Suncorp Calling!

bucketlist · #1 03-31-2011

Hi
Can anyone give me some advice on my rights as a bank account holder?? I got a call from Suncorp fraud today asking me questions about my accounts. I have 1 main account and 9 sub accounts but only use half of them. The accounts were opened in November last year and have earnt less than $2000 since then so no real cause for alarm. So my question is - do I have to actually tell the bank guy what I sell on ebay??(he asked-but I told him I was busy so would call him tomorrow) I can see that they are getting hard because of the kid that ripped them off but didn't think I actually have to tell them what I sell?? Is this right??? They are probably quering the different names thing too?? any ideas would be greatly appreciated!! thanks in advance!!

GreenBean · #2 03-31-2011

Oh, a call from SUNCORP fraud and you are worrying about your rights? Hmmm.

You might think there is no cause for alarm. Suncorp does NOT. Suncorp has a duty to its shareholders to make sure monies are safe and not touched by baddies. They will ask whatever they want to make sure everything is kosher.

If the accounts have not been established according to their TOS, then your rights might be on shaky ground.

By different names, do you mean on the deposits or different names on the sub accounts?
Did he say what do you sell on ebay or what was said? How where the accounts established?

What specically did he want? Need heaps more info

rsot · #3 03-31-2011

With banks in general, you should be upfront and avoid dodginess.

You have to understand that yes, while banks do a lot to screen for fraud and potential problems, they are a POWERFUL ally for onsale and offsale endeavours e.g. loans, mortgage, etc.

Like GB says, more info is needed in your post or via PM. I have discussed with my bank before but you don't need to say exactly WHAT you are selling - just category. There are ways of dealing with banks and account managers - that ITSELF is a guide ha,

bucketlist · #4 03-31-2011

I named my sub-accounts according to my ebay/paypal accounts - only for ease so I know which is which account but is only done for my online banking - so I guess when I transferred money from my paypal account to my bank account, the paypal name would also go with it?
The guy asked me why I have those accounts and I told him it was for ebay/ebay stores I had and then he asked what I sold (I didn't tell him that) only because I didn't think it was relevant. When I first opened the account, I actually told the bank teller that I was setting some up for ebay and some to help with budgeting - which is the real reason I use them. Apart from him asking me why the accounts and what I was selling, I don't know what else he wanted as I had to end the call...but I need to call him back today! YIKES!!
I have one main account with a debit visa card 9 other e-option accounts linked to that account. I use the e-options accounts for my ebay/paypal accounts then transfer it to the main account if I need to spend any money.
Thanks!

GreenBean · #5 03-31-2011

Give him that explanation then. You can go almost word for word.

New to doing business, spoke to HIS teller and said the sub-accounts were being named like that to make it easier to keep track of finances. I sell in the ............. category (used women's clothings if you like

). I thought from talking to YOUR teller this was fine. As you can see, I enjoy using YOUR bank. It's been benefical to me as my business grows. If there is any other method, can you tell me what I should do?

Something along those lines. Be respectful, go slow AND dont offer more than you are asked. Get his NAME & keep a record of that. If needs be if the talk goes OK, ask for a letter to confirm this <------> most important

bucketlist · #6 03-31-2011

thanks - here's the update...Suncorp guy calls again this AM and I tell him exactly what you mentioned Greenbean- then he tells me that Suncorp do not like payments from different named paypal accounts coming into my bank account and that they were going to close all my accounts - effective immediately :(. He doesn't seem to think that it's necessary to have all those accounts - the question is...why do they offer this service if they don't like you using them??? BLAH!! Suncorp will never let me do business with them again - fortunately the don't put it on any kind of record - lucky there are other banks I guess!! Now to find one :/ Thanks for yr advice!!

GreenBean · #7 03-31-2011

Not that you belonged to the forum last year so you would not know. Suncorp got in the deepest doo doo with the authorities here. On an audit of their bank, when the Feds were trying to trap that young uni student, they started to deal with the majority of account holders whose accounts were not up to their (unstated) ideal.

You were unlucky. BUT dont trust them. Wait about 4 weeks. Get a copy of your credit file.
Make sure you have nothing entered against it. From now, keep checking that file. That bank johnny has to report back to his boss. It will take a bit for everything to be closed, written off etc. Just be aware, you might still get marked.
I'm not saying this lightly at all as I know what they do.

doughboykilla · #8 03-31-2011

another bank to add to the list along side ING. When useing multiple paypals its best to use them as bussiness paypals instead of other names so when the banks see the money coming in it will be under a bussiness name and not another alias.

giggidy123 · #9 03-31-2011

I was thinking about if a bank ever asked me that I would just tell them I run an online busines and I sometimes let other people sell some of my items so they get a percentage and send the rest directly to my account. Any thoughts on if that would be a good explanation?
I would imagine some of these banks already know what they are going to do about it before you give your answer, they probably just want to hear what you say.

BiN4RY · #10 04-01-2011

Sorry for hijacking this thread, but it seems relevent to the ongoing discussion at the moment. When you go to a bank and asks to open up some new accounts, what would be some good answers when they ask you "What are the bank accounts for"? Obviously, the "I got a new job" excuse can't be used forever.

rsot · #11 04-01-2011

Personal and side business - keeping funds separate for tracking purposes /used.