Forum

How many withdraws is safe so Banks dont close your account?
 

Just a question guys.. i went to Bank of America today..
I was bad with Chexsystem a while back, so i need an approval basically from management (i'll see monday)
(one thing that sucks is im not working any more and a good requirement to be approved she said is to have direct deposits coming in, Wondering if i tell them hey i have 1k to open the account would that help approve it?)

BUT heres the thing..while i was talking to the lady.. i asked what type of accounts do you guys have.. she asked questions what will i be using it for etc..
and i told her just need an account basically online and atm use basically
now she asked where i work..
i told her self employed(was this a bad thing?)
she asked like what..i said ebay, sell online ecommerce..

just happens that her daughter sells on ebay and knows how it works etc..(dont think she knows about stealth)

But one question kind of stuck out ALOT she kept asking this
"How many deposits online will you be making?"
I said 5-10ish
She warned that because if they see too much, they could close the account

she also suggested a sole proprietorship account with them.. i dont have a business registered or anything.. anyone have experience with this? or suggestions about either

*BTW i already tried searching and havent had much luck
i know what good banks are good to use, havent tried all of them...
BUT because of what she said (the approval)
im kind of sure MOST banks are going to say the same thing...

Experts answers would be highly appreciated :):pop2:

LOL you too paranoid my friend relax.

If you where approved by BOA, yea just relax abit and take a nice swim in that warm ocean near you. I got denied at BOA cuz of chexsytems. But i got approved at Captial One and some credit unions, and i still owe US Bank some money too. I will pay them off some.

With each credit union bank that i have i also opened an investment account with them. So ask them if they have a 401k or a brokeage account. I worked at Morgan Stanley for 4 yeas so i know BOA has a brokeage firm or a sub wing that deals with trading stocks. Open a account with them, but only put the bare min. inside to keep them happy. Don't do any stock trades if you want or not into that, just leave the money in there.
The thing is to open many different types of accounts. Build a nice cosy relationship with them and you can make more withdraws in the future.

Oh and i forgot to add, i try to keep withdraws from paypal around 4-6 per month to credit unions.

I use Boa and make paypal transfers just about every day no problem, don't see why it would be a problem, unless your transfers are way up in the thousands, just a few hundred shouldn't be a problem.

Well i wasn't approved because i WAS bad in the chexsystem..about a yr ago.. its all paid off already, but i still gotta get an approval by someone higher..
the bank representative said one of the requirements would be a direct deposit...which i dont have.. i quit my job :)
was making wayyy more money on ebay :):amen:

Yea i know thats not a problem, but question is how many is too many.. dont want them closing my account..
what if i was to say.. taking out $100~250 3 times/week

im with Jbluntz, I deposit every day or so. ALL my income goes into BOA and never heard of any issue. If they make you do a sole Prop. Then do it. Y ou are a business anyway right? if you sell online you are.

yea i was thinking about that also.. for that however.. do i need anything special? any tips on how it all works and it breaks down to?
kind of a newb at that section...

(I feel SO much better after my rant.)

Right, you say you have some funds? say it is $1000, give them $800 at the most. Keep the rest away from them.

Make a plan to show BoA that you intend doing ecommerce.
You are filing for an EIN/LLC or will happily take out their sole thingy to use their services.

You guestimate earnings will be at say $370 weekly for some time. As the business improves, there will be larger amounts being received. At 1st withdrawals will not be of high amounts but would increase. You expect to be in contact with the bank yada yada yada. (And if I was that teller's manager I would be well peeved at what she said.) Mostly banks try to get the customer & their monies B4 telling them they might be limited to how they much they can withdraw.:amen:

Like I just said in the previous post I withdraw just about every day a few hundred at a time so yeah that's alot more than this: taking out $100~250 3 times/week. I usually takeout about $500 at a time, sometimes twice a day even, do the same with Greendot even.

Yeah, what she said but with a bunch of smilies and those "laughing out loud" symbols. :peace:

Thats really good thinking.. never thought of throwing a business proposal..
I dont have any idea on how to file for an EIN/LCC..(gonna be asking a close tax person on help on this)
but would it really be necessary to open up one or is it just a bluff

and to what i remember..
she said deposits would have to be under my last name.. like...
Greenbean

Beansproutsinc/lcc or w.e.
i dont know maybe i'm over thinking it too much
is it because of prior bad experiences that they are going to be watching my accounts closely or something...
or would the business plan "override" that

I don't know why you would that lady even ask SO MANY DANR QUESTONS! ITS NONE OF HER BUSINESS!

yea felt like i was applying for a job smh
Im going to another branch on monday :doh:

I opened an online account ( or atm account something like that but its for people who deal with online and ATM stuff ) with BOA, get like 25k deposits a month ( about 3 deposits a week ) from amazon. Been so for the last 5 months or so no problems at all.

I told them what it was for ( I sell on amazon ) they never mentioned any of that stuff they told you so maybe different states have different rules?

Do you keep Numbers active on these pay pal accounts just incase the phone rings?

Not on these, they never call, my paypals are old and established, on new accounts I usually put an active number when making a first withdrawel but even then I've never recieved a call.

Its not realllllly necessary BUT
i've had it happen when i make a withdraw or just a normal day... they could call for either updates or just to TALK basically and i've missed the call and 2 minutes later.. i get an email.. account has been limited!:doh: