Possible Alternative Method for Cashing Out Limited Paypal Account?

grant75 · #1 05-12-2017

Basically, it's not becoming feasible to keep creating bank accounts at the rate I need to in order to receive the funds from all these different accounts and of course paypal doesn't allow you to add one bank to multiple paypal accounts. I actually got banned from one bank for creating too many bank accounts. lol And I know for a fact another bank I use is suspicious over all the bank accounts I've created.

I haven't actually tried this yet, but I have a few paypal accounts that I want to try this with in the near future. My plan is to upgrade these accounts to a business account and then change the business name/address to my real name and address (don't need to do this right away, this can be changed easily any time after the account is upgraded), since you can request a check to your business name and this allows you to not have to get a check made out to the stealth name and address.

Then, since you need to add a credit card to verify this address before you can request a check to it, get a virtual credit card and add my real name and address to the VCC when adding it to the paypal account so my new name and address becomes verified. Then I can request a check to my real name and address. It seems like this should work as long as you upgraded to a business account BEFORE your account was limited. Since once the account is limited, they do not allow you to upgrade it and I did upgrade the accounts before they were limited.

Any thoughts on whether this would work? Why/Why Not? And if anyone wants to try this, let me know how it worked.

bjammin · #2 05-12-2017

If you turn paypal into a business then you will need to deposit them into a business account. You cannot cash checks that are made out to a business, or at least thats what I have been told by banks before.

You may be able to make the business name look like your real name, but if it has ,LLC ,INC then your plan may not work out.

grant75 · #3 05-13-2017

Quote:

Originally Posted by bjammin

If you turn paypal into a business then you will need to deposit them into a business account. You cannot cash checks that are made out to a business, or at least thats what I have been told by banks before.

You may be able to make the business name look like your real name, but if it has ,LLC ,INC then your plan may not work out.

If I just type out my name and don't add an INC or LLC after it, wouldn't paypal just print the check with the name as-is though? Since I know that not all checks made out to a business necessarily have this type of ending on them. Since from what I understand, they can typically accept/deposit the check without the INC/LLC present.

Or would paypal add an ending like this automatically since it's technically supposed to be for a business? But then again, how would they know which ending to use if you don't provide them one? That's why I'm more inclined to believe they'd print the check as-is. But then again, I would prefer to hear from someone who has received paypal business checks before because I could be totally wrong.