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Having enough bank accounts
 

Hey guys,

Seems like I have a question a night. Just want to make sure I know how to do everything before I go into this.

I understand that for each stealth eBay account, I need a stealth PayPal account that is linked to a unique bank account.

I've seen some people on the forum post that they have 50, even 100+ accounts. How does anyone possibly open that many bank accounts?

Thanks!
Matt

Re: Having enough bank accounts
 

I never understood this either lol :p.
Or how they get that many different addresses. They probably use ⊗⊗⊗⊗ addresses since you don't need to verify it anyway (except if you want to remove your limits, but if you have 100 accounts, you don't really need to remove your limits).

Re: Having enough bank accounts
 

Yeah, I'm almost positive that you would just continue using ⊗⊗⊗⊗ addresses (real locations, just not yours)

But walking into the bank every day or two and asking for a new bank account seems like it would get difficult after the first few

Re: Having enough bank accounts
 

Lets clear up some things....
1. You should be using your REAL Name, Address, SSN#, etc to open bank accounts.
2. Paypal does not verify the Address on the Bank Account, ONLY the micro-deposits
3. We have discussed on this forum A LOT which banks work with Stealth
4. Most of those banks allow you to open several Checking/Saving Accounts
5. Example, If you can find at least 10 Banks and you can open up too 4 Checkings then you have 40 Separate Accounts at your disposal.
On this forum we have made several list of which banks work....This is where doing some research comes into play....

Good Luck.

Re: Having enough bank accounts
 

We understand that, but you do need to use an address right? Not related to bank account, but you need to file a new/unique address for each PayPal account. So I guess someone who has 40 accounts, uses ⊗⊗⊗⊗ addresses. There's no way he has 40 PO boxes or 40 real different addresses.

Re: Having enough bank accounts
 

Yes, All the addresses on the Paypal/Ebay should be unique (different) from 1 account to the next. Everyone has their own method(s) for addressing this issue....Gotta think outside the box.

Re: Having enough bank accounts
 

Thanks! 40 accounts seems like it would be a hassle, ugh. I had a decent amount of volume going through my legit account, so I would need closer to 60 accounts.

Someone gave me this idea earlier, so I'll run it by you guys:

I live with my parents, but will be moving out soon.

My dad doesn't have a PayPal account, eBay account, etc.

Could I reformat the computer, change my IP address, etc. Then open a PayPal account under his name (he knows about it), but put it under a different address than the home address my PayPal/eBay accounts have on them? Then obviously use the same other address for the eBay account in his name?

If we link it to his credit card/bank account, and I only use it once I've moved out, we should be ok, right?

I know I've run a few ideas by you guys already. My big concern is that I want to be able to build one account to a big status, which requires being able to go over the $20,000 in sales mark and receive the PayPal 1099.

Re: Having enough bank accounts
 

.....................................

Re: Having enough bank accounts
 

lol I take that as a 'no'.

Just since I'm a dummy trying to learn this stealth stuff, could you explain why it wouldn't work?

Re: Having enough bank accounts
 

Matt,

what you do is decide how many accounts you will have.

You then select banks that allow multiple accounts.

Not as complicated as it seems.

:mod:

Re: Having enough bank accounts
 

Tax issues are my concern.

My other concern is you appear to be a good young man.

Learn business for yourself.

Long term you will benefit most.

:peace:

Re: Having enough bank accounts
 

Yeah, he would file and pay the taxes on it, and he'd be given the money (and an additional cut) to cover it. He thinks having a ton of accounts isn't a good idea, so he's more leaning towards this way too.

I just want to make sure that nothing would get us suspended. As long as it's a different address, they can't link his account back to mine, right?

Haven't ruled out the completely stealth way yet, and I don't mean to be discrediting it, but I want to pan out all my options lol

Plus I still have that "eBay is a jerk" thought that won't leave my mind..

Re: Having enough bank accounts
 

Two things in life are a given.....

Death and taxes.


Third thing in life is ebay & paypal are not an easy game to play.

Never think you can not be caught, suspended or limited.

Rather, think how can I best use this forum to learn to make stealth accounts that will work long term.

Good Luck

Re: Having enough bank accounts
 

Alright so sounds like the idea is...even though my plan might not get caught, true stealth and multiple accounts would mitigate the risk?

Sounds like I have more reading to do.

Thanks for all the help!

Re: Having enough bank accounts
 

Well done, Young Padawan.

You are taking the best approach.

Kudos for doing the ground work instead of racing in & making flawed accounts.

:thumb:

Re: Having enough bank accounts
 

Spread out bank account creation - take your time - recommendation is not to operate with unverified PP accounts but as you learn more, you make decisions and gain experience to be able to flex your forte.

One account at a time.

Re: Having enough bank accounts
 

Thanks guys!

One more question:

If you choose to have eBay draw their fees out of PayPal, are funds that are pending sufficient?

Say I sell something on Oct. 29th for $100. I'd owe eBay $10 which they would try to charge on Nov 1st. The $100 would still be in the 21-day hold though. Would eBay still be able to take it, or do you need new money?

Re: Having enough bank accounts
 

Let me make a better suggestion - pay your eB fees in ADVANCE with a gift card or VCC...seriously.

Re: Having enough bank accounts
 

You bill wont be due that quickly.

Keep track of your bill and the amount and always leave enough during the month to pay for your fees.

Never withdraw more then you owe and leave some for some refunds.

Re: Having enough bank accounts
 

Matt what I like to do is actually pay my bill with a VCC like rsot mention. Also when selling on eBay the "Turtle" wins the race. Take things nice and slow, and even more so when your first starting out on a fresh account. I might be over doing it, but I like to wait 8-15 days after the 21 day hold on to withdraw my money out. If the account is Brand New I make sure its at least 30 days old, and I also only withdraw 1/3 of the money. Leaving enough for a few refunds just in case. It also doesn't scare paypal right off the start line to limit you.

Once you understand how to run your first stealth account, you can start opening up new ones. Spreading your sales out, and also helping you lower your risk. Of course there is always risk involved, but that's the game you play when you sell on the eBay Platform.

Good Luck! :)

Re: Having enough bank accounts
 

Gotcha!

Can I pay for the same account with the same VCC month after month? I'd be limited to selling about $1600/month (to avoid the 1099), so it'd be cheapest to load up a gift card for $500 and then just keep paying with that for one account.

Re: Having enough bank accounts
 

Alright so I was looking through the forum where we can buy accounts and whatnot.

As far as VCCs go, most sellers list "Paypal VCC" and "eBay VCC" as separate products with different prices.

What's the difference between them, and why wouldn't one work for the other purpose as well?

Re: Having enough bank accounts
 

Yes this is a good reliable way of paying - as long as there is enough amount on your VCC

Re: Having enough bank accounts
 

WHy are you thinking that limiting yourself to selling $1600 monthly will mean you will avoid the tax request?

That is not a given at all.

Sellers here have been asked for tax info when their selling total was $5000.

paypal ask on a determination of your projected sales.

Please be aware of this right from the start.

Re: Having enough bank accounts
 

matt20, spread sales over multiple stealth accounts - not hard to do

Re: Having enough bank accounts
 

OP as far as 50 or 100 accounts. I can't even imagine that. But if you need that many who's to say? My business plan which is evolving is to sell from 3 or 4 accounts and have an aged backup for each. That way if I loose one I am not wounded too badly. I am only buying the best available accounts from 123 now. That is the "cream of accounts" there. I don't have a family to take care so my wants & needs modest. Unfortunately my dentist is not though and he wishes me luck. LOL

Re: Having enough bank accounts
 

I have 100s of sellers accounts and manage them to run 20 or so a week.

Rotate them to keep building them for the long haul.

Issue is with new people is they cannot open many bank accounts while someone like myself I have had bank accounts, savings etc opened for many years at banks, credit unions etc and that helps a lot.

Re: Having enough bank accounts
 

It isn't just projected sales anymore. This year is also depends on how close you get to the 200 transactions from my experience. Like always things are changing at PayPal.

Start building as many accounts as you can. That is my advice. As much as it may suck and to an extent be suspicious to have lots of accounts at different banks. If you are keeping track of sales and paying your taxes as SandyD always alludes to. Really not much to worry about.

Having too many established selling accounts would be a problem I would love to have.