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Old 02-10-2015
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Default my bank is asking questions about my unusual paypal trasactions

Ok so i use one bank for my stealth paypals. I have already opened 3 accts with this bank for 3 diff stealth paypals. Two of which i use on a regular basis for withdrawing. I have ramped up my volume on ebay over the past 3 or 4 months. I withdraw about $1500-2k every week from both of my stealths to both accts. Last week im at the drive through trying to get some money out and the manager comes to the window and asks me if im running a business. I say tell him i sell on ebay. He says hes suprised my accts havnt been shut down for suspicious activity and i should open a business bank acct for this kind of volume.

Fast forward to today. I go in to open a business acct and he explains that this kind of volume is fine as long as i am a business and can explain my activities during a possible audit. (Which i can). Otherwise they will shut my regular accts down.

So my problem is this, i want to avoid the tax man and stay off the radar but my credit is so bad i cant even get an acct at the big banks (chase, boa ect) and this particular bank is the only one in my area that works well with stealth paypals.

So now that my cover is blown idk if i should run this as a full blown business and pay taxes, deal with audits ect... or is there a way i can make this kind of money and still be stealth? Maybe open a few LLCs or something?
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Default Re: my bank is asking questions about my unusual paypal trasactions

First question is, what bank is it?
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Old 02-10-2015
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Default Re: my bank is asking questions about my unusual paypal trasactions

Prob one we have not heard of, which will be why he wouldnt want to say. But the problem is probably that it is a small bank and they have more time to snoop around. Big banks usually dont care as long as they have your money. I state this as my opinion from my experiences, not as a fact for all big banks
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Default Re: my bank is asking questions about my unusual paypal trasactions

i bank with tcf.
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Default Re: my bank is asking questions about my unusual paypal trasactions

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Originally Posted by bjammin View Post
Prob one we have not heard of, which will be why he wouldnt want to say. But the problem is probably that it is a small bank and they have more time to snoop around. Big banks usually dont care as long as they have your money. I state this as my opinion from my experiences, not as a fact for all big banks
Chase shut me down a few years ago because of mismatched names.
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Old 02-10-2015
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Default Re: my bank is asking questions about my unusual paypal trasactions

I use Chase too. I use them on 3 of my stealths. I have had these active since about August of 2013.

Maybe the amounts of withdraw might be causing questions?
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Old 02-10-2015
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Default Re: my bank is asking questions about my unusual paypal trasactions

Well it was actually the banks stroke of luck that he saw my acct and questioned me...the manager was shadowing the new girl who was helping me and was looking at my acct on the comp, thats when he asked me what was up. Its not like i got a phone call or anything. Nothing in the system raised a flag or anything.
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Old 02-10-2015
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Default Re: my bank is asking questions about my unusual paypal trasactions

$3-$4k per week on stea.lths...so they are either under someone's SSN or EIN.

Unless you are rotating stea.lth accounts every week, PP will report your income because you will clearly go beyond $20K/year.

On top of all this, you are still trying to find a way to eva.de taxes and have credit so bad, you can't get accepted at any major bank. How long before you are in chex systems and just screwed completely?

I'd say get your business in order, but it sounds more like you need to get your godd@mn life in order. This post is adolescent and comical at best.
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Old 02-10-2015
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Default Re: my bank is asking questions about my unusual paypal trasactions

All of your activity is within the bank's system now.

You need to arrange paying taxes.

You earn money. You pay taxes.

Seek professional help.
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Default Re: my bank is asking questions about my unusual paypal trasactions

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Originally Posted by unkown5454 View Post
$3-$4k per week on stea.lths...so they are either under someone's SSN or EIN.

Unless you are rotating stea.lth accounts every week, PP will report your income because you will clearly go beyond $20K/year.

On top of all this, you are still trying to find a way to eva.de taxes and have credit so bad, you can't get accepted at any major bank. How long before you are in chex systems and just screwed completely?

I'd say get your business in order, but it sounds more like you need to get your godd@mn life in order. This post is adolescent and comical at best.

Dude, Chex Systems doesnt mean anything. You could be in there for bouncing a check for $1.00.
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Old 02-10-2015
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Default Re: my bank is asking questions about my unusual paypal trasactions

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Originally Posted by Breakthecycle2 View Post
Dude, Chex Systems doesnt mean anything. You could be in there for bouncing a check for $1.00.
I think what breakthecycle is saying is true all Chex systems is a credit bureau that some banks use to see if you have any bad credit to simply be accepted or denied the opportunity to open a bank account at that certain bank.
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Default Re: my bank is asking questions about my unusual paypal trasactions

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I think what breakthecycle is saying is true all Chex systems is a credit bureau that some banks use to see if you have any bad credit to simply be accepted or denied the opportunity to open a bank account at that certain bank.
Exactly. I was in it for owing a bank $4.75. I was denied a couple banks, but I still got some bigger bank accounts.
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Default Re: my bank is asking questions about my unusual paypal trasactions

Unknown- im glad i humor you.

Anyways i dont go over my 20k limit because i just open new ones before that happens. My ssn isnt on these stealths either. I upgraded them to business paypal accts idk if that has helped me from getting noticed. I have never been asked by paypal for anything. Another thing is i sell on ebay but not with ebay accts that i own. Other people(powersellers) sell for me, take a cut, then send me the rest. So my stealths are not even connected to ebay like that. I have been doing this for a while no problems idk why.
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Default Re: my bank is asking questions about my unusual paypal trasactions

And my credit is bad because im up to my neck in student load debt. It has ruined my credit.
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Default Re: my bank is asking questions about my unusual paypal trasactions

@ two3aight1: I had exactly the same issue you have with my credit, and it really screwed my life up for years. [Insert long, e/n details here.] Anyway, there's a program out there where you can make rehab payments - very low, easy payments to make contingent on what you report as income. For example, when I started making my rehab payments I had just started my business, was super-broke, not really paying myself anything other than enough (barely) to survive, and my monthly rehab payments were $5.00 - yep, f-i-v-e dollars. And getting my payments to be that low was a matter of about maybe ten minutes of answering questions and signing a paper saying I was telling the truth - totally non-invasive and basically painless.
Once you successfully make your six monthly payments, you're completely re-habbed: My credit went from "literally cannot open a bank account anywhere" to "we'll be more than happy to give you a $20,000 loan" in the space of months. It was - and is - freaking awesome! Hop online and check it out. I know the name of the people I'm dealing with now (after being rehabbed) is "fedloan servicing," but if I remember correctly I was dealing with a different outfit for the first six months. Maybe not, I don't remember. Either way, if you call the fedloan people they'll totally be able to point you in the right direction. Do it! It's waaaaay easier than you'd think, practically painless, and besides fixing your credit, it's a general weight off.
Good luck!
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Default Re: my bank is asking questions about my unusual paypal trasactions

Wow thank you i will check that out asap! That would help me so much right now
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Old 02-13-2015
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Default Re: my bank is asking questions about my unusual paypal trasactions

I'm not sure how you upgraded to business accounts without providing a SSN or EIN.
You haven't opened an LLC yet?

Personally, I would try to just get everything in order and pay taxes. When you want to buy a house, or a new car, or get a loan, etc. they will look at income history. Even though you are making money, not paying taxes essentially = unemployed for those purposes.

Also the IRS could audit you which will end up costing more in the end. Their system is not perfect, but if you tell them you make NOTHING every month but spend/withdrawal $1000's EVERY WEEK, could throw a flag.
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Old 02-13-2015
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Default Re: my bank is asking questions about my unusual paypal trasactions

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Originally Posted by two3aight1 View Post

I say tell him i sell on ebay. He says hes suprised my accts havnt been shut down for suspicious activity and i should open a business bank acct for this kind of volume.
I would have asked him "what is suspicious activity?"
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Old 02-13-2015
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Default Re: my bank is asking questions about my unusual paypal trasactions

Quote:
Originally Posted by two3aight1 View Post
And my credit is bad because im up to my neck in student load debt. It has ruined my credit.
If you're making $2k a week on ebay, I'm sure you can pay down student loan debts pretty fast and fix your credit issues.
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Last edited by aking; 02-13-2015 at 04:02 PM.
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Old 02-23-2015
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Default Re: my bank is asking questions about my unusual paypal trasactions

I would start to prepare for the worst. If you got the attention of the bank manager because of this irregular financial activity, it would be his obligation to submit a suspicious activity report that goes to the justice dept., IRS, and any other number of government organizations that track unreported income, or money laundering. Face it, you are now on their radar and anything is possible. I would put a good attorney on retainer and wait for the inevitable. Be prepared to explain your financial activity.

This could pretty scary. I once got a call from an investigator to ask me to explain why I deposited 9400.00 cash in a checking account, opened a safe deposit box, then had a bank check made out for 6650.00 in the same day from Citibank. Apparently someone at the bank thought this behavior was suspicious and dropped a dime on me. I just sold a motorcycle, and was buying a boat, The safe deposit box was for my kids savings bonds. I was ok, but I'm pretty sure they still have my ss number flagged every year at tax time.

I wish you well and good luck!
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