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Old 08-23-2013
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Default Multiple sub bank accounts

Okay, I have never done this before. Been with Chase for like forever. Heard they allow sub accounts too but I don't want to jeopardize my relationship with them.

I read in another thread thread that B of A is good for unlimited sub accounts and they would think nothing of it? If I opened a primary Bank of America account, how would I create a "sub" account?

If I were to ask the teller, what do I ask? Do I just use the word "sub" account and they will pick it up right away? Are there minimum requirments for each sub account? Are there associated fees that go with it?

If you were to have 50 accounts, and each charged you 25 bucks, that's 1250 dollars per month on just maintaining stealth accounts. Do these sub accounts lower your credit rating?

Is is like opening a Gmail account or something, like with no consequences provided that you tell them who you are with proper docs? Thanks.
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Old 08-23-2013
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BTW, I am guessing this topic should fall into the "multiple ebay sections" because for each ebay account, you need to have a bank account, so I am not going off topic right?
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Old 08-23-2013
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Don't get every bank account at one bank, open banks slowly and with different banks, I have 7 accounts 2 saving 5 checking with BOA but opened over 8 month period .

There are many banks in the US that you can just get a prepaid debit card and order it online and get an online account free with a routing and account number.

u can start using in minutes and than the debit card comes a week later but u can instantly confirm your Paypal transfer funds Etc
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Old 08-23-2013
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Quote:
Originally Posted by glacier922 View Post
BTW, I am guessing this topic should fall into the "multiple ebay sections" because for each ebay account, you need to have a bank account, so I am not going off topic right?
Approach is fine.

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Old 08-23-2013
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Originally Posted by Dmshark25 View Post
Don't get every bank account at one bank, open banks slowly and with different banks, I have 7 accounts 2 saving 5 checking with BOA but opened over 8 month period .
Does this hurt your credit ratings? Do you have to have a minimum amount of money for each sub account? I have never done this before, so please bear with me. Do you just go to the website and open another account where you will enter you ssn and it will automatically link your accounts from the first one you opened? Thanks!
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Old 08-23-2013
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I have BOA business account.

They are allow you to open 8 accounts total (5 checking and 3 saving) from beginning. I don't know if you can open more sub accounts later but that enough for me at this time.

If you spend at least $250/month on the debit card from your main checking account than they don't charge the monthly fee.

I also have IngDirect for 20 accounts total. Many peoples here reported that IngDirect DOESN'T work on mismatch name for PP. But it work for me on Amz/on

Also try your local Credit Union, they don't have monthly fee
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Old 08-23-2013
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Quote:
Originally Posted by glacier922 View Post
Does this hurt your credit ratings? Do you have to have a minimum amount of money for each sub account? I have never done this before, so please bear with me. Do you just go to the website and open another account where you will enter you ssn and it will automatically link your accounts from the first one you opened? Thanks!
Would not hurt your credit ratings because when you open accounts, a SOFT check is done. NOW...if you decide to let accounts go negative in big amounts and the bank decides to collect...then your credit would be hurt
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Old 08-23-2013
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Originally Posted by TonyAlmeida View Post
I have BOA business account.

They are allow you to open 8 accounts total (5 checking and 3 saving) from beginning. I don't know if you can open more sub accounts later but that enough for me at this time.
I also have B of A, but I don't have any "sub" account options. I have multiple accounts which were easily opened online, but I had to request each one.

Is this what you are referring to, or is there actually a way of opening up a new account under an existing account?
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Old 08-23-2013
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Originally Posted by jeffweico View Post
I also have B of A, but I don't have any "sub" account options. I have multiple accounts which were easily opened online, but I had to request each one.

Is this what you are referring to, or is there actually a way of opening up a new account under an existing account?
Are your BoA personal or business accounts?
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Old 08-23-2013
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Originally Posted by glacier922 View Post
Does this hurt your credit ratings? Do you have to have a minimum amount of money for each sub account? I have never done this before, so please bear with me. Do you just go to the website and open another account where you will enter you ssn and it will automatically link your accounts from the first one you opened? Thanks!
Bamks do a soft check. You would decide before opening an account which one is going to suit you best.

Some people go to a branch and give their ID etc for the 1st account. At that time, they can also check with the bank what options exist for more accounts.

You will notice many of us talk about Bank of America here.

Well, it is just a great bank for stealth. In many cases you can get a check account and a savings account. That can be done as one hit.
What I am liking is you are doing all this work to make sure you get the banks sorted.
Nice one!
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Old 08-23-2013
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Quote:
Originally Posted by GreenBean™ View Post
Are your BoA personal or business accounts?
Business checking, Business saving, personal checking and personal saving.
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Old 08-23-2013
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@jeff'

I got sub-accounts from the business checking account. That was 3 years ago, though.
Policy may have changed.

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Old 08-23-2013
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Quote:
Originally Posted by GreenBean™ View Post
Bamks do a soft check. You would decide before opening an account which one is going to suit you best.

Some people go to a branch and give their ID etc for the 1st account. At that time, they can also check with the bank what options exist for more accounts.

You will notice many of us talk about Bank of America here.

Well, it is just a great bank for stealth. In many cases you can get a check account and a savings account. That can be done as one hit.
What I am liking is you are doing all this work to make sure you get the banks sorted.
Nice one!
Haven't opened any stealth yet, getting all the kinks and process worked out, just in case. Trying to understand the whole structure of how Ebay sees you. I really should just open a stealth soon, perhaps this week just to let the account marinate and age. I have a computer all setup for stealth already and completely dedicated. Need to download open office for the spread sheet software. Make sure to shut off all the computers in my house to make stealth account. In addition, I have to turn off the iphone, which has ebay apps in it (For my legit accounts). Perhaps I can just get by, by turning on airplane mode? Or maybe switch back to cellular? It's possible that Apple or Ebay allows apps to access your wifi home network without informing you. But I will definitely tread very cautiously.
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Old 08-24-2013
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Quote:
Originally Posted by glacier922 View Post
.... Make sure to shut off all the computers in my house to make stealth account. ....
Don't really have to do that ...they just should not be logged onto eB
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Old 09-09-2013
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Default Re: Multiple sub bank accounts

IIRC BoA allows for unlimited savings accounts which you can open online (or through their mobile app?). As long as you open them on-line there is a $25 minimum balance and no fees.

If you open them in person, they are subject to the monthly maintenance fee.

This info is about a year old, so I might be wrong.
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Old 09-09-2013
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Default Re: Multiple sub bank accounts

Too many bank accounts and too fast opening can be a flag so everything must be done slowly and spread out
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Old 09-09-2013
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Default Re: Multiple sub bank accounts

I have about 5-6 different banks each with 2-3 accounts in them(over time) won't hurt ur credit unless u go to collection, try to keep the minimum balance to avoid fees, Oly downside is ill need a bigger wallet I have like 20 check cards lol
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