Letter from Wells Fargo

[fingerblast]

I have about 20 stealth selling accounts that all have different Wells Fargo checking accounts. I recently received a letter from the bank requesting a signature and for me to send back this form.

The letter also says that if the enclosed application is not returned and I continue to use this account, I agree to not hold Wells Fargo responsible and to compensate Wells Fargo for any deposits or withdrawals made to or from this account by any person designated as an authorized signer whose signature has not been received.

What does this mean? Should I just sign it and send it back? What about the fact that my paypal deposits are all in a different name?

[cherrqell]

They may be about to be submitting a suspicious activity report to the FEDS. 20 accounts with different names would definately get someones attention, and raise a red flag.

tread lightly my friend.

[fingerblast]

I'm not looking for speculation. I'm looking for someone who actually knows and has experience with wells fargo.

Why in the world would you have so many Wells Fargo checking accounts? Cherrgell is right, that is a huge RED FLAG.

[nobody999]

Originally Posted by fingerblast

I'm not looking for speculation. I'm looking for someone who actually knows and has experience with wells fargo.

there are many banks that you can open up, do not open up so many accounts with just 1 bank.....search the forum for the list of banks that works with stealth

[slapped]

Originally Posted by fingerblast

I'm not looking for speculation. I'm looking for someone who actually knows and has experience with wells fargo.

Calm yourself, CHERRQEL was only trying to help,,,

As for your question,,Wells Fargo sees the number of accounts that you have,,to them it seems a Little risky,, they feel that you may be involved in some type of Illeagal activity such as Money laundering,,so in order to protect themselves they are asking you to complete the form,,,You are LUCKY,,,From my experience most other banks would ask you to take your accounts Elsewhere,,,Believe Me,,,I Know MANY People that this has happened to

[cherrqell]

Originally Posted by slapped

Calm yourself, CHERRQEL was only trying to help,,,

As for your question,,Wells Fargo sees the number of accounts that you have,,to them it seems a Little risky,, they feel that you may be involved in some type of Illeagal activity such as Money laundering,,so in order to protect themselves they are asking you to complete the form,,,You are LUCKY,,,From my experience most other banks would ask you to take your accounts Elsewhere,,,Believe Me,,,I Know MANY People that this has happened to

Thanks. You crystalyzed my thought completely. In this post 9/11 environment 20 accounts with different names would cause great concern for a major banking corporation like Wells Fargo. Not claiming to have any insight on the Wells Fargo banking platform, but any legit bank would eventually notice this type of activity, and look a little closer at your banking habits, thus if they see any irregularities(sp?), they will forward the information to Paypal, homeland security, and the IRS.

Just trying to help. There are other safer ways to move money around without attracting attention.

[GreenBean]

Originally Posted by fingerblast

I'm not looking for speculation. I'm looking for someone who actually knows and has experience with wells fargo.

....


Wells Fargo, from time to time, do internal audits. They decide to 'tidy' up accounts and send out such paperwork. That is discussed in this thread here:

http://www.aspkin.com/forums/subscri...ther-name.html


I realize you got a fright. We'll all take a deep breath and move onwards.

[fingerblast]

So I should open up new accounts when I open new stealth accounts? Should I leave all the accounts as they are or change some to different banks?

Did you ever purchase the Stealth Book? I just still find it odd you would continue to reopen accounts at the same bank, over and over again, even someone who isn't into stealth methods would know not to open up more than 1 bank account at 1 branch. That just looks, and sounds suspicious. Personally, I only open up 1 account per bank, but if you need to open up more than 1 account, just do 1 checking & 1 savings. If you need more than that go to another bank, if you feel uncomfortable with that, then there are banks online for you to sign up to.

[nobody999]

there isn't a problem opening up multiple accounts at one bank, savings/checkings....but 20 accounts in 1 bank does raise suspicion.

Originally Posted by Ninja

Did you ever purchase the Stealth Book? I just still find it odd you would continue to reopen accounts at the same bank, over and over again, even someone who isn't into stealth methods would know not to open up more than 1 bank account at 1 branch. That just looks, and sounds suspicious. Personally, I only open up 1 account per bank, but if you need to open up more than 1 account, just do 1 checking & 1 savings. If you need more than that go to another bank, if you feel uncomfortable with that, then there are banks online for you to sign up to.

[jeffweico]

You can do more than 2 ccounts at one bank, but 20 *IS* pushing it.

Personal Checking
Personal Savings
Vacation Club Savings
Business Checking
Business Tax Account
Property Owners Expense account

There are many legitimate reasons for having a few accounts.

[jamblix]

I have gotten this same exact letter only I had 3 accounts not 20. I just ignored it and never heard anything from them again. I continued to deposit Paypal funds into the account after receiving that letter and nothing happened. I don't know about 20 accounts though, that's pushing it real hard.

[biggunn]

Not smart having 20 accounts at one bank.. Why else would a person have 20 accounts if it were not for a shady reason? That's what the bank will think at least. Get a few different accounts and a few different banks... Combos of checking and savings accounts...

Good luck!

[Gman91189]

Originally Posted by slapped

Calm yourself, CHERRQEL was only trying to help,,,

As for your question,,Wells Fargo sees the number of accounts that you have,,to them it seems a Little risky,, they feel that you may be involved in some type of Illeagal activity such as Money laundering,,so in order to protect themselves they are asking you to complete the form,,,You are LUCKY,,,From my experience most other banks would ask you to take your accounts Elsewhere,,,Believe Me,,,I Know MANY People that this has happened to

like stated above.. YOUR LUCKY, i had something somewhat similar,
i had a couple accnts but wasn't doin nothin illegal, long story short almost got swed and my accnt got over drawn by hundreds and it was closed, now im trying to get another accnt with BOA, sooo i'd consider just taking ur bus else were
and that is highly stupid pardon my french, but come on 20 accnts wit 1 bank??????!!!????? ur lucky the feds didn't just raid ur place ur sum...
just to let u knoe from experience, im pretty sure they are monitoring ALLL TTHOSE ACCNTS all of the activity gettin ready to BUSt that
i'd recomend just takingn ur business else where or u could just wait and be sorry

[rsot]

Would recommend that you close some accounts that are inactive - if any you have that are not receiving payments and are redundant.