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Want to open about 60 boa accounts. Any potential problems with this?
 

I've spent the last month making a boat load of ebay accounts with verified paypal accounts. All accounts are less than 90 days. I'm selling slow cheap stuff ( about 1-2 items per account so far)

No banned or suspended accounts yet. I will prob start selling hard on these accounts late march/ early April. However , of course I want to plan my cash out strategy.

I have a few bank if America accounts now that I use with stealth. I want to go to my local boa and open about 8-10 accounts per week. Until I reach 100 boa accounts.

Will this raise any red flag? Can an individual open this many account? I don't know any other method to cash out beside this.

Any suggestion would be highly helpful. Thanks :)

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

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).

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Explore other banks. Luckily for you, the US has many banks that work well with stealth.

You're putting all eggs in one basket with your proposal...literally. What happens when you trip a flag and BoA freezes your accounts?

Diversify!

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Try spreading the 100 bank account across 20+ banks.

Try to take your time opening the banks as well.

100 with one bank will at the very least raise eye brows.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

There's more methods to get money out of your stealth paypal account w/o using a bank account.

Unfortunately the really good methods are usually safe-guarded by those who use them out of fear of them not working down the line. =/

The current widespread methods that are not seen as high risk (at the moment) are obtaining prepaid debit cards that comes with a routing and account number for direct deposits and buying items with your stealth account then reselling on a account you have bank access on.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

I wouldn't be at all surprised if you didn't have at least a half a dozen federal agencies banging on your front door. Homeland security being the 1st.

I mean really who does that? 60 accounts, uuuhhh, nobody! How would you answer if even 1 person were to ask what you were doing?

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

@joesshoez

Doesn't corleone and sandy d have over 100 bank a accts?

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

She has over 100 Ebay/PP accounts....I don't believe she ever said over 100 bank accounts.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Highly doubt it.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

It wouldn't surprise me if Sandy D had 100 bank accounts, but I would be SHOCKED if they were all with the same bank. I have no idea about Corleone.

Bank accounts in the USA are easy to obtain. B of A and Chase both work for stealth. So do many smaller banks. And multiple accounts are NORMAL up to a certain point. You could have a checking account, savings account, real estate account, Christmas account, college fund, etc. But NOT 60 accounts.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

@jeffweico,

By 60 accounts, you mean by one bank right? The part where you said "But NOT 60 accounts."

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

At this point, looks like opening 8-10 accounts per banks sounds like the safer alternative. I'll go talk to a few bankers tomorrow and see what they know about this.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

brownsauce215 I would be very curious to know this. Thank you please keep us posted.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

If you open around 6 bank accounts at 10 different banks, i can see that happening. But there are too many things to consider. Like money flow, account types and what they are used for.

But like others have said, TOO many flags.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Right. You start with one account at a bank and then open others. Once the first account is established, there are usually no problems opening more.

If I wanted to have 60 accounts, I would probably be using 10 banks. Possibly also some prepaid credit cards with a bank account attached, although those are not as good as a real bank account.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Haha, no joke. That many accounts in general is risky. At one single bank you must be insane. I mean even having like 4 accts each at 5 different banks seems like lots to me.

Sorry but 100 bank accounts at a single place. Can't help stupid.

IRS, Homeland Security, and god knows who else. Probably the State Tax agency's for wherever you are.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

And spread out the opening times too - not all at one shot

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

This is hands-down one of the dumbest questions I've ever seen on these boards.

You need to stop everything you're doing right now because you are horribly uninformed about a potentially dangerous situation. If you don't, please be sure to hit Enter on your keyboard to send us your last message before the FBI tazes you at your computer desk so we know exactly how it ended up for you.

To understand the situation you need to look at this from the banker's perspective. Excuse my realistic racism but if you are of any kind of ethnic group whatsoever, or if you are poor, or if you are a new customer to the bank and you try to pull this sh!t at a bank I'd be surprised if you make it back to your car without a new pair of metal bracelets.

You need to look into KYC banking laws. Look into the SEC rules and regulations that are the backbone of security in the banking industry.

I am surprised and a little disturbed at the passive voice you're hearing from other experienced members of this community but I have no problem telling you that you are treading a very thin line that you (a) obviously know nothing about and (b) don't want to be on.

-----------------------------

Go into a bank. Open a checking account. A few days or weeks later go back and open a few savings accounts. Be ready with a good reason why you need these. They will ask.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Omgoozle do you have any supporting facts for us please? I am sure every one will appreciate this. Because I have the same personal banker at the 2 banks I use & they are always happy to have me open another acct. No questions ever more than twice at same banks in person. I opened my others online and never a question & it's available to use the next day as long as I fund it.
Please understand I am asking because I want to know why you wrote what you did about banking regs. and not confrontational at all. I learned at a young and tender age you don't mess with the Fed & am ignorant about banking laws let alone SEC.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Let me google that for you

Bankers are often paid on commission in one way or another, it depends on the bank. Two examples I know for sure are that Chase bank pays their bankers a set amount per account opened (payments vary by type of account), while Citi has some kind of "life-time customer" payout where the banker gets a higher commission if the customer adds "sticky" services such as Direct Deposit, or an IRA, etc.

Because bankers are paid on commission, they will rarely turn down a sale.
I used to date a Chase banker, and they have a step-based commission system. An opened checking account is worth 2-3 points depending on the amount of the initial deposit. An approved credit card is worth 8-9 points, or 12 if there is an annual fee. The commission system is set up so that if a banker earns between 80-100 points they will get X% commission, but if they earn 101-200 points they will get Y% commission, with Y > X. There were a few times in our relationship that my banker girlfriend would call me on the 30th or 31st and tell me I needed to go in and open a CC with her to put her over the next step for her commissions.

It's not the bankers you need to worry about. It's the people on the back-end who do internal compliance reviews. Since Enron and 9/11, internal bank due diligence requirements have only gotten more and more strict. The bankers will usually let you do whatever you want since they're getting paid for it. It is literally their job to wear a suit, sit in a seat, and take your money.

However, if something as obvious as this comes through the system they are required to react in a certain way, or be implicated as an accomplice themselves. They are required to fill out a suspicious activity form which rates severity and goes through several internal steps and eventually lands in the hands of Homeland Security.


edit -

http://www.cov.com/files/Publication...3e727b/747.pdf

I think these are the supporting facts you're looking for.


edit#2 - I don't know why but the above link is taking me down to the last page of the document. This is not intentional. Start reading from page 1.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

I would open accounts and banks that do not use credit checks.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Literally illegal to do after the Patriot Act. One or two maybe, for travelers or foreign students who have proof of college enrollment. But on this scale it's impossible.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

What a bunch of over-exaggerated nonsense.

It is not against the law to open that many accounts at one bank. As Joe mentioned there is no supporting facts to your rant. This is because (a) you don't know what you are talking about and (b) there are no facts to support your BS. If the Op goes to a bank and says he wants to open 60 accounts most likely the banker will just say no. No dragging out in handcuffs or a visit from homeland security or the FBI.

If you would have simply said this is not wise, I would have agreed with you. It would make a banker a bit nervous because it looks excessive and suspicious. It is more then likely against BOAs policy to open that many at a time per person.

While I would never recommend trying to open more then 5 bank accounts at a time. It is definitely possible to have several dozen accounts at a bank without raising an eyebrow. There are certain things you can do that will virtually eliminate risk of suspicion at the bank and will make having that many accounts even seem perfectly reasonable. However even then, you don't want to have all your eggs in one basket. Diversify your bank accounts.

While you are right that bankers are paid commission for account openings (sales), they are still responsible for applying good judgement if they want to keep there job. Can a car salesman sell 60 cars to one person on the same day just because he wants the commission?

Also Omgoozle, whats with bringing race into this. This situation has nothing to do with race what-so-ever. People who bring race into things that have nothing to do with race and allege discrimination where there are many much more logical explanations for an action are just plain ignorant.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Suspicious activity report - Wikipedia, the free encyclopedia

Lots of asking for proof, yet I'm the only one posting any.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

No one is asking for proof because you can't prove something that isn't true. SARs and CTRs have nothing to do with amount of accounts they have to do with cash deposit amounts. SARs are voluntary reports usually starting at 3K and CTRs are mandatory starting @ 10K. But again nothing to do with bank account volume.

Also credit checks are not mandatory either. Under the patriot act they just have to verify your identity. There are many ways to do this including DMV records, public record checks, chex/telechex pulls, soft non-credit check credit pulls.

You clearly don't know what you are talking about so end the foolishness, Omgoozle.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Not illegal.

Many backs do not do credit checks only for their own reasons. Mainly because it cost them money etc.

Many banks operate with only using Cheq systems etc. and do not pull credit reports.

Banks are to report any suspicious activity and they are now forced to check into a persons ID etc before opening any bank account.


No one should be opening multiple banks in a short period of time.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

I started using CapitalOne360 (formerly ING which was recommended in the sticky) and it works good. No minimum balance, no monthly fees, free debit card (you don't have to pay fees to use ATM) and you can keep opening more and more accounts on your one account and use the same debit card for all of them. They are also doing $50 free into each account you open if you do 5 transactions in the first 45 days which is nice ;)

Its capitalone360.com, do a checking for the free $50 or a savings if you want but they wont credit you with a free $50 in the savings unless you open it with a big deposit. If you wanna use my referral link ( https://r.capitalone360.com/MwskGLnPwC ) they will also credit you an extra $25 for being referred, and me as well ;) ).

These do work with stealth accounts, name match doesn't matter I have been using them since early Fall. Another big plus for doing large #s of accounts is its all automated and online, no bankers to talk to and pressure u into depositing chunks of cash up front or paperwork to fill out.

Beyond that I also used to use Wells Fargo and had no issues there, the only downside is if you want to open like 20 accounts they will be like WTF are you doing and its a lot of hassle especially if the accounts are not high volume. If you're only looking for 1 or 2 or 3 accounts then doing like 1 savings and 2 checking via Wells Fargo will work fine.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Sounds great ti'll have to give it a go. I can vouch for Wells Fargo, I have 5 accounts all mismatched names for about a year, no issues.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

I am surprised that nobody has brought up the subject of 60 accts. having monthly fees x60?

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

I did bring it up in my post a couple of posts up if you look ;). My WF charges me $7/month per account. The capitalone360 has no monthly fees or minimum balances. You're going to have a hard time finding a brick and mortar bank that doesn't charge monthly fees these days. 60x7 = $420 = ouch :rip:

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Gotta pay to play....If 60 accounts is what the OP needs then I'm sure they are willing to pay the fee's.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

okay, my bad. That's why this thread is getting ridiculous and I will unsub, bye!

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

FUNNY thread:shhh:

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

If you own a bank or largest shareholder only way I see bank letting you open 60 accounts.

Probably cost alot less than think do either at a very small bank.

So there is a way just not very likely way as if can afford to buy or be major stockholder of bank not likely to want that many accounts.

On Wells Fargo if get top account that cost $25 a month no fees on any other account have that is linked to it. Other major banks offer same at Chase there no fees on 8 other accounts if linked. Even regional banks offer it some throw in safety deposit box. Each state has different account types and fees so this info based what my state offers.

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

As funny as it was in 2014 when first opened
R
:pound:

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Also doable if you own a corporation with a main account and multiple sub accounts but there are fees and such

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

hehe throwback time on aspkin forum LEGO:clap:

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Just to be responsible here so that someone who doesnt get the throwback doesnt shoot themselves in the foot - dont use capitol360. This has been posted several times as blacklisted for PP (which is odd since its one of their selections)

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Haha Funny thread! I wonder if the OP ever did it?

Re: Want to open about 60 boa accounts. Any potential problems with this?
 

Well, there are legit people out there who use them as actual banks with paypal.

Its just likely that it will cause a huge flag in the system and the owner of the paypal will have to call in to confirm that they are 'real'

Certain BOA numbers are on the trigger block as well, but paypal would loose a HUGE chunk of revenue if they blocked the entire bank.