BofA closed my account - am I screwed? - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > Marketplace Discussions > PayPal Talk

PayPal Talk PayPal Forums. General issues related to PayPal.

Reply
 
Thread Tools
  #1  
Old 01-08-2016
phaz0rz's Avatar
Senior Member
 
Join Date: Nov 2015
Posts: 8,409
Thanks: 1,685
Thanked 2,963 Times in 2,237 Posts
Activity: 91%
Longevity: 30%
iTrader: (2)
Default BofA closed my account - am I screwed?

This morning I found myself in a bad situation. Upon attempting to log into my online banking app I was notified that my online access to BoA has been restricted. I called in and after talking to a few reps I'm told that my account(s) have been closed, the decision is final, and that I may pick up the funds in my accounts at my local branch.

I only had 3 accounts open with them, all of which were attached to very active paypal accounts. The most active paypal was transferring about $4k per week to BoA. Needless to say, I'm extremely worried about this.

None of my paypals are limited, so do you guys/gals think I can just open a new account with another bank and attach the new bank to paypal? I know it is an option in paypal to attach another bank. But what worries me is my main paypal has taken in $125k+ in the last 10 months, and I don't want to make paypal suspicious by adding a new bank account after so many transactions.

I know I'm not the most popular forum member, but I would really appreciate the input of anyone who replies. I'm really worried about this.
Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 01-08-2016
Senior Member
 
Join Date: Jan 2013
Posts: 4,410
Thanks: 242
Thanked 1,581 Times in 1,073 Posts
Activity: 0%
Longevity: 52%
iTrader: (0)
Default Re: BofA closed my account - am I screwed?

Yes, add another bank account.

Was your bank of america accounts new like under 1 year old?

You can add bank accounts its not suspicious, i have 4 bank accounts on one paypal. You probably need to open a business bank account or the same will happen at a new bank
Reply With Quote
  #3  
Old 01-08-2016
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 7,765
Thanks: 2,241
Thanked 2,576 Times in 1,892 Posts
Activity: 65%
Longevity: 46%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

4K per week is not going to go over well on personal accounts or savings accounts. Not saying it cant but use smaller banks and credit unions. The smaller the better.

But in all reality, just open business accounts. Much better for a variety of reasons.
Reply With Quote
  #4  
Old 01-08-2016
123's Avatar
123 123 is offline
Executive [VIP]
 
Join Date: Jul 2010
Posts: 5,223
Thanks: 385
Thanked 1,215 Times in 698 Posts
Activity: 45%
Longevity: 72%
iTrader: (631)
Default Re: BofA closed my account - am I screwed?

Yeah that's strange I have a couple BOA business accounts and never had any problems
__________________


Guaranteed FRESH IP Addresses for amazon, eBay, and PayPal - 24vc.com
Reply With Quote
  #5  
Old 01-08-2016
phaz0rz's Avatar
Senior Member
Threadstarter  
 
Join Date: Nov 2015
Posts: 8,409
Thanks: 1,685
Thanked 2,963 Times in 2,237 Posts
Activity: 91%
Longevity: 30%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

Thank you guys so much for the reassurance.

DMshark - Yes, it was under a year old. It was opened 4/2015. Deposits grew slowly for the first few months, then I started withdrawing $999 3 or 4 times a week. I'm assuming the amount I was withdrawing is what got my account flagged. They may have thought I was laundering money.

Yankee - I've always been weary of using small banks, but if you say it will work I will open a few accounts with local banks. I thought the bigger banks that paypal lists when you go to attach a bank account were preferable. I've never had a business account but I do have articles of incorporation so that is an option. The growth of my business isn't slowing down so I guess business accounts are my only option.

123 - This probably would not have happened if I had went with business accounts from the beginning. When I opened the account I was literally starting again from scratch. Since I had 0 money coming in initially I assumed a personal account would be fine and would incur less fees. As revenue increased I considered switching to a business account. But since everything was working fine, upgrading my bank account was admittedly "pushed to the back burner," and was never done. Now I see that I should have upgraded when I had the chance. Hindsight 20/20...

Thanks to all of you for your replies, I mean that. I'm off to open new bank accounts. Will be checking back in a while.
Reply With Quote
  #6  
Old 01-08-2016
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 7,765
Thanks: 2,241
Thanked 2,576 Times in 1,892 Posts
Activity: 65%
Longevity: 46%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

Virtually no problems with small banks and credit unions for miss matched names, closing accounts or freezing funds.

They are WAY behind the software and upcoming requirements. More and more big banks are becoming problematic. TD being one of them.
Reply With Quote
The Following User Says Thank You to yankee For This Useful Post:
dealagreeproceed (01-09-2016)
  #7  
Old 01-08-2016
phaz0rz's Avatar
Senior Member
Threadstarter  
 
Join Date: Nov 2015
Posts: 8,409
Thanks: 1,685
Thanked 2,963 Times in 2,237 Posts
Activity: 91%
Longevity: 30%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

Any small-ish banks you can recommend on the east coast before I go?
Reply With Quote
  #8  
Old 01-08-2016
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 7,765
Thanks: 2,241
Thanked 2,576 Times in 1,892 Posts
Activity: 65%
Longevity: 46%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

Quote:
Originally Posted by phaz0rz View Post
Any small-ish banks you can recommend on the east coast before I go?
I will send you two of my favorites in the northeast.
Reply With Quote
The Following User Says Thank You to yankee For This Useful Post:
phaz0rz (01-08-2016)
  #9  
Old 01-08-2016
brandnewboss's Avatar
Senior Member
 
Join Date: Nov 2015
Posts: 346
Thanks: 29
Thanked 65 Times in 59 Posts
Activity: 0%
Longevity: 30%
iTrader: (0)
Default Re: BofA closed my account - am I screwed?

Also if you go the business route you can use any bank as long as you put your business name in PayPal, rather than a person, your transfers go through in that name so no need to worry about mismatch names.
Reply With Quote
  #10  
Old 01-08-2016
phaz0rz's Avatar
Senior Member
Threadstarter  
 
Join Date: Nov 2015
Posts: 8,409
Thanks: 1,685
Thanked 2,963 Times in 2,237 Posts
Activity: 91%
Longevity: 30%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

I do not think it would be the best idea for me to try to change the name on any of my paypals. They are all business accounts but the same name has been on the accounts since I purchased them.

Correct me if I'm wrong. That would be a bad idea, right?
Reply With Quote
  #11  
Old 01-08-2016
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 7,765
Thanks: 2,241
Thanked 2,576 Times in 1,892 Posts
Activity: 65%
Longevity: 46%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

Quote:
Originally Posted by phaz0rz View Post
I do not think it would be the best idea for me to try to change the name on any of my paypals. They are all business accounts but the same name has been on the accounts since I purchased them.

Correct me if I'm wrong. That would be a bad idea, right?
They wont even allow it....
Reply With Quote
  #12  
Old 01-08-2016
brandnewboss's Avatar
Senior Member
 
Join Date: Nov 2015
Posts: 346
Thanks: 29
Thanked 65 Times in 59 Posts
Activity: 0%
Longevity: 30%
iTrader: (0)
Default Re: BofA closed my account - am I screwed?

I do it all the time and that's with non business bank accounts, you can see my business name on each transfer that comes through.
Reply With Quote
  #13  
Old 01-08-2016
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 7,765
Thanks: 2,241
Thanked 2,576 Times in 1,892 Posts
Activity: 65%
Longevity: 46%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

Quote:
Originally Posted by brandnewboss View Post
I do it all the time and that's with non business bank accounts, you can see my business name on each transfer that comes through.
What are you doing all the time?

I have never been allowed to change a name on a paypal account unless upgrading to business.
Reply With Quote
  #14  
Old 01-08-2016
Junior Member
 
Join Date: May 2014
Posts: 125
Thanks: 31
Thanked 34 Times in 21 Posts
Activity: 7%
Longevity: 41%
iTrader: (0)
Default Re: BofA closed my account - am I screwed?

I went through the same thing last summer. Was running thousands per week into my personal. My bank didnt close my account but they called me inside asking all sorts of questions and made me open a business acct. It was either that or they were shutting me down.
Reply With Quote
  #15  
Old 01-08-2016
phaz0rz's Avatar
Senior Member
Threadstarter  
 
Join Date: Nov 2015
Posts: 8,409
Thanks: 1,685
Thanked 2,963 Times in 2,237 Posts
Activity: 91%
Longevity: 30%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

Here is an update.

Went to Wells fargo, opened business acct (I appreciate your suggestions yankee, but I'm a few hundred miles south of you). That all went smoothly and I'm now the proud owner of a business account.

Problem is I'm getting a "device not recognized" message from paypal when I try to add the new account. I still have the tracfone used to create the account, but it was deactivated 5/15 and I can't seem to reactive it. When I go to purchase airtime or try to reactivate the phone on tranfone's website, I get an error message. I'm going to talk to the guy I got the account from but I'm afraid there won't be anything he can do to help. Honestly I can't figure out why paypal wouldn't recognize my laptop unless they are just suspicious about me adding a new bank account, because I'm using the same IP/browser/computer that I've always used for this paypal.

I know I didn't really ask any questions, but does anyone have any suggestions?
Reply With Quote
  #16  
Old 01-08-2016
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 7,765
Thanks: 2,241
Thanked 2,576 Times in 1,892 Posts
Activity: 65%
Longevity: 46%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

Quote:
Originally Posted by phaz0rz View Post
Here is an update.

(I appreciate your suggestions yankee, but I'm a few hundred miles south of you).
I am four hours north and 20 hours west or 20 hours south most of the time. Those just happen to be my favorite two.
Reply With Quote
  #17  
Old 01-08-2016
brandnewboss's Avatar
Senior Member
 
Join Date: Nov 2015
Posts: 346
Thanks: 29
Thanked 65 Times in 59 Posts
Activity: 0%
Longevity: 30%
iTrader: (0)
Default Re: BofA closed my account - am I screwed?

Quote:
Originally Posted by yankee View Post
What are you doing all the time?

I have never been allowed to change a name on a paypal account unless upgrading to business.
I change the stealth name in PayPal to my business name, could be any made up name, in the shipping address section after that my business name shows up on my transfers rather than the original stealth name and I also recieve all my packages in my business name as well.
Reply With Quote
  #18  
Old 01-08-2016
phaz0rz's Avatar
Senior Member
Threadstarter  
 
Join Date: Nov 2015
Posts: 8,409
Thanks: 1,685
Thanked 2,963 Times in 2,237 Posts
Activity: 91%
Longevity: 30%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

Any ideas on how I can get past paypal's "unrecognized device" verification? I can't add my new bank account.
Reply With Quote
  #19  
Old 01-08-2016
brandnewboss's Avatar
Senior Member
 
Join Date: Nov 2015
Posts: 346
Thanks: 29
Thanked 65 Times in 59 Posts
Activity: 0%
Longevity: 30%
iTrader: (0)
Default Re: BofA closed my account - am I screwed?

Quote:
Originally Posted by phaz0rz View Post
Any ideas on how I can get past paypal's "unrecognized device" verification? I can't add my new bank account.
If you wait and try later it'll go through, 1 time I had to wait a week before I could add it, most of the time it's 2-3 days and if you call they usually want a bank statement.
Reply With Quote
The Following 2 Users Say Thank You to brandnewboss For This Useful Post:
dealagreeproceed (01-09-2016), yankee (01-08-2016)
  #20  
Old 01-08-2016
phaz0rz's Avatar
Senior Member
Threadstarter  
 
Join Date: Nov 2015
Posts: 8,409
Thanks: 1,685
Thanked 2,963 Times in 2,237 Posts
Activity: 91%
Longevity: 30%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

Just a little more info. Since I'm using Wells Fargo instant verification is an option when I go to add the bank. I've never done instant verification before, but I know some forum members say it is safe to use with stealth accounts. All I have tried so far is the "micro-deposit" method like I always do when adding banks to stealth accounts, and I got the "device not recognized" message immediately after entering acct & routing number.

Does anyone have experience with instant bank verification? Would I get the same error message if I used instant verification instead of micro-deposits?
Reply With Quote
  #21  
Old 01-08-2016
phaz0rz's Avatar
Senior Member
Threadstarter  
 
Join Date: Nov 2015
Posts: 8,409
Thanks: 1,685
Thanked 2,963 Times in 2,237 Posts
Activity: 91%
Longevity: 30%
iTrader: (2)
Default Re: BofA closed my account - am I screwed?

Quote:
Originally Posted by brandnewboss View Post
If you wait and try later it'll go through, 1 time I had to wait a week before I could add it, most of the time it's 2-3 days and if you call they usually want a bank statement.
Are you sure? These are all very active paypal's which I can't afford to lose. I was actually just reading your thread about having this same problem when trying to send money, but I didn't think I would get the same results trying to add a bank.
Reply With Quote
  #22  
Old 01-08-2016
brandnewboss's Avatar
Senior Member
 
Join Date: Nov 2015
Posts: 346
Thanks: 29
Thanked 65 Times in 59 Posts
Activity: 0%
Longevity: 30%
iTrader: (0)
Default Re: BofA closed my account - am I screwed?

Quote:
Originally Posted by phaz0rz View Post
Just a little more info. Since I'm using Wells Fargo instant verification is an option when I go to add the bank. I've never done instant verification before, but I know some forum members say it is safe to use with stealth accounts. All I have tried so far is the "micro-deposit" method like I always do when adding banks to stealth accounts, and I got the "device not recognized" message immediately after entering acct & routing number.

Does anyone have experience with instant bank verification? Would I get the same error message if I used instant verification instead of micro-deposits?
I just got through adding a Wells Fargo account and had the same error message, I called and they wanted a bank statement, which I didn't have so I just kept trying to add it every couple days until it went through finally and the instant didn't work either.
Reply With Quote
The Following User Says Thank You to brandnewboss For This Useful Post:
dealagreeproceed (01-09-2016)
Reply



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
how can i get a new BofA online-bank account number? 5strings Subscriber Discussions 6 12-23-2011 12:57 PM
screwed by ebay suspension--double screwed by domino effect of ebay notifying buyers krom Introductions 5 02-09-2011 04:56 PM
Help! what is BOFA? blkdude eBay Discussion! 1 10-03-2010 10:00 AM


Aspkin Group

All times are GMT -5. The time now is 04:15 AM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts