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Old 05-16-2009
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Default Opening up 2-3 bank accounts each month red flag?

Does anyone know if you open up say 2 or 3 bank accounts each month to use with stealth paypal accounts that you will get questioned by the fbi or irs I have only done it for about 3 or 4 months.
Reason I ask this is because it seems paypal limits me when I hit around $2000-$2500 and I process around $6000 through paypal accounts.
Even though I have a merchant account I still have tons of people paying me with paypal so was just wondering.
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Old 05-16-2009
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I opened and closed over 30 bank accounts already. No promblems yet.
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what do you mean they limit you? Hold the money until product is delivered? or what?
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Old 05-16-2009
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Limit means the account is suspended and you have to wait 180 days to get your money, unless you can provide all info they're asking for.
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Old 05-16-2009
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Well depends on your credit and your activity. I got in really good with the people at my bank so I get a phone call from them personally if anything happens but banks do flag people who open and close bank accounts regularly.

I doubt you'll ever here anything from the IRS and definitely not from the FBI unless the bank tells them your collecting money for terrorism or something...

-HeG
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my credit went into the toilet recently with a failed business, but I still haven't had any issues opening and closing accounts. they're a few ways you can go to keep it off of your person. just have to think about them a little first.
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Old 05-17-2009
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when the irs wants to find your bank account(s) they mail a court order to every bank within xxx miles from your last known residences demanding them to release information about you if they have any. so if you have some accounts with banks further away, not necessarily popular ones, that would be more stealthy. if you continue to open and close accounts with the same bank you may be asking for problems. i believe most banks only report to chex systems when you've left an account in negative or poor standing in some way. other than chex and a few other similar credit reporting agencys i don't know if any national list you go on when you open an account. i don't think banks share that kind of information with the government unless ordered by law. please fill me in if anyone knows more about this system.
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