jeffweico | 12-26-2014 04:04 AM | Re: Bank getting restricted and locked? You should have no more than 5 accounts per bank. You should be running REASONABLE amounts of money through them.
I don't have any idea what triggered this, but from your post it sounds like PayPal noticed a name mismatch and alerted your bank. They looked into it and saw someone operating 20 accounts, all of them receiving money in the names of different people.
Now, if YOU were the security person at the bank, what would YOU be thinking???
My GUESS, based only on what we know from your post is that Wells-Fargo will close out all of your accounts and tell you to take your business elsewhere. You will PROBABLY get the money that is in the accounts. PROBABLY.
If PayPal and Wells-Fargo are talking to each other, then the other PayPal accounts are most likely toast.
The whole idea is to stay under the radar. I prefer to use business accounts, myself. The two biggest mistakes we see are having too many accounts at ONE bank. The other mistake is to have 5 or less accounts at one bank, which is OK, but then try to run $20k per month through them without building a banking history.
All you can really do is wait and see what they say. In the future, I would limit the number of accounts to 5 per bank and keep the amounts running through them reasonable. Also, consider using business accounts - it eliminates the mismatched names issue and has other benefits as well. |