Depositing MO into checking Account
Apr 30, 2014, 7:38 pm
#16
Join Date: Apr 2011
Location: MSP
Programs: DL, BA, AA
Posts: 270
It is all 100% safe as long as is not an illegal use of funds.
However, after you deposit a certain amount of cash or cash equivalents, you will be picked up on their radar screen for possible illegal activity.
However, after you deposit a certain amount of cash or cash equivalents, you will be picked up on their radar screen for possible illegal activity.
Apr 30, 2014, 8:24 pm
#18
Original Poster
Join Date: Feb 2012
Location: Los Angles
Posts: 2,101
Apr 30, 2014, 8:31 pm
#19
Join Date: Jan 2010
Posts: 1,708
Apr 30, 2014, 8:32 pm
#20
Join Date: Apr 2013
Posts: 584
As somebody that just had their account shut down, I can provide you with a link that gives you your detailed answer.
http://www.aplaceofsense.com/2010/02...idge-test.html
I'll also add that in my case I'm not sure it was actually the MO that nailed me. The shutdown came soon after a fairly large ACH pull out. That of course wasn't problematic, but it might have drawn unnecessary attention.
http://www.aplaceofsense.com/2010/02...idge-test.html
I'll also add that in my case I'm not sure it was actually the MO that nailed me. The shutdown came soon after a fairly large ACH pull out. That of course wasn't problematic, but it might have drawn unnecessary attention.
Apr 30, 2014, 8:51 pm
#21
Join Date: Jan 2013
Location: PVD/BOS
Posts: 879
How much MO deposit every month in your checking Account is safe?
35k/month after ramping up to this amount in main bank, 10k a month in secondary.
Personally I'm thinking about opening 2 more accounts at local banks and doing 4k a month and ramp up there too.
Personally I'm thinking about opening 2 more accounts at local banks and doing 4k a month and ramp up there too.
Apr 30, 2014, 9:01 pm
#22
Original Poster
Join Date: Feb 2012
Location: Los Angles
Posts: 2,101
Apr 30, 2014, 9:08 pm
#23
Join Date: Nov 2011
Posts: 1,944
1) Safe against getting the account getting shut down
2) Safe against being investigated/charged with structuring.
The limit for 2 is much lower! Probably no more than 10K over a short period of time across all banks (why didn't you deposit them in one account?)
I really don't care that much about 1, there are always other banks, just like there are always other credit card issuers, yes, the "best" might be blocked but there are other good ones. 2) is truly scary.
Apr 30, 2014, 9:12 pm
#24
Join Date: Jan 2010
Posts: 1,708
What type of documentation are you thinking of? I keep all the receipts from the money order purchases and the credit card receipts for the giftcard purchases. If asked I will explain what I am doing and provide them with the proof if asked.
Apr 30, 2014, 9:14 pm
#25
Join Date: Nov 2009
Posts: 774
I save all my receipts, MO tear offs or MOs completely depending how I deposit them. I have never needed them however I save just because I have space in the shoebox.
If you have fear, then dont do it. If you have no fear go until your bank shuts you down or you get a visit from the government. Either can happen.
If you have fear, then dont do it. If you have no fear go until your bank shuts you down or you get a visit from the government. Either can happen.
Apr 30, 2014, 9:14 pm
#26
Suspended
Join Date: May 2012
Location: ORD
Programs: AA, UA, AS, DL, BA, F9, IHG Plat, HH Gold, CC Gold, SPG Gold, MR Silver
Posts: 1,786
I do ~25-30k per bank/cu (11 currently) per month, except 3 months of vacation annually. Only one phone call doing these amounts, but explained deposits and no issues since...knock on wood. It is highly YMMV, as others have been shut down doing substantially less. Most importantly...Do Not Poop Where You Eat!!