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

[brownsauce215]

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

[jeffweico]

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).

[An0nym0u$]

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!

[JamesNorth101]

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.

[Mitsu]

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.

[joesshooze]

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?

[glacier922]

@joesshoez

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

[MM78]

Originally Posted by glacier922

@joesshoez

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

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

[BiN4RY]

Originally Posted by glacier922

@mm78

But corleone does right?

Highly doubt it.

[jeffweico]

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.

[glacier922]

@jeffweico,

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

[brownsauce215]

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.

[joesshooze]

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

[BigCJ]

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.

[jeffweico]

Originally Posted by glacier922

@jeffweico,

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

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.

[vogeltron]

Originally Posted by joesshooze

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?

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.

[rsot]

Originally Posted by brownsauce215

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.

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

[Omgoozle]

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.

[joesshooze]

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.

[Omgoozle]

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.

[Kelly441]

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

[Omgoozle]

Originally Posted by Kelly441

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

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.