Step 6: New Bank Account
Note: Selling without an attached Bank Account puts your account at risk for premature limits. Sure you might get a couple sales rolling in without any issue, but later you will be asked to verify with a bank account and or for documents for verification. Overall its just good practice to add a bank account before your start selling.
Now you’re going to need a new Bank account to verify your PayPal account. Of course ALWAYS open bank accounts in your REAL name. If you have a second checking or savings account never used with PayPal then go ahead and use that.
What PayPal is looking for is a new routing and account number. PayPal can not see the attached name (or any other details) of your bank account. PayPal will mention that names MUST match, but as long as your bank account accepts deposits in ANY name (most do), you’ll be fine. All PayPal does is make two small deposit to your account to verify that you own the account and then you’re set.
Listed below are confirmed bank accounts that can be used with PayPal.
United States: Tested and Approved.
| Top Banks | Member Feedback |
|---|---|
| Chase Bank | Reports of working fine with mis-match names. |
| Wells Fargo | Mostly reports of working fine with stealth names. Only 1-2 reports of suspect not liking stealth names. Use with caution. |
| Bank of America | Solid Bank. Online Sign-up. Okay with Mis-Match names. Stealth Friendly. |
| TD Bank | May not like mismatch names. |
| HSBC | Online Sign-up. Okay with mis-match names. Stealth Friendly. Advanced Savings said to have issues with mis-match names. |
| Ally Bank (VBA) | Called members on mismatch names. Not Stealth Friendly. Use with same name or variation name Only. |
| People's United Bank | Okay! It is a smaller bank but okay. |
| SunTrust Online Banking | Online Signup — Okay! |
| CitiBank | Follow up on Citibank. From reports they do not like deposits in mis-match names. Recommend only business banking with Citibank. |
| State Farm | Online Sign-up. Okay! |
| PNC Virtual Wallet | It is 3 accounts in 1. 3 separate acct numbers |
If a bank is noted as NOT stealth friendly, that doesn’t mean its not good. These banks are OKAY with a variation of your name. For example if your name is Robert, you can safely use a nickname such as Bobby or Bob.
If your bank contacts you looking for an explanation of why deposits are not in your own name. You can mention deposits are in a business name or that you don’t like giving your real name out to PayPal for privacy reasons and that’s why deposits are not in your own name. Most of the time you’ll just get a warning to fix the issue otherwise risk closer of your bank account. Again this is only with certain banks which are noted above.
Note: It’s perfectly fine to have multiple bank accounts (U.S. users). You can have a personal checking account, personal savings account, business checking account, business savings account, a homeowners account, etc. Use these to your advantage.
United Kingdom: Tested and Approved.
| Top Banks | Member Feedback |
|---|---|
| Halifax | Sub-Accounts: Yes (can be managed Online) Strict with youth accounts however overall Stealth friendly. Can open saver accounts (which are useful for multiple accounts) |
| Nationwide | Sub-Accounts: Yes. Flex Account. Suspicious of mis-match names. Can open saver accounts (which are useful for multiple accounts) |
| Natwest | Sub-Accounts: Yes (manage at branch). Overall stealth friendly however some reports of closed accounts. Can open saver accounts (which are useful for multiple accounts) |
| Tesco Saver | Okay! Saver Account. Said to be okay from multiple members. Just treat your account right and it will treat you right. |
| Barclays Saver | Reports of Barclays not liking mis-match names. Use with nickname or name variation accounts only. |
| Co-operative Bank | Basic Account Good — Watch Credit. Smaller bank but works. |
| RBS Key Account | you can open a basic account. Once that is opened you can then open an ISA. Then you can also open a saver account. Meaning you can open 3 eBay seller accounts / paypals. — UK user |
| NatWest Step | Verified Okay. Maybe difficult to open multiple accounts. |
| Lloyds TSB | Not stealth friendly. Use name variation or nicknames only. |
| Santander | Okay |
| HSBC | Savers Said to Work "I had some nice success with Hsbc in the UK for subaccounts — say Rsot.. CA user.. " |
| Bank of Scotland | Said okay! |
UK Members: Opening too many banks at once can cause credit hits and trouble when attempting to open more accounts. The issue seems more apparent when opening accounts within quick succession, banks see this as a risk. Solution is to utilize VBAs for verification and alternative cash withdraw methods (discussed later). Another solution is not to open bank accounts that requires a credit check. BASIC Accounts, do not require credit checks, only an ID check. Also note that saving accounts can NOT be used as a FUNDING Source. Deposits ONLY.
Canadian: Tested and Approved.
| Top Banks | Member Feedback |
|---|---|
| RBC Royal Bank of Canada | Okay! |
| HSBC Bank Canada | Okay! |
| TD Toronto Dominion | Okay! |
| ScotiBank | Go slow at opening multiple accounts! |
| Laurentian Bank | Okay! |
| President Choice Financial | Make sure business deposits don't go into personal accounts |
| National Bank | Okay! |
| BMO Bank of Montreal | ok |
| CIBC Canadian Imperial Bank | Make sure business deposits don't go to into personal accounts |
| Desjardins | Caisse pop. Ok! |
Australia: Tested and Approved.
| Australia | Member Feedback |
|---|---|
| Commonwealth | Ok. Some banks require TFN depending on incomes. |
| Suncorp Bank | Said to Avoid. |
| ANZ | ANZ is my favorite. You can have practically as many 'Online saver accounts' as you wish. Just say your saving for different goals etc. — Stealth Member |
Frequently asked questions
What are Sub-Accounts? These are accounts attached to your main bank account used for savings or other needs. These are amazing for stealth! They come with separate account numbers, allowing you to open and close accounts at will. These can be called, ‘Online Saver Accounts’, ‘Sub-Savings Accounts’. While not all are listed above (for obvious reasons) we do have a few listed.
Can a U.S. Bank Account be used for International PayPal Account? Yes, it’s possible but you may have to call PayPal to add your bank account to PayPal. You won’t be able to add the bank account automatically in most instances.
Should You Use Instant Confirmation? I do not suggest going this route.. there is no need. Whether it’s through 3rd party or not. I would suggest waiting the 24 to 48 hour period that it takes to verify your bank account instead.
How do you get Confirmed and Verified? Adding your bank account will VERIFY PayPal and your Credit Card will Confirm your account. Verifying and Confirming will increase your initial limits and your trust factor with PayPal. This is very important when you first start out. New accounts listing without a fully verified PayPal account generally have decreased selling limits. Don’t risk it. Confirm and verify your account before you start selling (more on this later).
What about International Users? I understand that not all PayPal marketplaces make it easy or even allow bank account withdraws. If you have trouble with this step you’ll want to register on our support forum and ask your question related to your country. We’ll be happy to help.
Next we’ll discuss VBAs and Unorthodox Withdraw methods!
