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Bank Accounts to Verify PayPal
 

Okay, just wondering if anyone has any experience with this:

I am starting to create new e b ay and PP accounts for my own personal use, however I am a little worried about setting up bank accounts to verify PP.

I don't need the bank accounts for anything else (other than verifying) because I use a Merchant Account to accept payments. That being said, I would just like to open a bank account, wait for the PP deposits, verify PP, and then close the bank account. Does anyone have any experience doing this? I really don't want to be paying a monthly charge for EACH bank account, that I will not be using at all. Is opening and closing a bank account numerous times as sketchy as I think it is? Anyone have any experience with this?

obviously they won't be happy with you opening and closing them. especially with the same bank. however if you close an account in one bank and open it in another they won'tfind out you just closed one a moment ago, will they? also, don't you have banks that offer accounts with no fees??? perhaps some new unknown banks..

Hmm.. I'll have to look into the no fees accounts. Would a Savings account work or does it need to be a chequing account?

Honestly VBAs are the best choice as you don't have to worry about any of it possibly reflecting on you in the future. Ally bank was wonderful for this but they HATE when you open up multiple accounts, despite what they advertise. After 10 accounts they refused to bank with me anymore.

There might be other banks that would work, but I know for a fact (My brother works at a bank and I have a personal banker) that banks HATE people closing accounts. There needs to be a really good reason for that account to be closed and trying to explain that you only need it to verify paypal will get you a personal phone call (see ING Direct).

Also most banks require a deposit within 24 hours, but they will allow you to bounce that opening deposit around between accounts.

I'm also assuming that you are in Canada. Canadian banks have a lot higher monthly costs (I've never seen free checking or savings accounts that don't have a bunch of requirements).


In the subscribers section is a post called Means to an End List that contains a list of banks that have been verified working for paypal. You have to also keep in mind that the bank needs to fully allow deposits to arrive in different names as well as everything else.

Hope this helps!

Yeah vba's would work for that. also banks like ING will let u do this for awhile but they will catch out in time but if u dont have to do many of them all at once they will probly never catch on.

Keep in mind that the OP is Canadian, banks here doesn't treat you like crap comparing to the examples set above.
However, it's still better to be safe. VBAs are your best bets, but ones that works for Canadian accounts are very rare now

o yeah also vba's hard to come by for Canada users i tried to find some for one of my customers and nothing only usa vba's. I use to sell tons of them to CA people till ING closed my account :mad2:

Axcend, Thank-you very much for your help! VBA's are what I am trying to look for but I don't know where to find them and there is little-to-no information on them, anywhere.

Any ideas? Please keep in mind that I need them for a Canadian Account.

BiN4RY & doughboykilla:

Thanks guys for your input & help! Any ideas on where to look for a VBA for Canada?

Send me a PM schaffer, I might be able to help you.