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Opening/Closing Bank Accounts
 

Anybody having any issues with opening/closing bank accounts for Paypal/eBay use?

Is it better to open multiple Checking accounts or Savings accounts to withdrawl from PP?

If anyone here is having success with their bank please post it here as well.

Thank you! :clap:

Re: Opening/Closing Bank Accounts
 

I like checking accounts, just because yourself to make transfers and withdrawals without worrying about the 3 or 4 u get by law with a savings account, I usually do transfers if I have 4 accounts with one bank , I'll transfer all funds or most to one account and withdrawal with one cars, those transfers count with a savings, so they just don't work for me, I like to be able to move my money when ever necessary

Re: Opening/Closing Bank Accounts
 

Be careful with opening and closing too many accounts at one bank because you'll make yourself suspicious.

Personally I go with savings most of the time. The monthly fees that banks charge are almost always lower with them and it seems a lot more normal to have multiple savings (you have one for each of your savings goal or something), compared to many checkings. But there's the problem that Dmshark mentioned - you have a certain amount of withdrawals you are legally allowed to make per month. It can be as high as six, depending on the bank's policies.

But definitely spread out your accounts across different banks just to diversify and not rely on only one.

Re: Opening/Closing Bank Accounts
 

I heard that closing/opening might hurt my credit score? Is this true? 0_o

Re: Opening/Closing Bank Accounts
 

Really? You can't do more than 3-4 transfers on savings accounts? Is that per month? With savings, I have 2 checking and and 2 savings, I have multiple PayPal withdrawals to my savings per month, but I transfer the savings balance to the checking once a month to pay for the credit card bill that I used to get my supplies. That is considered one transfer right?

Re: Opening/Closing Bank Accounts
 

Some banks allow 6 per account. Others its 3-4 and if go over big fee.

Re: Opening/Closing Bank Accounts
 

Checking....no reason not to...if you look hard, there are still a few banking that have no fee checking.

Re: Opening/Closing Bank Accounts
 

Why are you having to open and close bank accounts?

What's the problem with your business plan if you need to do that.

:croc:

Re: Opening/Closing Bank Accounts
 

A lot of banks do a soft pull on your credit report when you apply for an account with them for the first time. Some do it every time you open an account with them whether you have a relationship there or not.

Soft pulls do not affect your credit score, but having a lot (especially from multiple banks) in a short period of time would look suspicious to anyone checking your credit report. Closing them does not affect your score either, but if you have a habit of opening and closing accounts often, you will end up with issues with that bank - they can end the banking relationship with you at anytime, and close out any and all accounts (checkings/savings/credit cards etc) you may have with them.

Yeah that counts as one transfer/withdrawal. I would definitely check your bank's list of fees and the maximum allowed transfers should be listed there. I'd say most banks are right in the middle and allow 3 monthly transfers/withdrawals, but some do allow up to 6.

Re: Opening/Closing Bank Accounts
 

Funny, I haven't seen any fees so far, but they're both checking and savings account for business. So maybe that's why

Re: Opening/Closing Bank Accounts
 

Business accounts usually have higher fees but each bank is different and has their own requirements to meet in order to avoid fees (such has maintaining a certain balance daily or monthly), so you probably met those requirements without knowing.

Re: Opening/Closing Bank Accounts
 

You don't get charged for deposits, just withdrawals and transfers count, it's a Law, I found this out a while back that US Savings Accounts can only have 5 or 6 withdraw,s a month

I was using it like a checking account and would transfer money from one account to the next which is same as withdrawal with savings, anyway I went over the 6 limit by 90 and was charged $180, they took off the fee and switched me over to a checking

But you can receive deposits that's no problem, just watch the amounts of transfers from one account to the other even in the same bank and withdrawals combined that number can't go over 5 but check with ur bank they may all differ slightly

A paypal withdrawal is a Deposit into Your Bank Account

Re: Opening/Closing Bank Accounts
 

I use BoA and Chase with no issues for USA based accounts.

Last accounts created within last month.

Attached paypals all OK too.

:thumb:

Re: Opening/Closing Bank Accounts
 

For my US-based accounts, I use both chequing and savings without problems.

plumsake2 is correct.

Re: Opening/Closing Bank Accounts
 

@dmshark

In that case, no wonder I wasn't hit with anything. I only do one transfer per month to one main checking acct so I can pay my credit card bill from as few accts as possible. Since those deposits are not counted, no wonder I wasn't hit with those fees. Thank goodness.

Re: Opening/Closing Bank Accounts
 

Yea if you use savings accounts like that than its perfect, they work just fine you just need to be aware that your only allowed to transfer money out or withdrawal usually only 5 times a month

If you follow that guideline than they work well

Re: Opening/Closing Bank Accounts
 

Regulation D is why they charge a fee on your savings. And as far a pulling you credit its a soft pull and they are only looking for negative history with other banks and if you have ever caused them a loss......Been working as a banker now for 4 years.