bank of america and chase bank accounts?

[FandangoKango]

Are bank of america and chase a good checking for paypal withdrawl? Any problems?

[OfficialGenius]

Bank of America is a go but some people reported problems using Chase.

[fineart]

From my experience they are both fine.You need to make sure your PP it is not a business account.Bank of America is strict, unless the deposit is made under your exact Bank name you will have problems.Perhaps not right away BUT YOU WILL in the long run.
I had a business Paypal account and Bank of America closed my account because deposits were made under the business name.
There is how ever an easy fix
My advise is get a prepaid credit card sign up for direct deposit.It will work exactly as a bank.
The CCs I have had much success with are
Netspend, Account Now and any prepaid card which is issued by Meta Bank.
This bank has over 10 cards that will be mailed for free and with a simple $20.00 deposit you have your bank and credit card
Never have to leave your desk. I hope this helps

[SelfMade17]

i use both chase and bank of america..i havent had any problems..
i also use citibank.

[unreal]

Originally Posted by fineart

From my experience they are both fine.You need to make sure your PP it is not a business account.Bank of America is strict, unless the deposit is made under your exact Bank name you will have problems.Perhaps not right away BUT YOU WILL in the long run.
I had a business Paypal account and Bank of America closed my account because deposits were made under the business name.
There is how ever an easy fix
My advise is get a prepaid credit card sign up for direct deposit.It will work exactly as a bank.
The CCs I have had much success with are
Netspend, Account Now and any prepaid card which is issued by Meta Bank.
This bank has over 10 cards that will be mailed for free and with a simple $20.00 deposit you have your bank and credit card
Never have to leave your desk. I hope this helps

Thats weird, because I was reading elsewhere on this forum and it said Bank of America allows different name withdrawals.

[OfficialGenius]

Originally Posted by unreal

Thats weird, because I was reading elsewhere on this forum and it said Bank of America allows different name withdrawals.

Yes they do! It must've been some type of mistake from his part. It seems like he made it known what he was doing

[fineart]

Originally Posted by unreal

Thats weird, because I was reading elsewhere on this forum and it said Bank of America allows different name withdrawals.

Sure it will fly for a while on ach deposits too, but then one day when you least expect. Boom -they quote this policy to you require additional documents in person and if you cant provide them they close your account and send you to check systems.Have no doubt is does happen.

Bank of Americas Policy
A. Some General Terms

When you open an account, we may rely on information you give us and we maintain in our records. We determine the type and ownership of the account from this information. When you ask us to make a change to this information or your account, and we agree to the change, the change is not effective until we have had a reasonable time to act on the new information. As an example, if you ask us to change the signers on your account, your requested change is not effective until we have a reasonable time to act on it. If we ask you to give us additional documents or information, and you do not do so promptly, we may close your account.

So the deposit goes in they check the name or make an inquiry, they see that the name is not a signer on the account.They ask for either the person to come in to be added o the account or is case of a business deposit they ask for coorporate papers licences Ein and so on.
It does not happen all the time but not worth taking the risk.
My account was 5 years old not a new account.

[fineart]

Originally Posted by OfficialGenius

Yes they do! It must've been some type of mistake from his part. It seems like he made it known what he was doing

Nope they closed my account over the weekend after 5 years in good standing.
my first indication was when i could not logged in, then I called and they told me I had to visit the branch in person for more details.

[unreal]

Originally Posted by fineart

Nope they closed my account over the weekend after 5 years in good standing.
my first indication was when i could not logged in, then I called and they told me I had to visit the branch in person for more details.

Did you at least get the available balance in the account?


Also does this happen at all banks? Because I have like 4 PayPal stealth accounts and I need to find a way to withdraw the money.

[fineart]

Originally Posted by unreal

Did you at least get the available balance in the account?


Also does this happen at all banks? Because I have like 4 PayPal stealth accounts and I need to find a way to withdraw the money.

Not at all, i think some banks do this at Random after an audit. It DOES NOT happen. I have had no other problems with other banks.
Yes when they closed my account I was issued a cashiers check.