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  #1  
Old 01-01-2015
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Default Bank of America called...

So the other day bank of america called me and said I can't continue depositing money from paypal because the deposits are going to the business name, not my personal name on my account. However, in paypal I used my personal name for the bank. When viewing the transaction in my BOA statement it says INDN: "Business Name" Paypal blablabla. That seems to me that the deposit is coming FROM "Business Name" not top it. But BOA insists its not and said if the activity continues, they will close my account. I've tried to go into paypal and see if I can change anything to send deposits differently and cant find anything. Anyone know about this?
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Old 01-01-2015
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Default Re: Bank of America called...

You account with B of A is a business account?
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Default Re: Bank of America called...

How about a DBA? Inexpensive enough.
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Old 01-01-2015
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Default Re: Bank of America called...

If your BofA account is a personal account, and you opened your paypal account as a personal...there should not be a problem......so my assumptions must be wrong?? or what?
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Old 01-01-2015
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Default Re: Bank of America called...

Perhaps it is the amount that is flowing through the account?
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Old 01-02-2015
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Default Re: Bank of America called...

B of A wants you to switch to a business account. Something caught their attention and they looked at your account. Opening a business account is no big deal, you just need to set up a quick DBA in your business name. You could also set up an LLC or corporation, but that would be more work.

For a DBA, at most, B of A might want to see an assumed name certificate. Usually, you get those from your county recorder's office. Fees vary, but are usually very low.

This way, you will no longer have to worry about the mismatched names issue. You might pay $15 per month for the account, but it is worth it.
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Old 01-02-2015
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Default Re: Bank of America called...

Quote:
Originally Posted by pokerpro View Post
If your BofA account is a personal account, and you opened your paypal account as a personal...there should not be a problem......so my assumptions must be wrong?? or what?
If it's personal, sometimes BoA gets antsy if the amounts are too high.

That happened with an associate's account.


Scary times.

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  #8  
Old 01-02-2015
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Default Re: Bank of America called...

Did you open a lot of accounts all at one time or within a few weeks , like did you open 5-7 checking accounts all within a few weeks or same time?

And did you start withdrawing from paypal right away into every checking account with a different name??

I never had any issues and I have used BOA with big accounts, but I always opened accounts with them over a longer period of time, and wouldn't add it to a paypal until it was over 90 days and making money.

The point is if you move gradual and show that you are doing good business with them, leaving a balance in accounts never overdrawing and not just opening many accounts all at once and receiving deposits all at once in different names , than you will have less issues

The couple rare cases I heard of this were people that opened 7 accounts or a lot of accounts all within a few weeks or same time and received mismatched name deposits in every account all at once
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Old 01-02-2015
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Default Re: Bank of America called...

Here's the full scenario:

I registered in my county as an LLC and paid the fee's
I opened a personal bank account with BOA
The paypal is set up as a business account (because of bannings) and set up with an EIN, but with my real name
I verified my address using a green dot card, not my BOA Debit
I'm barely transferring any money from paypal. Maybe $600 in December. I only have 1 BOA account and the money basically sits there as a just in case account totaling maybe $900. They're saying that the money is being deposited TO the business name, not my personal name. But in Paypal my name is clearly linked to the bank account. In my state I would be required to pay articles of organization and a yearly fee in order to open a business account.
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Old 01-02-2015
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Default Re: Bank of America called...

So you have a business PayPal Account and the Business Name is Your real Name??
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Default Re: Bank of America called...

If that is the case than your deposits should say your real name if you go online or view a statement
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Old 01-02-2015
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Default Re: Bank of America called...

No my business name is BMPP LLC (Blow Me Paypal LLC)

For some reason the deposits from paypal are going to my personal account but to BMPP

Thats not how its set up though. And obviously I don't want to call paypal and get them asking questions about my identity or anything.
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  #13  
Old 01-02-2015
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Default Re: Bank of America called...

Quote:
Originally Posted by jayh920 View Post
No my business name is BMPP LLC (Blow Me Paypal LLC)

For some reason the deposits from paypal are going to my personal account but to BMPP

Thats not how its set up though. And obviously I don't want to call paypal and get them asking questions about my identity or anything.
If your Business name is BMPP on your PayPal Account than that is how it is set up, when you withdraw to BOA , it will be deposited in your BUSINESS name , that's just how it works

I'm not sure how you think you set it up any different? When you have a business PayPal account and withdraw funds the funds will always be in the Business name

If it's a personal PayPal than the withdrawal will be sent in your name
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Old 01-02-2015
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Default Re: Bank of America called...

I have numerous other accounts, all set up the same way and haven't ever had a problem. I have to use business paypal because personal requires a ssn. The second I add that I'm banned. Oh well. i guess I'll just rock it til the wheels fall off and start over. Thanks for the help.
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Old 01-02-2015
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Default Re: Bank of America called...

I hate to post the obvious. But if you have gone through the trouble of a LLC and an EIN. Why not just dump BOA and get with another bank?
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  #16  
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Default Re: Bank of America called...

Or open up a Business Banking account, if you have an EIN and LLC
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  #17  
Old 01-02-2015
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Default Re: Bank of America called...

As of last year in my state you are now required to file articles of organization and pay $200, plus a yearly fee in order to open a business bank account. I've tried EVERY bank near me and it's apparently a state statute now. This is just a starter page. I've had it 3 months now and still haven't had a limit raise above 5 items per month so it's not really worth the trouble or extra money. I may find a new bank that has looser deposit rules and just close BOA and confirm the new bank.
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Old 01-02-2015
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Default Re: Bank of America called...

Strange, BOA has been a really good bank for mismatched names, just try another bank than since the limits are low
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Old 01-02-2015
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Default Re: Bank of America called...

Open the appropriate account and add it to the pp account - comply with the bank and indicate you have done so
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Old 01-02-2015
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Default Re: Bank of America called...

Is you LLC in a foreign state? Or are you saying you never registered your LLC with your state at all?
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Old 01-03-2015
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Default Re: Bank of America called...

Somebody in vetting at BOA got a bug up their ass. I have several accts. at BOA and have not had an issue yet. I hope it stays that way.
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Old 01-04-2015
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Default Re: Bank of America called...

Yes I am going to just go with the flow with it and see what happens.

I am registered in my County as an LLC, and with the IRS. I am NOT registered in the state, so I don't have to pay the $200 article of organization fee. I usually hold off on this until I am profitable.
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