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Bank accounts getting closed
 

I have not had an issue with banks up until this point. All in one week, TD, Ally, and USAA have closed or threatened to close my accounts unless business activity was ceased. Most were shut down. Some said because incoming payment names didnt match and others said its because i was using a non business account for business transactions. Anyone having issues lately?

Re: Bank accounts getting closed
 

how much are you generating through these banks?

Re: Bank accounts getting closed
 

About $500 -2K a week overall in each bank. All legit, all reported.

Re: Bank accounts getting closed
 

Ally are known for being a problematic bank.
Not sure about the other two. Thought TD was good. Might have something to do with the amount. $2k per week seems a bit high to be running on personal accounts.
have you thought about opening them as business accounts to avoid this sort of trouble?

Re: Bank accounts getting closed
 

Yea, it looks like that's what I am going to have to do. It's just a headache, the bank managers don't know their own business account requirements and I end up having to return several times with new information each time. I tried different branches, same story.

Re: Bank accounts getting closed
 

All those bank accounts? You need to have business accounts if the amount coming in is quite high - normal interpretation by some banks

Re: Bank accounts getting closed
 

It's usually the use of non business accounts that cause these issues. Same story here in the UK. Running amounts through personal accounts they hate it.

Re: Bank accounts getting closed
 

You can't use USAA for business purposes.

Re: Bank accounts getting closed
 

chase/boa/citi.

fixed.

Re: Bank accounts getting closed
 

With personal accounts?

Re: Bank accounts getting closed
 

BoA is a bit more loose.

Re: Bank accounts getting closed
 

Yea I had never had an issue with them before, haven't been using them as of lately though. You think I can get away with personal accounts dealing in those size transactions?

Re: Bank accounts getting closed
 

Yes, been doing it for years.

1-15k per account per month

Re: Bank accounts getting closed
 

Interesting, that's the first time I've seen this getting mentioned.
In terms of personal accounts, whats a healthy sum? Also, in terms of business the same "usual" banks are fine in UK I guess? Halifax, Natwest Barclays etc?

Re: Bank accounts getting closed
 

I agree with the others in that you need to start using these as business accounts. That way, the amounts won't trigger account closures. USAA and Ally are known to be problematic. I have not heard anything bad about TD bank, but there COULD be a new issue with them - at one time Ally was just fine with mismatched names - but things change.

The one thing that concerns me is this all happened in the space of a week. It COULD be just a coincidence, of course. However, I would be nervous if you were selling anything that you are not supposed to be selling. I'm NOT saying this to scare you - it is just that for all three banks to shut you down at the same time is very suspicious to me.

Re: Bank accounts getting closed
 

Nope everything's legitimate. Just an influx of new accounts being opened probably triggered a manual review. I have opened a bunch at once with BOA with no issues, this was the first time trying it in other banks.

Re: Bank accounts getting closed
 

Just a thought, but why cant we go into the bank as a legitimate business man and say we run a number of ebay shops and require 10 accounts to keep our shops separate.

I used to work in a bank and the high turnover businesses (not sole traders) had anything from 10 accounts to the big companies having dozens.

If you present yourself ok it can't be that difficult. So long as you have the turnover the bank should be happy. They might want you to start small with one or two until you prove yourself.

What a bank does hate is empty accounts (they will also rank you based on your turnover) and business used in a personal account as they get to add charges for doing everything on a business account.

Also some banks only log your end of day balance. So if you pay in and instantly withdraw or transfer it to a main account then it might look as though you have no turnover.

Re: Bank accounts getting closed
 

That is certainly an option. It CAN be done. Greenbean, myself and others have ALWAYS advocated building a relationship with an employee at your bank branch, because it can come in handy if you are ever questioned on anything.

There IS a danger in that, however, since stealth accounts are technically against eBay PayPal and Amazon rules. The people at my branch know what I am doing in general, but I never got into specifics with them. If you go that route, I recommend avoiding the specifics.

We also have young people here and they should probably avoid this. With no life experience to speak of, this could go south very quickly if they say the wrong thing when answering questions. This is NOT a slap at the young, I was young once too. But when you are young, you haven't yet learned how to answer questions without hurting your case in the process. Many years ago, I was looking for an apartment and I met a leasing agent at a building who couldn't have been more than 22 or 23 years old. We went through the apartment and he pointed out all of the advantages of living there, the new appliances, the hardwood floors, the fact that there was a lake breeze in the summer and the fact that there hadn't been a gang fight in the courtyard in nearly 3 months! He was just being honest, probably bragging about how they had cleaned things up, but that is NOT exactly the way to go about leasing an apartment! Needless to say, I didn't end up signing a lease...
:pound:

Re: Bank accounts getting closed
 

Also check out PNC wallet, pretty convenient and get 3 banks in one

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Yes I have developed a good relationship with the manager at my main bank. He's just not the brightest bulb in the bunch...:noidea:

Re: Bank accounts getting closed
 

Will do, no problems with mismatched names?

Re: Bank accounts getting closed
 

nope works great