How often do you open and close bank accounts?

[skyichigo]

Just wondering for your ebay purposes, as we all know, once you received 1000$ in PP account in AU, you need to submit info to PP as it is part of anti money laundering procedure.

So soon or later once you reach 1000$, you need to dispose the PP account associated...

Then , you need to go to bank, tell them to close the account for you and reopen new one, said if I keep doing this "open and close" bank accounts with 1 bank, is "2 weeks cool down after I close the bank account and then reopen new account" counted as okay or I need longer time before I can open new one with the bank?

As I got banned before from 1 bank , they said my behavior is not right, I told them I got problem with my PP..

[jbluntz]

I don't understand why you would need to open and close that many banks, does your paypal not come with the send or request money feature? If so that would make sense, if not then I'm lost.

[skyichigo]

I tried that feature before but then, see. all PP without bank account will got high chance for limitation , and "send and request" feature mostly ended up with limitation on both PP.

Eventually you will need bank account with every single PP you used, and other members has recommended using Bank withdrawal most of the time.. as its better and less risk for limitation.

[jbluntz]

I've been doing it for a year now still have the same paypal with same bank, you can purchase VBA's if they request you need to get verified, hardly happens for me though, depends on what you sell I guess.

[rsot]

You can't do this too many times with 1 bank before they decide to let you go. 2 weeks in way too short of a span.

[skyichigo]

@jbluntz. I dont know where can I get VBA in Aus... Any recommendation?

@rsot : then how long do you think its ok? 1 month?then re open new one?

[GreenBean]

Banks have a record of all accounts opened and closed kept for years.

So if you go back again, they will 'know' you closed an account.

At some stage the bank will ask why you are doing what you are doing. Do not expect that a bank will allow you to re-open an account.

You can tell the bank whatever story you like, but a bank does not need to let you use them

[skyichigo]

But what I can see if everyone recommended to do like this, using bank account for withdrawal and then when you got stuck/limitation , you just go with new account and new bank account.. Except there is any better solutions.

[GreenBean]

What you said in your OP is that you are going to throw away your paypal because of anti-money laundering. You volunteered you were going to close the account of your own free will. You then asked how soon B4 you can re-open a bank account at the same bank.

My advice stands. rsot's advice will stand. They can confrim that. Or maybe not.

You are facing the chance of NOT being able to use a bank in Australia. If you already have been marked as deliquent, that is a strong possbility.

[skyichigo]

As if you don't send them any info , they will limit your account, isn't it right? so in other way, it get limited cause the "anti money laundering" policy.. and you need to dispose it sooner or later

Then if it is not possible, what is other way you can withdraw from PP? PM?

[rsot]

You could pull it off with one per month but only if you do a lot of OTHER services with the bank. Place money in investments, make a business account, get a loan...you have to become a part of the bank - talk to the manager...network.

As for withdrawing from pp, have you searched the forums? A lot of neat ideas exist.

[oompaloompa]

never closed a single one

[livelifewild]

I dont know if this is true. . but you get less attention if you open one or two checkings then just do SAVINGS accounts after that. Most banks dont care too much on how many savings you use or how often you close them. The checkings are the ones that get the most attention..
Also a few times its worked for me...i do a few savings open my accounts and usually say 1 in 3 will get suspended/limited or whatever so I close everything. Just call my bank and say I was trying to open two accounts and somehow accidentally opened 3. They never say anything hope that helps a little and please if Im wrong let me know!!
I dont wanna go to jail lol!

[rsot]

@livelifewild - that is true about savings because 1) bank gets more fees if you decide to withdraw so 2) the incentive is for you to park your cash - valid light point.

Your idea about accidental stuff can work ha but not over and over.

[GreenBean]

Originally Posted by livelifewild

. Just call my bank and say I was trying to open two accounts and somehow accidentally opened 3. They never say anything hope that helps a little and please if Im wrong let me know!!
I dont wanna go to jail lol!

Jail,no? But a note on your credit file, potentially. NOT a sound practise so be careful of doing it.

[no_rat_race_for_me_thx]

still not *getting* it ...

what, aside from bank-hopping, are eb@yers doing to withdraw funds ? is this another closely-held stonecutters' society secret ??? lol

[livelifewild]

Originally Posted by GreenBean™

Jail,no? But a note on your credit file, potentially. NOT a sound practise so be careful of doing it.

ya it was making me alittle nervous, I only did it twice.
I just dont know what else to use but the basic checking/savings account. Is there another way to get the money without a bank account....open close open close merry go round?

I am also exagerrating a tad, I do several eb/pp accounts at a time maybe 5 or so...and they last fine. Most close to a year or over. So really its about a once every 9-12 month thing that I have to close about 4-5 bank accounts and then open more. I currently have 15 bank accounts....not all in use obviously I really need to get on that and shut some. Its just so impossible to keep track of them all!

[skyichigo]

I did few last time until one of the guy from head office ring me and said they no longer want to do business with me. Ask me to come to the branch, ask me to withdraw all my money and close all my accounts. I passed the "nervous session" but don't think I want to redo it..

[Gamefreak]

I try not to close more than 4 a year... bank guy told me not to at least..

[GreenBean]

Originally Posted by no_rat_race_for_me_thx

still not *getting* it ...

what, aside from bank-hopping, are eb@yers doing to withdraw funds ? is this another closely-held stonecutters' society secret ??? lol

Sit down a moment and have a BIG surprise.

Some ebayers manage to not need to shut bank accounts because of problems with paypal.

It's almost miraculous. But an ebay account run well need not close the bank part of their business. How's that for simplicity?

Cheers

[smellybelly]

lol @ opening closing opening closing opening closing bank accounts...


if you are gonna do something extreme like that, just leave those account and open new accounts?

or if you have a card from those old bank accounts linkd to paypal cancel the cards so paypal cant take money out or wotever...

[skyichigo]

so removing bank accounts from PayPal will make PP unable to withdraw anything from the bank? said I got dispute for VERO item or cause ebay after me for fees and make it negative balance.