Juggling 30 plus accounts Q&A

[UnderBites08]

I have 13 accounts running selling low risk or low priced items for a year now. I have 5 bank accounts open with Bank of America. I have only one account with a bank attached to a Pay Pal.

I am wondering what is the best strategy to use to get the profits out of these accounts. Should I open 8 more Bank accounts with Bank of america and attach them? and just do small withdrawals with a phone attached?

Will Bank of America be okay with this many accounts all receiving withdrawals in different names?

Or should I use the send money for a "service" and keep my number of bank accounts open down? I know this a long ass post but this ? is for the more advance guys that do this with more accounts!

[jeffweico]

You might try to spread the accounts out over different banks. Sure, more than one account per bank is OK, but to have 13 at one bank could easily red flag you.

[baloch]

yea it has been said by the GreenBean as well I believe that you should have no more than 5 accounts at one bank.

the send money for a service could get the payments put under review/held/opencase as it has done to me in the past for either multiple small amounts or one large amount.

Either open more accounts at other banks such as Capitalone or save the money coming in to each paypal and buy something to sell ofline without losing to much money.

[Gamefreak]

Spend the money on packaging and other things that you need to operate your business.

They are too many banks to not be able to have the amount of accounts you need.

BOA, CHASE, CAPITAL ONE, WELLS FARGO, ALLY, CITIZENS, FARMERS just to name a feww popular ones.

[Omgoozle]

What are the consequences of a red flag?

[jamblix]

A few accounts at different banks is your answer as stated above. Wells Fargo is good for stealth too, they charge a little for checking accounts but it's worth it to have a nice safe place to deposit money into.

If you're in chexsystems, there are plenty of banks that will accept you regardless with a little research. Trust you can have tons of bank accounts, I'm sure we're not the only group or business that needs multiple bank accounts.

[jeffweico]

Originally Posted by Omgoozle

What are the consequences of a red flag?

It depends on the bank and the circumstances. But, generally speaking, it means that a human being is going to investigate your accounts. And then, anything can happen.

The whole idea of stealth is to avoid that. Appear to be completely normal, nothing out of the ordinary. Automation is your friend!

[Sandy D]

I am running 13 accounts as of today but have been up to 20 in the last week or so.

I have those spread out over several banks and never go over 4-5 at any one bank.

Someone asked what would happened if you do more. 2+ years ago I did, I had 10 accounts at one bank and when someone caught 10 different names coming into the account they shut them all down. Thank goodness I got my money but someone here lost all their money when Ally shut them down and asked the person to provide some ID or something to get the money.

Risky, no way would I want to risk my hard earned money by doing something like this when you can spread it out over many banks.

[UnderBites08]

Really making and running 30 plus accounts is pretty much cake once you get the method down. Its the banks and withdrawing method that seems to be the science.

[Sandy D]

Originally Posted by UnderBites08

Really making and running 30 plus accounts is pretty much cake once you get the method down. Its the banks and withdrawing method that seems to be the science.

You are correct.

Banking is one of the hardest things but once you get lined up with the banks it becomes easier to open new accounts.

[GreenBean]

Originally Posted by UnderBites08

Really making and running 30 plus accounts is pretty much cake once you get the method down. Its the banks and withdrawing method that seems to be the science.

Agreed.
If you are walking the walk, and not talking the talk, banks are not such an obstacle.

[UnderBites08]

Originally Posted by GreenBean™

Agreed.
If you are walking the walk, and not talking the talk, banks are not such an obstacle.

Its not that I cant be done, cause obviously it is being done. I just would like some pointers on how to handle 30 plus bank accounts. Or is there a better method like sending to off Ebay Pay Pals.

[Roscoe]

Originally Posted by UnderBites08

Really making and running 30 plus accounts is pretty much cake once you get the method down.

Its the banks and withdrawing method that seems to be the science.

I am in the process of starting to open 30 accounts. I now realize it will take 7 different banks to accomplish this. I can only imagine what the mailman will think?

I need to get these stealth accounts and bank accounts opened first, then I can worry about withdrawing later.

[GreenBean]

Originally Posted by Roscoe

I am in the process of starting to open 30 accounts. I now realize it will take 7 different banks to accomplish this. I can only imagine what the mailman will think?

I need to get these stealth accounts and bank accounts opened first, then I can worry about withdrawing later.

Are you just hell bent on your own way?

[Roscoe]

Originally Posted by GreenBean™

Are you just hell bent on your own way?

I'm going to log off now GreenBean. I must be saying something wrong because I respect your advice.

I'll take a 6 hour break and come back.

Roscoe

[rayraymond1218]

I am experiencing the same problem too. I have 100 accounts selling on ebay, only 8 paypal can do the withdraw and I am thinking there is no way I can get 100 bank accounts or reloadable cards?

[Roscoe]

100 accounts on eBay, sounds like a nightmare to me.

Why only 8 PP accounts?

I guess my next question would be, why create 100 eBay accounts if you have no plan to open 100 bank accounts?

[yotano211]

Originally Posted by Roscoe

I am in the process of starting to open 30 accounts. I now realize it will take 7 different banks to accomplish this. I can only imagine what the mailman will think?

I need to get these stealth accounts and bank accounts opened first, then I can worry about withdrawing later.

Dont worry about what the mailman thinks. Most of them listen to radio or music when working. And besides you can op out of psychical mail from any bank. Have all your bank statements come to you electronically, email.

There is ways to have 10 accounts per bank but under different company names. hehehe

[Roscoe]

Originally Posted by yotano211

Dont worry about what the mailman thinks. Most of them listen to radio or music when working. And besides you can op out of psychical mail from any bank. Have all your bank statements come to you electronically, email.

There is ways to have 10 accounts per bank but under different company names. hehehe

I'm going to stick to 4 accounts per bank. I'm very conservative and don't like taking any unnecessary risk.

I'm going to make as many Paperless trails and I can, more Stealth, lol.

Thanks.

[nammage]

I am also undergoing the process of juggling 30 accounts. My approach so far was to locate 5 local banks or credit union. I open 1 checking and 5 savings on each of the local bank or credit union (giving total of 30). If they ever ask why I need so many savings I label it is for each person in my household (kids/brother/sisters/etc.) I then linked each Paypal account to a bank account and withdraw when necessary. All my accounts are paperless so I don't receive too many mail or anything and I don't necessary have to talk to a Banker or anyone to open my accounts. When I need money I just withdraw using the ATM. I love going stealth!

[Roscoe]

Originally Posted by nammage

I am also undergoing the process of juggling 30 accounts. My approach so far was to locate 5 local banks or credit union.

I open 1 checking and 5 savings on each of the local bank or credit union (giving total of 30).

If they ever ask why I need so many savings I label it is for each person in my household (kids/brother/sisters/etc.) I then linked each Paypal account to a bank account and withdraw when necessary. All my accounts are paperless so I don't receive too many mail or anything and I don't necessary have to talk to a Banker or anyone to open my accounts. When I need money I just withdraw using the ATM. I love going stealth!

I'm staying far away from Savings Accounts. From the info I've gathered here you need Direct Deposit and Direct Debit (DD).

I know Direct Debit causes problems at many banks.

I don't want to spend all this time creating Stealth accounts only to have them taken away because I used a Savings account.

[yotano211]

Originally Posted by Roscoe

I'm going to stick to 4 accounts per bank. I'm very conservative and don't like taking any unnecessary risk.

I'm going to make as many Paperless trails and I can, more Stealth, lol.

Thanks.

If you plan to make lots of paperless trails then you need more lawyers and less stealth.

1 search warranty to the bank is all it requires.