Running multiple ebay/paypal accounts

[kockedoff]

Reading post from Sandy D in the other thread where she mentioned 500 ebay accounts she own.l was wondering how do u get funds transferred out of paypal ? I don't see how someone can have 500 bank accounts ...?


People here with 100+ accounts ..what do u do for bank accounts ?

[exxomscp]

It's all in the management. Most people on this forum aim to win; keeping their accounts going for as long as they can.
I create bank accounts only when I'm sure I need them and have the rest verified by VBA sometimes..
Most of the people on this board probably have a handfull of multiple EB accounts active, but way more in reserve.
I assume Sandy D is speaking of 500 reserve. Having multiple accounts active as well as ready ensures to maximize income.
It doesn't necessarily mean that those 500 entirely are all being used at this moment, but it never hurts to prepare things in advance.

[pokerpro]

Well....it may blow your mind....but 100 bank accounts is no big deal....I've opened 30 over 12 months without trying real hard...I could have easily done 100.....so, I don't know what's hard to believe about it? And these are real, walk in bank accounts, not VBA.

[Callidus]

Originally Posted by pokerpro

Well....it may blow your mind....but 100 bank accounts is no big deal....I've opened 30 over 12 months without trying real hard...I could have easily done 100.....so, I don't know what's hard to believe about it? And these are real, walk in bank accounts, not VBA.

Definately couldn't do that in the UK, would have someone knocking at your door lol

[kockedoff]

Any time you open account with any bank they run you social thru chexsystems, there must be flags raising if they see so many accounts ...

[Erik_]

Only someone who actually has 50+ bank accounts will be accurately be able to answer this. But I think many users actually have sub accounts.

With my local bank I can have 1 main bank account with up to 5 (I think) sub accounts with separate bank account numbers.

If I don't use the sub accounts the bank sometimes asks me to close the account, but don't force you to do so.

From another thread:

ANZ is my favourite. You can have practically as many 'Online saver accounts' as you wish. Just say your saving for different goals etc.

[keepongoing]

most banks only cover up to 100,000 federally insured. and no tons of accounts is no big deal. Most businesses need many accounts for different business tasks.

also a millionaire would have to spread funds at different institutions to make sure he was covered but he would probably have his money invested somewhere.

tons of accounts is not a big deal, trust me I know from experience. 500-1000 might be a little on the high side. but if you had a couple spread out all over the banks available it would probably not be a huge deal

[pokerpro]

I'm pretty sure, if you have already have an account at Bank A , when you open another they don't bother to run you thru anything, like chexsystems.....From my experience, it's much quicker to open account 2 thru whatever, than it was #1....And red flags with who?...checksystems?....My guess is there's lots more people than the "crowd" thinks with tons of checking accounts....

[kockedoff]

What is approx number of accounts you guys have ? I got 13

chexsystems do put a fraud flag on your social if any bank report suspension activity.

[MM78]

Some info should remain "anonymous" and the number of bank accounts falls in that category.

[rsot]

Bank accounts...purchases...ordering...payments...many options

[pokerpro]

Well, sure they'll put a flag for fraudulent activity!! Whether it's 1 account of 1,000. Fraud is fraud...that has nothing to do with quantity??? There is nothing fraudulent about opening a checking account.....or do you think there is??

[rsot]

OP was assuming that for 100s of accounts...you need 100s of bank accounts - which is difficult to get indeed

[corleone]

This stuff's been asked so many times, you can search and board and see the responses for this question.

You can either get some bank accounts, or learn creative ways to send the money to either a vendor, or someone we might say is sympathetic to your cause. There's lots of ways to do it but you won't find those methods shared on any open forum, I won't reveal mine and I hope that others who have similar techniques would never share them with the public.

[yankee]

Originally Posted by kockedoff

Any time you open account with any bank they run you social thru chexsystems, there must be flags raising if they see so many accounts ...

Why? What flags? By who?

[kockedoff]

Originally Posted by yankee

Why? What flags? By who?

chexsystems

ChexSystems is classified as a consumer credit reporting agency, and as such it serves as a way for banks to identify customers who have a history of fraudulent or abusive behavior with checking accounts.

[kockedoff]

Originally Posted by corleone

This stuff's been asked so many times, you can search and board and see the responses for this question.

You can either get some bank accounts, or learn creative ways to send the money to either a vendor, or someone we might say is sympathetic to your cause. There's lots of ways to do it but you won't find those methods shared on any open forum, I won't reveal mine and I hope that others who have similar techniques would never share them with the public.

That's good info, but you are suppose to link your bank and confirm paypal for ebay now

[yankee]

Originally Posted by kockedoff

chexsystems

ChexSystems is classified as a consumer credit reporting agency, and as such it serves as a way for banks to identify customers who have a history of fraudulent or abusive behavior with checking accounts.

Again, For What? By Who? What is there to report?

To sum it up, NO. You are NOT abusing anything and doing nothing illegal. Now leave an account with a negative balance for extended period of time and yes you will have a problem with ChexSystems. Write fraudulent checks and yea, you are going to have a problem. Have accounts closed for breaking bank policies and yea you are going to have a hard time opening another account at a new bank who runs a ChexSystem history. Quite simply, don't do stupid things or commit fraud.

[pokerpro]

Amen...Some people are so trapped by "the box" thinking, they can't grasp anything outside of it.

[Laritha]

Originally Posted by Callidus

Definately couldn't do that in the UK, would have someone knocking at your door lol

The USA too.

[corleone]

Originally Posted by kockedoff

That's good info, but you are suppose to link your bank and confirm paypal for ebay now

I haven't been on these forums as often in the last few months, so it's possible things have changed and others have had issues, but I have several hundred accounts without bank accounts attached and have never been required to add one unless I chose to on my own.

[jeffweico]

Chexsystems is sort of a credit bureau for the banks. They simply collect and report information. How each bank interprets that information is up to them. Mostly, banks want to see that you have not left another bank holding the bag for overdrawn accounts. And not every bank uses Chexsystems.

Some banks won't do business with you if they see you have more than 2 accounts open. Others could care less if you have 500 accounts. It is all up to the individual banks.

And regarding FDIC insurance, that is simply a government insurance program that guarantees each depositor that their money - up to $250,000 - will be replaced should the bank go under. It was created in response to the bank failures during the Great Depression, where many depositors lost money when panic set in and everyone started withdrawing their money from banks.

If you happen to need more than $250,000 of coverage, there are private insurers that will cover you. Sometimes the banks themselves will carry such insurance, to assure their wealthier customers their money is safe. Other times, the insurance may be arranged for by the depositor.

Generally speaking, multiple bank accounts in the USA are no problem - they are relatively easy to open. In some other countries, such as the UK, opening multiple accounts can be difficult. But there are always workarounds.