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Natwest First Reserve
 

Quick heads up people....My Natwest First Reserve account worked today (for the two deposits) on Stealth.

Haven't had a chance yet to test the withdrawal

Anyone know how this account performs with the £5 fast withdrawal (stealth details)?

Don't waste your time with the "fast" withdrawal. In most instances it takes as long, if not longer, than a normal withdrawal.

Thanks Ebayorbust - Have Pm'd you

Agreed with ebayorbust, I dont think i have EVER gotten the fast withdrawal to to work, it always trips the security check which times out in 72hours then says completed and you receive your £5 back in your paypal account.

Good for you! :)
If paypal was able to make the 2 deposits, then you should be able to withdraw money from paypal to your bank account too. Am I right? Are there people that experience problems withdrawing money from Stealth paypal to their bank accounts?
I thought after we confirm the 2 deposits nothing can stand in the way.

As long as you don't withdraw "too fast" on that new account, you should be fine. I would only withdraw after the buyer says that they have received and are happy with the item.

I made this mistake on 2 accounts and thought nothing of it, then within the next few hours or a day later, I would get a limitation email asking me for ID/supplier info/all of that bullsh*t. What I nice way to waste a bank account... so down to Barclays I went, and opened 5 basic accounts at once. Now I laugh in Paypal's face since I learned how to play their game.

I now wait until the customer gets the item on my current accounts, and get my money in just 1 day (with Barclays basic accounts). The moment that it shows "complete" (which takes just 1 day), it goes into my account. That is without the "fast" withdrawal by the way.

Wow 1 day. I think it takes good 3 days to my HSBC account. I guess I will be opening basic accounts with Barclays from now on.

what ones are they?? cash card accounts??

Providing the account is designed to accept DD mandates and the bank have no issues with names on the deposits then any account will work ok.

But not all accounts or banks will meet this criteria.

Careful selection required.

Yes, it is their "Cash Card Account". They also offered me a young person's account (for ages 16-19) which they say is effectively the same thing, but I just went with the Cash Card Accounts.

The only downside for me was that I could not use the account to T/T money to my supplier, but I have a full Halifax current account/Western Union for that. The accounts are just perfect for Paypal and Paypal stealth though (no problem to have deposits coming in from different names), and do not have a credit check/score done when you apply. Therefore, there is no penalty arising from opening several at once, and adverse credit ratings are no problem. This was a relief for me after getting rejected for business accounts from every bank and doing more damage to my credit score.

Ok sounds good....u opened 5 there & then?? How did they react?? Wot did u say they were for??

Whilst it may be possible to open 5 accounts at one time it is not the best course of action.

Banks are every bit as cautious/risk aware as p/p

All you are doing is drawing attention to yourself.

Only open bank accounts as and when you REALLY need them

I did really need the 5, as all my other accounts that had been opened up to that point, had been wasted when "learning the ropes" with PayPal. That was the minimum amount of accounts required to get my business running and start making a decent income, and they told me that as long as I made sure to use all the accounts, there was no problem.

I told them the truth, that I needed the accounts for eBay and did not want to even bother with business accounts as I always get rejected on application, and did not want to do my credit score under. That stopped them right in their tracks when they mentioned that I should consider business accounts instead, and we went ahead and applied for the 5 basic accounts and 1 savings account (which they recommended that I open anyway...). I got my accounts opened there and then, and everything has been fine ever since. And since they had no problem with what I told them that I would be doing, I do not see anything wrong with that course of action. They would have just shot me down there and then if they did not like it.

I do not think that they (or most other banks) would allow multiple business accounts for the 1 "business" anyway, so in any case it would not be suitable for someone who wants several accounts at 1 bank (such as most of us "stealth" users), even if you did not take the whole credit score thing into account; your credit score would go way down if you attempted to open that many business accounts.

Not the case at all, I have several business accounts and none of them affect my credit score.

A credit score is a very specific measure of your past credit history, your current level of debt and your ability to service that debt in a satisfactory manner.

As far as bank allowing you to open multiple accounts, well, they can close them just as quickly if they feel they are being used inappropriately.

Don't think for a minute that banks do not scrutinise new accounts and how they are being operated, they do. They are legally obligated under UK & EU Law to do so.

You may have been lucky so far but as a general rule opening multiple bank accounts in a relatively short space of time can lead to problems, especially if they are all with one bank.

Put too many eggs in one basket and some will get broken.

I intended to write "if you attemted to open that many business accounts at the same time", in the fashion that I opened my basic accounts. The credit score would have gone down if I attempted to open that many at once (or even with regular current accounts) I have been told.

I am not worried about the account being closed since, like I said, I was honest and they did not tell me that I am doing anything wrong with my intended usage. I have used the accounts extensively for a month now with no issues from Barclays.