Re: Adding a New Bank account to existing PP acct
 

Why do you persist on handing out inaccurate info.

:doh:

Re: Adding a New Bank account to existing PP acct
 

With respect, would you please correct the previous poster's incorrect information? If it's true that PP cannot match the name of a bank account (it's been so long since I set up a PP account, literally the last time I did it was on the first day PP was created, that I don't recall if they ask you the name of the bank account holder as a step in the bank account addition/linking process on the PP website), then I can go to any bank, create an account with my name, and use that account to add to my PP

Is that correct GreenBean?

Regards,

Re: Adding a New Bank account to existing PP acct
 

@sva, what you do is when you add the bank account, you KEEP the name as the stealth name of the pp account.

If your pp account name is John Doe and your name is Tim Smith....when you add the bank account and pp asks the name, you keep the name as John Doe (pp account name)

Re: Adding a New Bank account to existing PP acct
 

Your issue is that of the IRS being aware of your tax situation.

You can not add another bank account safety.

My sincere advice at this point would be to see a tax accountant.

I hope you find suitable help there.

:peace:

Re: Adding a New Bank account to existing PP acct
 

The IRS is aware that I have a bank account, however I have never withdrawn any PP money into that account since my father died. It has just been sitting there idle, with a hundred dollars in it

I have always withdrawn my money with my PP debit card, which I just received another one of last week (a replacement for my previous card).

I guess I could keep withdrawing with my PP debit card, however there aren't that many banks that do not charge a fee for foreign (foreign to that bank) ATM withdrawals, and I would like to avoid constantly going to the ATM every day to withdraw $400 (the max limit of my PP debit card per day)

One additional note as it pertains to taxes. Using the info from this site, I was able to establish a Delaware corporation, and all tax information goes to the EIN of that corporation, not to my father's social

To formulate this post as a question, given that I don't normally use a bank account to withdraw from PP, and given that there is an EIN associated with the PP account, would the aforementioned method of adding a bank account with my real info, but putting the 'stealth' info into PP, work?

Re: Adding a New Bank account to existing PP acct
 

can i ask what us wrong info i wrote ?? ..
forget his special situation ...
what i wrote is 100% correct .... i red it 100"s times here in this forum

Re: Adding a New Bank account to existing PP acct
 

Because you must pay attention to the situation, then give the advise to match.

:surrender:

Re: Adding a New Bank account to existing PP acct
 

by the way you are the big mouth in this forum ...
what i said what he exactly asked for .... his special situation is tax issue ..
please do not reply again ... enough

Re: Adding a New Bank account to existing PP acct
 

Didn't know you made the rules on this forum....and just so you know, anyone can reply to pretty much anything.

Re: Adding a New Bank account to existing PP acct
 

Oh, and now you know ALL about USA tax issues.

Highly unlikely a BoA account closed by the IRS will see the customer allowed to open another account.
At least one of knows this
Shhh, grasshopper. Shhh.

:bird:

Re: Adding a New Bank account to existing PP acct
 

im getting nervous. im not stealth yet but soon. my friend opened an account for pay pal and we used my bank info to verify. verify went in the day after adding bank info. so now pay pal is verified so we requested some money to my bank account 4 days ago getting nervous Im thinking we will have to add a different bank if the deposit gets sent back

Re: Adding a New Bank account to existing PP acct
 

This thread is funny.

Im not gonna give my opinions :)

Re: Adding a New Bank account to existing PP acct
 

Hello again GreenBean.

Please note, the bank account in question, which is currently linked to the PP account, has not yet been closed.

The question I have is, for this PP account, can I just add a bank account in my own name, and add it to the PP account, and manually remove the old account before it is shut down by IRS?

Correct me if I'm wrong, but all PP only asks for the routing number and checking acct #. Can't I just add a new bank account, and remove the old bank account, and begin withdrawing from the same old PP account? How would PP be aware of any tax situations if I manually remove the bank account in question before it gets shut down?

Regards,