Bank getting restricted and locked?

[snoopdoug]

I have 20+ accounts open and they are locking my bank now saying paypal said theres a problem.. they are investigating and wellsfargo bank wont let me bank with them anymore. Is there anything I need to worry about or I can do?
what happens to the balance in my accounts?

[yankee]

Never heard of this.

20 accounts are being closed?

If so, switch banks.

[GreenBean]

Wells Fargo again?

Been reported to have issues.


You don't have 20 accounts with one bank do you?

[MM78]

20 Accounts with one bank....Yeah I can see that being a problem!!!!

[jeffweico]

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.

[pokerpro]

WOW...i have 4 at Wells Fargo, and have never heard of anything like this......I only run 1K a month thru each hough......

[rsot]

That's a lot of accounts at one bank. 1. Spread accounts to other banks. 2. If bank is investigating, TALK to the bank - be open, courteous, professional. If Wells Fargo bars you, well...then look at other banks.

I don't know details about your operations and sales but it's up to you to divulge if you can consider them to be risky...

[jeffweico]

I think that rsot is right. You might want to talk to them to see if you can get a feel for where this is going and consider explaining to them what you are doing if it looks bad. Because their two main concerns at this point is that you are committing fraud or laundering money. If you tell them what you are trying to accomplish, then they will STILL not want your business, but at least they won't think there is criminal activity going on.

Of course "feeling them out" is easier said than done. I would call back in a week or so and ask for the status of the funds. If they tell you they have closed the accounts and are mailing a check, I would leave it alone. But if it looks like they are hell-bent on making an issue of it, then it might be time to explain things.

Please understand, this is my OPINION only and I am NOT a legal or banking expert. So take my advice with a grain of salt. Maybe others will chime in and agree or disagree or will have a better plan.

[GreenBean]

Originally Posted by rsot

That's a lot of accounts at one bank. 1. Spread accounts to other banks. 2. If bank is investigating, TALK to the bank - be open, courteous, professional. If Wells Fargo bars you, well...then look at other banks.

I don't know details about your operations and sales but it's up to you to divulge if you can consider them to be risky...

Where has the OP said it is that many accounts at the same bank?

I did ask earlier in the thread. No update has happened.


And don't BS, you fodder feed on knowing info about users.

[rsot]

Originally Posted by GreenBean

Where has the OP said it is that many accounts at the same bank?

I did ask earlier in the thread. No update has happened.


And don't BS, you fodder feed on knowing info about users.

snoopdoug seemed to indicate that he/she has 20+ accounts with Wells Fargo.

As for fodder feed...if a member posts info, sure it becomes "feed" - I have prodded in the past, sure because it's fun to do so and see what comes out

[GreenBean]

Originally Posted by rsot

snoopdoug seemed to indicate that he/she has 20+ accounts with Wells Fargo.

As for fodder feed...if a member posts info, sure it becomes "feed" - I have prodded in the past, sure because it's fun to do so and see what comes out

Fun? Even though the rules say to not talk about what you sell? When did you get the exemption to pry?

[rsot]

Originally Posted by GreenBean

Fun? Even though the rules say to not talk about what you sell? When did you get the exemption to pry?

Did I not say that I havent done this prying in ages?

Tax exemption = the win.

[Kristy]

It's possible to close old bank accounts and open fresh ones over time.

Say I have 8 accounts but the stealth accounts associated with them sold to there limits

Can I close them one by one over time and create 8 fresh ones.

[yankee]

Originally Posted by Kristy

It's possible to close old bank accounts and open fresh ones over time.

Say I have 8 accounts but the stealth accounts associated with them sold to there limits

Can I close them one by one over time and create 8 fresh ones.

Why close the accounts?

Why not just open new accounts?

[Kristy]

Originally Posted by yankee

Why close the accounts?

Why not just open new accounts?

I don't want to end up having 20 accounts at one bank.

So I want to close the old bank accounts, open new ones, and then attach those to new stealth accounts.

So it is like recycling bank accounts without having too much open at one time.

[yankee]

Originally Posted by Kristy

Because I don't want to end up having 20 accounts at one bank.

There is a lot of banks. I live in a small city and must have 20 banks in town. I use a half dozen of them plus a couple credit unions.

If you open and close accounts it will cause more problems than having multiple accounts. Looks mighty fishy to the bank.

[Kristy]

Hmmm,
so people who have 100 plus stealth accounts.
what do they do?

[yankee]

Originally Posted by Kristy

Hmmm,
so people who have 100 plus stealth accounts.
what do they do?

100 business accounts is not all that many. For every business account I have a handful of savings accounts as well. Also prepaid debit cards and buying out of accounts.

[123]

I usually open a business checking account and then a couple of savings accounts underneath that account.