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  #1  
Old 01-19-2014
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Default Bank closed personal account

I sell on eBay and Amazon. Our deposits to bank account is usually around 150K deposits for a month from sales on eBay and Amazon.

My bank account is Personal checking not a business account. The bank is a small community bank not a major bank tho. Had the account since 7 yrs ago and never ever had problems.

They can clearly see the money is coming from PP and Amazon. Today, I got a letter in the mail and they decided to close my account. The account has over 300k in it.

I pay my taxes and I don't know why they would do that?
The only thing I could think is, sometimes I pay the wholeseller cash in order to get extra 10% discount so I take sometimes cash out and the bank might be worry on this but they can ask me. I don't understand why they would close for such as "good client"

What do you think guys and suggest?
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  #2  
Old 01-19-2014
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Default Re: Very Strange and rare problem. Anyone had this?

Suggest you ask the bank, and why didn't you have the account as a business?
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Old 01-19-2014
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Default Re: Very Strange and rare problem. Anyone had this?

My 1st thought is that the bank found that a $150k deposit per month doesn't look as a ''Personal" actvity. The best thing to do so far is to go to your branch, and tak to them and see how can this be resolved.
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Old 01-19-2014
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Default Re: Very Strange and rare problem. Anyone had this?

You can't run $150k per month through a personal account with mismatched names. The bank probably noticed the names did not match, saw the cash withdrawals and didn't know what to make of it, but decided they wanted nothing to do with it.

To do that type of volume requires a business account, with the name of the business matching what PayPal and Amazon has on file.

It makes no difference if the bank is a local community bank, or one of the largest banks. Any account doing that type of volume is going to get looked at.
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Old 01-19-2014
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Default Re: Very Strange and rare problem. Anyone had this?

150k is an unusual amount to come in every week for personal acc. Before you go to bank, talk to an accountant and tell your accountant the whole story..Do you pay Tax as personal or business seller? You don't want bank to raise a flag, my friend. Talk to an accountant and if necessary, take your banking else where....

Good Luck

Last edited by GreenBean; 01-19-2014 at 11:53 PM.
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Old 01-19-2014
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Default Re: Very Strange and rare problem. Anyone had this?

maybe the bank decided they don't want to allow anymore 3rd party deposits that might be one reason..I only say that because I had an account I was using for years and one day they closed it and said they were not going to allow anymore 3rd party deposits and closed my account.
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Old 01-19-2014
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Default Re: Very Strange and rare problem. Anyone had this?

The name on PP and Amazon is real! Its not mismatch or anything. The reason I never got a chance to change to business account was my eBay sale started very low and raised very year to this high volume sale!

The bank know me and my business on eBay and Amazon. What do you think?

Last edited by GreenBean; 01-19-2014 at 11:52 PM.
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Old 01-19-2014
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Default Re: Very Strange and rare problem. Anyone had this?

Not strange and not rare. You ran 150k through a bank as personal in a mismatched account.

All banks are suppose to watch for activity like this.
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Old 01-19-2014
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Default Re: Very Strange and rare problem. Anyone had this?

Quote:
Originally Posted by Joenice View Post
Guys! The name on PP and Amazon is real! Its not mismatch or anything. The reason I never got a chance to change to business account was my eBay sale started very low and raised very year to this high volume sale!

The bank know me and my business on eBay and Amazon. What do you think?
Instead of asking us what we think, call or go into your bank and talk them, there's nothing we can do to help.
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Old 01-19-2014
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Default Re: Bank closed personal account

Also does not help it is a small bank. If something backfired on them, they would have major issues. They are not a "to big to fail" type of bank.

Hopefully you at least get your money.
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  #11  
Old 01-19-2014
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Default Re: Very Strange and rare problem. Anyone had this?

Quote:
Originally Posted by Joenice View Post
The name on PP and Amazon is real! Its not mismatch or anything. The reason I never got a chance to change to business account was my eBay sale started very low and raised very year to this high volume sale!

The bank know me and my business on eBay and Amazon. What do you think?
Other users have had this happen to them. It is noted on the forum. Few banks will tolerate personal accounts being used for business.

Your business practises need an overhaul.

Your bank's Head Office may have made the choice to close the accounts.

You said you were bringing in x dollars monthly. That implied more than one month.

Yet, you did not change your banking details..... see where I am coming from?
The local bank may know you. But the details of your business tripped flags.

Go to the bank, in person. Make it an offical call. Find out what they are going to do.

This is now between you and your bank.

Sort it very quickly.

Good Luck

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  #12  
Old 01-20-2014
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Default Re: Very Strange and rare problem. Anyone had this?

Quote:
Originally Posted by Joenice View Post
The name on PP and Amazon is real! Its not mismatch or anything. The reason I never got a chance to change to business account was my eBay sale started very low and raised very year to this high volume sale!

The bank know me and my business on eBay and Amazon. What do you think?
I apologize, I misunderstood. This changes it a bit. Greenie responded that it may have been someone at the home office that made this decision. That sounds reasonable.

If it were me, I would make an appointment to speak with an account rep at the local branch. Explain this started as an idea and you did not know when it started what the volume was going to be. Tell them you would like to stay with them and switch over to a business account.

Whether or not they will do that, I don't know, but if you know people at the local branch, they might be able to talk to someone at the home office and get it approved.
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  #13  
Old 01-20-2014
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Default Re: Bank closed personal account

Running that kind of Money through a Personal account, is BEGGING for trouble, unless your the CEO of JP Morgan,,,What the hell is wrong with you?,,,God only knows what the bank is thinking,, A Business account, that's what you need,,,then you can run Twice that amount (And MORE) with NO Issues
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  #14  
Old 01-20-2014
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Default Re: Bank closed personal account

There are federal laws that the bank has to abide by one being not allowing a personal account being used for business
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Old 01-20-2014
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Default Re: Bank closed personal account

Would advise opening multiple accounts at different larger banking institutions. Less hassle with these kind of things. While I like supporting community banks when dealing with things like this it can be a hassle.

I will agree though. If you are running that kind of cash through accounts you should have multiple business accounts not personal accounts.
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  #16  
Old 01-20-2014
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Default Re: Bank closed personal account

1. Contact your bank and speak to them for solution.

2. Get business accounts going.

3. You must not repeat this activity in personal account
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  #17  
Old 01-20-2014
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Default Re: Bank closed personal account

Mostly what mm78 said, exactly! Nobody has a clue what has happened. Only the bank knows and that's where to go with questions 1st. Good luck.
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Old 01-21-2014
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Default Re: Bank closed personal account

I wouldn't say nobody knows what happened. It is quite clear a very large amount of money more than most people in the US make in a year was being run through multiple personal accounts.

Not saying don't have personal bank accounts for stealth. But you have to know WTF you are doing. If you are legit as you claim. No reason not to have Business accounts and spread them out over multiple banks.

Even with just personal accounts. Failure to spread things out is pure carelessness.

Last edited by GreenBean; 01-21-2014 at 05:23 AM.
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  #19  
Old 01-21-2014
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Default Re: Very Strange and rare problem. Anyone had this?

Quote:
Originally Posted by Sandy D View Post
Not strange and not rare. You ran 150k through a bank as personal in a mismatched account.

All banks are suppose to watch for activity like this.
exactly one word = RISK
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  #20  
Old 01-24-2014
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Default Re: Bank closed personal account

Quote:
Originally Posted by slapped View Post
Running that kind of Money through a Personal account, is BEGGING for trouble, unless your the CEO of JP Morgan,,,What the hell is wrong with you?,,,God only knows what the bank is thinking,, A Business account, that's what you need,,,then you can run Twice that amount (And MORE) with NO Issues
Banks are knowed to close personal accounts that run alot of money through them. The reasons are they are losing out on the fees from a business account and also they are risking alot in terms of liability.
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  #21  
Old 01-24-2014
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Default Re: Very Strange and rare problem. Anyone had this?

Quote:
Originally Posted by Joenice View Post
The name on PP and Amazon is real! Its not mismatch or anything. The reason I never got a chance to change to business account was my eBay sale started very low and raised very year to this high volume sale!

The bank know me and my business on eBay and Amazon. What do you think?
I understand. It is by law that if anyone makes withdrawels for more then nine thousad in one month the bank has to report the activity (for cautious reasons) maybe b.c. the volume was so high in a personal account they got nervous and justdecided to shut it down on you.
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  #22  
Old 01-26-2014
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Default Re: Very Strange and rare problem. Anyone had this?

Quote:
Originally Posted by mctrader07 View Post
I understand. It is by law that if anyone makes withdrawels for more then nine thousad in one month the bank has to report the activity (for cautious reasons) maybe b.c. the volume was so high in a personal account they got nervous and justdecided to shut it down on you.
No,,,That is slightly incorrect,,,,,,,,,For Personal accounts banks are REQUIRED by LAW, to file what is known as a SAR report (Suspicious Activity Report) for EVERY transaction (Deposit OR Withdrawal) $10,000 and above. This is more than likely the reason that the OP's Account was shut down,,(Large Daily Paypal Deposits)
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