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Do I really need a bank account?
 

Hello, first time poster :)

I have read the stealth book, been reading the forums, even got a tracfone and vanilla visa and got those working, IP is no problem.

But in reading the forums it seems most folks are high volume sellers, I am just wanting to sell 20 or so records a month and I use the money made to buy more records off ebay so I never transfer to my bank account, so the question is if I create 2 stealh's and sell 10/month on them should I be okay with just the vanilla visa?

Thanks

VDR

Re: Do I really need a bank account?
 

Personally, I have never used Vanilla Visa to withdraw funds out of Paypal. I guess as long as it has a bank account number and routing number like other prepaid cards do then you may not need a bank account. If it doesn't have a bank account and routing then yes you will need a bank account, otherwise, you wont have a way to get the money out of paypal to buy more inventory. :)

Re: Do I really need a bank account?
 

I would not withdraw the funds, I would bid on ebay auctions and pay with the funds in the account

Re: Do I really need a bank account?
 

For just buying, you can get by ok without adding the bank account - but the bank account does help for security of the account

Re: Do I really need a bank account?
 

WOuld a VBA suffice in that role or do I need go full blown account

Re: Do I really need a bank account?
 

Most people here do not buy from eBay, and would like to withdraw the money from PayPal. Paypal is notorious for freezing funds when the account is restricted.

What is the purpose of selling on eBay if you do not want to make some money?

Re: Do I really need a bank account?
 

The point is to acquire records I can't find in record stores, I buy them, record them, flip them, buy more, keeps the hobby off the family financial radar

Re: Do I really need a bank account?
 

If your only buying and reselling the items....and don't plan to withdraw to bank then a VBA will be just fine.

Re: Do I really need a bank account?
 

a VBA would work for you, just make sure to at least add a VBA before purchasing anything with the paypal account. Otherwise higher chance of having funds frozen

Re: Do I really need a bank account?
 

Yes - just make SURE you dont 1) upload funds from the bank account because it will fail and 2) dont withdraw to the bank account (for the same reason)

Re: Do I really need a bank account?
 

Adding a vba make an account appear more solid and trustworthy.

Just make sure you do not use a VBA for anything as it cannot be used for the purpose of what you want to do.