Forum

Multiple bank accounts?
 

What are some of the harms of opening too many bank accounts?

The bank teller I spoke with said two things:

-Your credit score will go down
-Possible chance of government investigating into your business.

What do you all think?

Credit Score does not go down unless you go delinquent. I would spread over several banks and not all in the same month. Chance of govt. investigating is always there.

Sounds like the teller pulled some nonsense out of their ass... Some $10/hr bank teller doesn't know what they are talking about. I have 20+ bank accounts, most with the same bank. I know many people who have this same setup. My bank teller loves me. :) I've always just said that I need to keep my online businesses and revenue sources separate.

You can have as many as you want, its a free country. Just handle your business properly and do not do shady things.

Same thing I tell them... To most tellers its out of their league anyway... How I handle my business is my business.

I used to work as a property Manager and they had about 10 accounts for the one business. Imagine that spread via business allover and doesnt seem so suspicious.

If you want you can open a DBA for each account and the names will even match.

There are many legitimate reasons for having multiple accounts. Common uses are personal checking, personal savings, business checking and savings for EACH business you own, Christmas Club, tax account, building account, etc.

As for the government, you are unlikely to get their attention unless you are running very large amounts of money through them, committing fraud or tax evasion, etc.

There is nothing illegal about having multiple accounts if they are all in your name and ssn. If you lie to the bank, that is a different story.

Who in their right mind would listen to some underpaid TELLER give financial advice?
Of course if the teller's name was Fandango then it was merely a joke :smash:

Those statements are so broad they have give you an inaccurate picture.:ballchain:

Multiple accounts:
Bank of America, US Bank & Ally are some of the US banks that actively encourage customers to have more than one account. tbf list would be endless.

Banks understand that customers may set up systems to manage their own fiscal matters.

Correctly done where there is no breaking of regulations it's an accepted norm.

US government & legal officers are going to be involved where shady business practices exist. Nothing wrong with that. ;)

Credit score is a slightly different matter. Here's some info from a MSN documentary.
7 nasty credit myths that won't die - 1 - credit score - MSN Money

This WHOLE fiscal story has facts ad has myths. With a bit of careful research anyone can find what will work for them.
Hearsay from a bankteller is not the way. :rolleyes: