Bank - Should I Worry ?

ivonnewun · #1 11-30-2010

Ok, so i have been running a good 10+ ebay accounts ( stealth ) for the last year or so.. I have always withdrawn into my bank (my name) from stealth paypal accounts.. the other day i received a letter saying my bank account was frozen, since i have been into the bank, provided details , ie. passport, driving licence, wage slips(from day job) .. the bank said the reason for the frozen account was due to someone trying to open an account under a similar name to mines on the same address.. But were very vaige about the details and said they couldnt tell me anymore.. The account is now back to normal and is fine.,.

But i am not, im really paranoid that they have a watchful eye on me now..

Can anyone relate to this ? or is paranoia getting the better of me ?

Axcend · #2 11-30-2010

I havent had that experience, but it seems like instead of opening accounts they meant receiving deposits. I would double check the list of banks that allow deposits like that with no problem, and make sure that your bank is on the list. Really they are looking for money laundering and terrorism funding. If there are any problems in the future, honesty is the best option. Just tell them that you operate multiple sales accounts and you are limited with the amount of money you can withdraw per account. Or something along those lines. Banks want you to make money and keep it in the bank, as opposed to paypal who wants to steal your money

rsot · #3 11-30-2010

Very odd story - identity fraud happens but how many bank accoutns do you have? How much money has gone in?

I am no financial investigator but I would be a little paranoid in your case if money coming in does not match your wage...

ivonnewun · #4 11-30-2010

do you think the best way forward is to gain access to prepaid cards, which have an account number and sort code, and divert my funds from paypal to there from now on ?

rsot · #5 11-30-2010

Does that option exist for UK? I thought it was bank account only - care to clarify?

ivonnewun · #6 11-30-2010

Yes , sorry you are correct as far as i can see.. only bank withdraws.. This is a nightmare..

and paranoia is getting the better of me

rsot · #7 11-30-2010

Start working with different bank for now. Nothing you can do if you are being investigated - hope for the best but you need to move your affairs around in my honest opinion.

holymoly · #8 11-30-2010

Quote:

Originally Posted by Axcend

I havent had that experience, but it seems like instead of opening accounts they meant receiving deposits. I would double check the list of banks that allow deposits like that with no problem, and make sure that your bank is on the list. Really they are looking for money laundering and terrorism funding. If there are any problems in the future, honesty is the best option. Just tell them that you operate multiple sales accounts and you are limited with the amount of money you can withdraw per account. Or something along those lines. Banks want you to make money and keep it in the bank, as opposed to paypal who wants to steal your money

This is the best advice you can get...thank you so much for telling it like it is!

For real...just be honest, as long as what you sell isn't WMDs...the bank won't care, they are only on the look out for terrorism and things of that nature. ID theft is extremely unlikely, the problem is being with the amounts of accounts made and the deposits were having a problem getting verified.

Tell us what bank you use.

Axcend · #9 11-30-2010

thanks

. I straight up tell my bank that I have however many different seller accounts to maximize my profits and maximize the amount of money I can put in my accounts. Doesn't work for all banks as some are old fashioned and don't see the reality of the situation, they just think you are doing something you aren't suppose to do.

But I would suggest to let that bank cool off and open up 10 more at another bank. Slowly of course, and if you get a call like that just explain it to them. Or tell them you have sellers working under you, and you like to keep their money seperate because its easier to payroll them that way. That would be why it comes in under different names.

Just remember that next month, you need to go for apply for a loan. And when they ask why, tell them its for a uranium enriching project your doing in your basement