So, what IS the story on bank accounts?

mantisinc · #1 02-25-2008

I'm slightly confused about the situation with bank accounts people have with paypal accounts/ebay accounts.
Some of you guys have a LOT of ebay accounts, and I'm assuimg you use different paypal accounts for each ebay account.
However, some of you also say that opening up multiple bank accounts puts red flags by your name, obviously could it could be related to money laundering, or something.

So, what do you guys do to get so many different bank accounts? Do you really just go to different banks and open up more accounts?

twdell · #2 02-25-2008

i have 3 different checking accounts with one bank. i was thinking about opening another one with the ame bank as well. i don't think they have a problem with it. it's nice that they are all from the same bank too, because i go online and transfer money from one account to the other.

scouse12345 · #3 02-25-2008

Quote:

Originally Posted by mantisinc

I'm slightly confused about the situation with bank accounts people have with paypal accounts/ebay accounts.
Some of you guys have a LOT of ebay accounts, and I'm assuimg you use different paypal accounts for each ebay account.
However, some of you also say that opening up multiple bank accounts puts red flags by your name, obviously could it could be related to money laundering, or something.

So, what do you guys do to get so many different bank accounts? Do you really just go to different banks and open up more accounts?

Mant, if you go from branch to branch, in the Uk and open account after account, you shall eventually attract the wrong type of attention, as each attempt at opening an account is logged through Experian etc.. I personally have 1 cheque account through RBS, and then am able to open as many Savings accounts as i like under the umbrella of the main cheque account.. the Bank does not register these new accounts, as it is all in house, and not from bank to bank etc..

mantisinc · #4 02-26-2008

Scouse, that sounds like what I am after.
I'm guessing it's an over 18's account?

Superpak · #5 02-26-2008

I'm not sure how it works over their in the US, but dont you need to give the other person your account name, which is normally your actual name?

topazcorp · #6 02-26-2008

Dunno in the US, but here I can open an unlimited ammount of accounts as long as I don't receive 5000$ or more in the first month. I guess it would pull up a red flag but anyway if you're business is legit you shoudn't have any trouble with the NSA

even if you receive big money...

ebayhateluv · #7 02-26-2008

Mantis:

On my end:
a.) I do not have a sep. pp for each ebay acct,
b.) I have many backup, to the back up pp accts
c.) I use pp for the less violatile items
d.) i use ccnow mainly
e.) i also have the google ck out for off ebay sales
f.) I "know" folks worship that pp--but when i offer it in a listing...
it "may" very well be actual direct pp, or it maybe via ccnow, same thing to me..
** I do get some objection , first they say they didnt get the invoice from ccnow-
--when ive sent it 3 x, so now theyve got 6 invoices from me
--then if theyre still playing games, i wait out the 7 day rules, then send them a upi..

thelizardking · #8 02-26-2008

Yeah its fine to have a bunch of bank accounts, I don't know where the red flag thing got started but its more about the activity then how many accounts you have. Plus its better to diversify your money into different accounts anyway.

matt66 · #9 02-26-2008

Quote:

Originally Posted by scouse12345

Mant, if you go from branch to branch, in the Uk and open account after account, you shall eventually attract the wrong type of attention, as each attempt at opening an account is logged through Experian etc.. I personally have 1 cheque account through RBS, and then am able to open as many Savings accounts as i like under the umbrella of the main cheque account.. the Bank does not register these new accounts, as it is all in house, and not from bank to bank etc..

I have a bank account which allows me to create 'pots', each with a different account number.
My only question is, could I use one of these pots to verify a Paypal account if the name on the Paypal account is different to the bank account?

topazcorp · #10 02-26-2008

Yes, paypal can't see the name on your bank account anyway...

matt66 · #11 02-26-2008

But would my bank see the ⊗⊗⊗⊗ name when Paypal made their 2 deposits?
Or do Paypal simply make the deposits using sort code and account number?
I don't want my bank to take any action, thinking there is fraudulent activity on my account.
I'm UK based if that helps.

mantisinc · #12 02-27-2008

No they won't. Seriously, don't worry about the name at all. Neither paypal can see your bank name, nor your bank see your paypal name.

It's just a scare to try and get people not to use other peoples bank accounts.

matt66 · #13 02-27-2008

Ok, I've added the details of one of the savings pots, but there's now something else that's worrying ..

Complete Direct Debit Agreement. We are legally required to ensure that you complete the Direct Debit Agreement in order to link your bank to your PayPal account for instant purchases and bank transfers.

I can't see any way that you can submit a DD agreement with a false name.
The bank would automatically assume that there was fraudulent activity on my account.
I haven't submitted the agreement, so my next questions are,
Will I still receive the 2 deposits ?
Will my account be verified by entering the deposit amounts, but not submitting a DD agreement?

mantisinc · #14 02-27-2008

It's worked for several of us, and it will work for you. Your name does NOT matter, and regardless of what name you use, you WILL receive the 2 deposits. You NEED to accept the DD to verify your account.

matt66 · #15 02-27-2008

But surely if a bank receives a DD agreement, with a false name on it, it won't be acted upon?
I mean, the bank account is in the name of 'John Smith' and the DD agreement arrives at the bank, for said account, with the name 'Mark Jones' on it.
I would have assumed the bank would see this as attempted fraud?

To me, it seems that you have to open up new Ebay and PP accounts using your real name, but a false address (You can't be the only person in the UK with your name).
That way, you can legitemately set up a DD agreement, without raising flags at the bank.

I'm sorry for repeating myself, but I'm sure there's something I'm not getting here ??

mantisinc · #16 02-27-2008

I thought exactly the same. And I'm sure other members did to. However, we have tried and tested it and there have been no problems at all. Payments gone through and been accepted, deposits gone through and verified, and no issues with that.

I'm sure Pauluss will back me up on that one.

Even if the bank DID see a name difference and query it, just say it was a mistake you made on your paypal account, and then close the DD agreement. If no money is going through and there is just a name difference, bearing in mind you have no past criminal offense tied to your name, I'm sure they are not going to consider it as fraud.

ivegotinfo · #17 02-27-2008

yeah this works, i have a few accounts in my regular name accepting payments from totally unrelated names.. no problems so far.

matt66 · #18 02-27-2008

And for the banks address, I assume you can use any branch that's local?

mantisinc · #19 02-27-2008

I think the sort coee has to relate to the actual bank branch. Just you the location of the branch you opened your bank in. It's not a problem

matt66 · #20 02-27-2008

Well I've done it now.
When it comes to the bank I'm usually ultra cautious, and am still nervous about doing this, despite the reassurances.
I'll add to this thread with an update, mainly for those who are like me !

mantisinc · #21 02-27-2008

Matt, don't worry, I was the same

I made several posts regarding the name issue. But now I'm certain it's okay, I don't worry about it any more.