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Old 04-18-2010
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Default Paypal/Suntrust

My Ebay accounts are all suspended, but I left my Paypal open to resolve buyer issues (I don't intend on ripping anyone off). Its connected to Suntrust, which is a great bank.

Questions-do I close my existing account and just start a new one, or have two open?
Will the bank be suspicious that I want a second account? What reason should I give?
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I also have a paypal account linked to Suntrust. There is no reason for the bank to be suspicious of you opening as many accounts as you like. What you can do is open new savings accounts, say for your minor children, or open several savings accounts and label each one for a different reason, say one can be labeled college fund, vacation fund, etc. I have had as many as 20 accounts open at one time at the same bank for a mix of business and personal reasons so its no big deal.
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Old 04-18-2010
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Thanks so much, that makes sense. Still getting my feet wet, so each step is a little scary at times.
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Originally Posted by mojosavage View Post
I also have a paypal account linked to Suntrust. There is no reason for the bank to be suspicious of you opening as many accounts as you like. What you can do is open new savings accounts, say for your minor children, or open several savings accounts and label each one for a different reason, say one can be labeled college fund, vacation fund, etc. I have had as many as 20 accounts open at one time at the same bank for a mix of business and personal reasons so its no big deal.
when you say 20 bank accoutns, do you mean only from suntrust?
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Old 04-19-2010
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Originally Posted by nobody999 View Post
when you say 20 bank accoutns, do you mean only from suntrust?
Not specifically Suntrust (where I have 5 or 6 accounts) but at BOA. I would have 5 savings accounts for each member of my family, 5 checking accounts, each labeled for different purposes, and 10 different business accounts for various functions of my business's.

It's really not a big deal to have as many accounts as you like. You don't have to tell the banks why you have them, THEY WORK FOR YOU!
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Old 04-20-2010
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Originally Posted by mojosavage View Post
Not specifically Suntrust (where I have 5 or 6 accounts) but at BOA. I would have 5 savings accounts for each member of my family, 5 checking accounts, each labeled for different purposes, and 10 different business accounts for various functions of my business's.

It's really not a big deal to have as many accounts as you like. You don't have to tell the banks why you have them, THEY WORK FOR YOU!
did you open the boa accoutns online or in person?
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did you open the boa accoutns online or in person?
In person. Now, don't get me wrong if you walk into a bank where you have no history and demand to open 20 accounts, that might raise an eyebrow, but if this is your bank and you have a relationship with them its no problem.

Also, again, its not like I opened 20 identically named accounts all at once. This was not done in order to stealth but just in the course of my normal personal and business life.

I also have a great membership at a federal CU where I can just open a new account online whenever I want. Thats really nice and they can't see the names on the accounts (as in PP, EB, etc.)
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