| mshamazon | 11-25-2015 03:44 AM |
Re: Want to open about 60 boa accounts. Any potential problems with this?
Quote:
Originally Posted by jeffweico
(Post 515579)
My personal rule of thumb is to open no more than 6 accounts at any one bank.
YES, opening a total of 100 bank accounts IS likely to raise a red flag at the bank. Every bank has a fraud department which looks at anything unusual that could be potentially risky for the bank. I think this would qualify.
B of A is good for stealth, but you have to keep the number of accounts and dollar amounts reasonable. One member here had their accounts closed after they tried to withdraw $16k. Others have had accounts closed after B of A realized they were taking in money under different names over multiple accounts (I think they had ten accounts).
| This risk can be minimized if you instead open a business account that comes with a certain number of checking accounts. I do this so I have 7-9 at a few banks that I also have credit cards with and do actual business with them. It's normal for a business to accept deposits in other people's names (think about how many times you've written your property tax to "Jimmy Balton, Tax Collector").
More than just fraud - banks want to make MONEY. And if you have a bunch of accounts that you keep no money in (constant withdraws) and have no cards/mortgates/etc - they'll just close you because you cost too much in maintenance. If you have a credit card with them and use your bank to pay your credit card - well that's a relationship they like. Etc | 
