Savings Accounts per Bank.

NadlesKVs · #1 03-15-2016

Hey guys, quick question. I've only been using one bank. I know, terrible right. The products I sell are very high risk, I don't sell on GayBay and the market I am in will not last much longer. Maybe 2-3 months, at least for me. After that there won't be enough money to keep me involved doing this. Hopefully I'm wrong. I haven't gone out and opened a second bank. I keep thinking that I'm not going to be in it that much longer so maybe I don't need too. I really don't want to have my bank close my accounts. I've been with them for years and hope to keep it that way.

My question, how many Savers do you guys open at one bank before having any issues? I've had no prior bank closures, a few PayPal limitations, and I've been with this bank for 12+ years. I think I have gotten it figured out with PayPal and I am having less issues. Regardless, I've opened probably 6 savers since December 2015. I closed 3 of them back in February and opened one more. How many, in your general experience, can one open without having any issues? I'm not talking about seven in a day, nothing crazy. Something like 1-2 a month spread out over the course of the next two months or so. I haven't been contacted by them in anyway about my accounts. Do you guys think I would have any issues adding a few more?

The other option is for me to get off my lazy behind and go open one at BoA or somewhere similar where I could make a few savers. I just have limited time between real work, this work, and fulltime school. Let me know what you guys think, I trust you guys with my life <3.

vogeltron · #2 03-16-2016

You answered you own question.

If you like the Bank you are with stop being lazy and go open some accounts and a Stealth friendly bank like BOA, Chase, WF, Citi, etc.

NadlesKVs · #3 03-16-2016

I answered what I know I should do. The question was how many Savers do you guys open at one bank before having any issues?

Even when I go open a new one I should still know what is safe and what isn't.

Omgoozle · #4 03-17-2016

I've opened 25+ on a single day with no issues.

The most important thing is to have answers ready if they have questions.

Step 1 - Review KYC banking laws. This will tell you what you need to know they're looking for.
Step 2 - Have answers. Here are 2 that I use:

(A) To better manage my finances, I use the "folder" method of saving. One account is for my car payments, one account is for paying off debt, and one account is for funding my addiction to methamphetamines, and the other 4 accounts are for the college fund I'm putting together for my nephews, etc.

(B) I am a freelancer and I use seperate accounts to help me keep track of when my clients pay me. If I have 9 payments come in on a single day and I have 12 clients, I need to be able to know very quickly which 3 didn't pay.

And I opened them all at Chase btw.

NadlesKVs · #5 03-17-2016

Thanks bud.

vogeltron · #6 03-18-2016

Regardless of what you tell them opening that many account will cause them to file SAR or possibly something with regards to the Federal Laws on structuring.

NadlesKVs · #7 03-18-2016

I've opened my BoA account. My question still stands on what is smart. I didn't know if it would be best to just open like 4+ right off the bat since it's a new account? or add one bi-monthly, etc.

PayPalBusted · #8 03-18-2016

Quote:

Originally Posted by NadlesKVs

I've opened my BoA account. My question still stands on what is smart. I didn't know if it would be best to just open like 4+ right off the bat since it's a new account? or add one bi-monthly, etc.

I think common sense goes a long ways here. If you opened a new account at BoA today, a checking account, then perhaps open a savings account Monday. Then wait a few weeks, 2-3, and then open another checking or savings account.

If you opened a savings account today, maybe open a checking account next week and then wait 2-3 weeks before open anything else up.

As for how many, you could easily do 2-3 checking and savings accounts for a total of 4-6 without issues. I just wouldn't do it all at once. Otherwise you are sure to prob raise a few eyebrows.

Just play it smart. Start slow, open a couple here and there, wait, do the same, and you'll be fine.

**aspkin** · #9 03-18-2016

Quote:

Originally Posted by Omgoozle

I've opened 25+ on a single day with no issues.

The most important thing is to have answers ready if they have questions.

Step 1 - Review KYC banking laws. This will tell you what you need to know they're looking for.
Step 2 - Have answers. Here are 2 that I use:

(A) To better manage my finances, I use the "folder" method of saving. One account is for my car payments, one account is for paying off debt, and one account is for funding my addiction to methamphetamines, and the other 4 accounts are for the college fund I'm putting together for my nephews, etc.

(B) I am a freelancer and I use seperate accounts to help me keep track of when my clients pay me. If I have 9 payments come in on a single day and I have 12 clients, I need to be able to know very quickly which 3 didn't pay.

And I opened them all at Chase btw.

I love it. That's perfect.

chicagoIL · #10 03-22-2016

When you open 25 accounts in one day, do you use your real information
for all of these? won't they be linked when you attach them to different pp accts?

Or you don't use the pp acct once it's nearing tax id time? so less than 200 or 20K?
so you don't have to provide ss#?

Omgoozle · #11 03-25-2016

Quote:

Originally Posted by chicagoIL

When you open 25 accounts in one day, do you use your real information
for all of these? won't they be linked when you attach them to different pp accts?

Or you don't use the pp acct once it's nearing tax id time? so less than 200 or 20K?
so you don't have to provide ss#?

We are talking about Bank Accounts, so in order:

1. Yes.
2. No.
3. Yes.
4. Yes.
5. Correct.

Omgoozle · #12 03-25-2016

Quote:

Originally Posted by NadlesKVs

I've opened my BoA account. My question still stands on what is smart. I didn't know if it would be best to just open like 4+ right off the bat since it's a new account? or add one bi-monthly, etc.

90 Days seems to be the industry golden standard.

GreenBean · #13 03-26-2016

Quote:

Originally Posted by NadlesKVs

I answered what I know I should do. The question was how many Savers do you guys open at one bank before having any issues?

Even when I go open a new one I should still know what is safe and what isn't.

I do not use Savers for paypal, especially in the USA.

I run businesses, not some play game. I use the checking accounts from a variety of banks to keep in line with requirements.

Most banks react to too much money going thro' savings accounts.
I avoid hassles.