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multiple checking accounts is difficult
 

hello

there are some people here who have 10s or 100s of unlinked accounts, correct?
how do you guys get multiple checking accounts for these? like you cant go to the bank every day and ask for more checking accounts.

How many banks and Credit Unions are there in the US?

Please do not take this the wrong way.

You have been a member for almost 5 years and do not know the answer to this?

Join us and spend more time on the board. 3% activity with all the changes being made all the time.

Welcome back and join in on the fun of defeating eb and pp and making money at the same time.

Sandy

This is a valid question no matter how long he has been on the forum. If you are running fifty or more stealth accounts it is difficult to find individual, unlinked withdraw methods for each paypal account.

Who said they all have to be checking accounts?

I have 18 Stealths and not one is a checking account.

Savings accounts are the way to go

Not all users would take checking accounts.

It would come down to how you create your accounts.

The operative word you have used is 'unlinked'.

You would look to using bank accounts that allow checking & savings accounts.

But, here is something to consider RIGHT AWAY. You would look to not having too many accounts with the same bank. You will need to carefully & correctly plan having 100 bank accounts.
Carefully planing is your clue.

:spy:

A bank is totally cool with keeping your money, they don't care how many accounts you put it in.

Consider opening business checking, and savings accounts.

Do you have the need for 100 checking accounts? Perhaps you need help moving your inventory. :)

In my time as a business person, I've noticed a lot of people put the cart before the horse. I seriously doubt you would have to really ask this question, because if your sales meant that you needed 100 accounts, you'd find a way.

Not necessarily true. If you have too many bank accounts open at once at one bank, they'll shut you down.

Eh... maybe. If you're NOT doing anything illegal, and explain your needs to every bank you deal with, I've found they're always very helpful.

That doesn't mean I've had banks not tell me my business doesn't fit their customer base, it just means there's no law against opening a 1000 bank accounts with your real info.

There are many ways of getting checking and savings account across many banks, credit unions, online etc.

I dont have a problem having a ton of them but I dont do like someone here who sent me a PM telling me Help! I opened 20 bank accounts and got my check direct deposited into one of them and within a week they were all closed.

They went from one bank to another to another opening them all over town.

Not very smart.

OP should sit down and work out his own long term business plan.

Being swayed by posts & exaggerations of the amount of accounts may be clouding his judgement.

He would need to be professional enough to work a high number of accounts for starters.
:peace:

I imagine opening up a ton of bank accounts will result in a lot of "hard pulls" on a credit report. I don't want to explain all those pulls to underwriting when we buy our next house. Ha! I guess if you know you aren't buying a house or a car in the next 6 months, you could open a lot of accounts, but be wary because lenders these days are asking a lot of questions about credit inquiries.

Banks dont use the credit bureaus for non-lending accounts. They use Chex. If you ask for overdraft protection on your checking acct then yeah, most likely youll get a hard pull. Why a stealther would want a line-of-credit on his bank account is beyond me.

To be clear with the OP.

Many of us have opened accounts over a period of years.

Start slow open one now. Wait for a while and open one at a credit union.

Repeat but put time behind you.

Do not be in any hurry.

I have been called by one of my banks in the past for having few too many chequing accounts open so yes, it can be problematic.

You want diversification in everything you do with Stealth accounts.

Don't put all your money in one basket (same bank). Accounts can get frozen due to New bank policies, lawsuits, creditors, court judgments, stolen by identity thieves, ex-wives, etc...

Always spread your money around.

Trust me, when you least expect it is when it always happens :smash:

The same way a Financial Planner would tell you to diversify your assets, you do the same with bank accounts.

Stealth means Stealth.

Sandy D clearly knows what he/she is talking about. I feel like I am repeating it all. But yes, it takes time to build each account and do it properly. Every bank I deal with I start off with the basic checking and savings. After I establish accounts etc. Usually a years time then I start slowly adding a second savings and possibly a second checking. I am not one who has ever had more than 4 accounts at a bank. I never use local or smaller banks for stealth as well. I try to keep it to the larger banks; Citi, US Bank, Wells, BOA, Chase. You can read the pros and cons for each one yourself. Stealth accounts are fragile now, you have to start slow and work the trust with eBay and PayPal. The best thing you can do is start a bunch of them and always have backups that you are prepping. In the world of stealth being prepared down the line is always a reality.

I did not even know that you can have more than one checking/savings per one bank? For instance, I use BoFA and have basic checking/savings (works great) -- but what would I say is the reason for needing a second checking/savings if I am just a single person without kids or married etc?
This by the way is not related to opening a new business acct which I am considering of doing.

You just answered your own question.

BUSINESS

And everyone needs a Christmas savings.

:thumb:

It's BOA, I have a half dozen accounts with them. Personal + Business. They could care less what you are using it for.

If they asked tell them you have multiple businesses setup as DBA (Doing Business As) Jane Doe.

Act like you've been there, done that when dealing with a banker. Many make peanuts and just want Friday to come asap. :typing:

multiple checking accounts is difficult
 

Yeah or tell them your setting up savings accounts for future purchase. Example home or car.

I've never had then question what I was opening an account for?