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Running 10+ accounts at once
 

I run 10 plus accounts at any given time. Having different bank accounts is the only real problem I continue to face. If anyone else's business is structured similar to mine, how do you maintain all the different Paypal accounts? If you open up too many bank accounts they will report you to chexsystems and then you have to keep dealing with them every couple months to get yourself off.

I haven't seen anyone complaining about having to many accounts yet... You get reported when you write uncovered checks and such, but I haven't seen anywhere Government tells you how many bank accounts you are allowed to have.

If you open up too many accounts too quickly you will be reported to chexsystems. I have had to clear my name off of there twice in the past 4 months because of this. I believe they use this to protect themselves against check kiters. That is what one branch manager told me anyway.

I have never had any issue with any bank I use.

I use Excel to keep the data straight.

I use more accounts than you do. This is geared towards people who open up say 10+ accounts every 1-2 months.

How do you know how many accounts anyone has? Do you follow people each time they go to bank?

This member has already answered this question in previous threads. Please review them.

Oh, sorry..You really did your homework than, right?

Well I guess I really have no idea how many accounts I use AND keep open.

No, he has responded to my post about this sort of issue in the past. It was hard to miss. I was looking for input from people who had experience with this issue.

Huh? What are you talking about? Do you open up 10+ bank accounts a month? Previous posts from you state you built your accounts up over a long period of time.

Ask your banker friend...I am sure he will tell you everyone opening 10+ accounts a month sits in jail.

I will not get into a argument with you, jadester714, about what I do know and what I do not do know.
You have NO idea what I know or do not know.
Enough people on this forum KNOW me and use my information posts to help themselves.
It just looks to em like you are attempting to pick a fight with me and I won't fall for it... LOL
You have what.... 87 posts but you know it all... Right.

My last post on this thread... I hope.

No one is picking a fight with you. I had a serious question. You didn't have the answer... but you responded anyway.

It doesn't matter how many posts I have. I don't have to jump into every conversation on this board to feel important. But...I'm sure that you calling me a "know it all" and making insinuations about me based on my # of posts isn't "argumentative" or "disruptive"...

If anyone has anything of substance to add to this topic I would really be interested. It is a question that has never been addressed on this board.

I think the best option might be to use ING just to verify the initial deposits to get the Paypal account verified. Then, just use the plug-in to get the money out? Another option I thought of was opening up an LLC and using that to open up tons of accounts. Banks don't use Chexsystems for LLCs.

yeah an LLC or S-Corp wouldn't be a bad idea if its causing you problems. I've never opened that many bank accounts in a month so never ran into that issue personally.

I tried to open an account on BofA right now with one of my LLCs and they still prompted me for my SSN in addition al the EIN. I wonder if there is a way around this.

Not sure. I did my S-Corp years ago not sure how the bank account setup went. However with the Patriot Act they did start requiring banks to positively id account holders. I read something that said BOA will only run your EIN through chexsys and not your ss#, can't say thats true or not.

If your having issues with chexsys look for banks that report to telecheck.

Open a Main ING Bank account Online and under the Main account create as many Sub accounts you want and name them after each Ebay ID to keep it organized. I have created many sub accounts on my Main ING accounts with no problems and have added them to Paypal to verify with no problems. Each SUB account will get different account numbers but you can access all the SUB accounts under your MAIN account in ING.

Hope this helps.

BooMer

I have heard nothing good about ING though? People having lots of trouble with them using paypal. No problem for you Boomer?

I have not had any problems with ING except for 1 time for a Non-Ebay/Paypal Related Issue where they politely ended our relationship. That is another story.

BooMer

Is this the same thing,oops, ING?:rolleyes:
http://www.aspkin.com/forums/paypal-...d-problem.html

^^^^^^Similar but with Citibank. I was abusing a Free Offer during that time and had over 500 deposits from citbank accounts. I remember speaking to someone at ING and they told me the accounts would be flagged/reviewed if you received over 250 or 500 Deposits( It's one of those # of transactions).

It had nothing to do with paypal.

BooMer

Edit: Let me clarify this. It is over 500 unique transactions deposit. NOT $500 deposit.

I had 3 deposit under $250 go to one of my ING accounts and they closed it down. I have not had any trouble with the penny deposits into ING though.

How is ing in Canada, has any canadian people used it. You can open BMO which works perfectly on paypal. Just open sub accounts on BMO.

Can you the the same with WAMU? I believe you could before they were taken by Chase, but not sure if anyone tried lately? ;)

Are your Paypal accounts in the same names as the bank accounts at ING?
Do you use your ING accounts to accept deposits from you Paypal accounts?

This has gotten off topic. Can anyone address the original question in this thread?

I have never used WAMU before.

No, they are not the same name as my paypal accounts. There is only one paypal account that I have that is the same names. The others are different names connected to my Sub ING Accounts.

I was only trying to respond to the question the OP was asking. I did not realize he had already used ING after reading his past posts. Obviously he is over doing it in some areas and that is why he is having problems with ING and looking for alternatives.

BooMer

WAMU still works fine. They are still in the transition phase with Chase. They have been the best bank to work with so far for me. ING and BofA both caused problems for me. ING should be fine no matter what name you use just as long as you don't withdraw large amounts. If you just use it to verify Paypal accounts and then use the plug-in you should be fine.

just remember the plug-in requires social security now....