Fidelity Closed my Accounts.
Sep 18, 2014, 5:51 pm
#16
Join Date: Jul 2014
Posts: 56
I would guess these Hemet guys also hit Fidelity?
Sep 18, 2014, 7:05 pm
#17
Join Date: Jul 2014
Location: NYC
Programs: SPG, Hyatt, HH, MR, Emirates
Posts: 48
I think OP has just been using the cash account, but Fidelity is interested primary in brokerage accounts. They offered recently (a couple years ago) cash accounts to be one-stop banking for their clients and compete with Merrill Lynch and their powerhouse banking BofA.
Sep 18, 2014, 8:33 pm
#18
Suspended
Join Date: Sep 2014
Posts: 8
I think OP has just been using the cash account, but Fidelity is interested primary in brokerage accounts. They offered recently (a couple years ago) cash accounts to be one-stop banking for their clients and compete with Merrill Lynch and their powerhouse banking BofA.
Sep 18, 2014, 10:42 pm
#21
Join Date: May 2013
Posts: 939
Investment banks like Fidelity and Merrill offer deposit accounts as a courtesy to their clients in hope that they will do more trxns on the investment side.
If you want a hub bank account stick with credit unions. They are proven to be more tolerant of our hobby.
If you want a hub bank account stick with credit unions. They are proven to be more tolerant of our hobby.
Sep 19, 2014, 2:12 am
#22
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
OP, your #s are a little suspect since you say that you pay Amex only from this one acct yet you have only xfered 40k into it. Then you say you are doing 30k a week....okee dokee I think I might call BS
Sep 19, 2014, 6:37 am
#24
Join Date: Jul 2014
Posts: 3,688
MSers like to think they're not doing much, until they get on CC's radar like amex does.
btw, I read on myfico that amex knows those $500's bought at drugstores and grocery stores are gift cards since one who was FRd was asked directly why they were buying lots of giftcards. There was no beating around the bush on what those large amounts were but asked why they were buying lots of them.
Therefore, everything is fine until one day, one gets a call or sees charges are suspended on their card and are asked to call. Good thing though, there's a lot who pass FRs.
At least, amex gives chances while Chase closes accounts w/o giving chances to clients.
btw, I read on myfico that amex knows those $500's bought at drugstores and grocery stores are gift cards since one who was FRd was asked directly why they were buying lots of giftcards. There was no beating around the bush on what those large amounts were but asked why they were buying lots of them.
Therefore, everything is fine until one day, one gets a call or sees charges are suspended on their card and are asked to call. Good thing though, there's a lot who pass FRs.
At least, amex gives chances while Chase closes accounts w/o giving chances to clients.
Sep 19, 2014, 6:56 am
#25
Original Poster
Join Date: Feb 2014
Posts: 349
I buy VGC, turn into MO, deposit MO into a different small bank each day of the week based on how close it is to my location that day, then use BoA BP to pay the ach push the payment to Amex.
Understand? And I said I'm doing 36k in 5 days.
Sep 19, 2014, 6:56 am
#26
Join Date: Feb 2014
Posts: 511
Big difference between mine and OP's volume. I expected heavy but not 120k a month on one card heavy. That is full time job income.
If you're pushing $25k or less per month through Old Blue (which is probably most of us MSing that card product), then two-three bank accounts can support that much MO deposit for Billpay, which is where this hub account confusion came from for me.
Sep 19, 2014, 7:03 am
#27
Join Date: Mar 2014
Posts: 194
Unless you have the income or business to support it, 30,000/week at CVS/drug stores is going to raise tons of red flags.
Even with income to support it, that is an obscene amount. 1.5 Mil/year at CVS is not going to go unnoticed. Even if you could ultimately show it was all meds and supplies and no gift cards, that still raises a red flag on the back end.
I'm not saying you can't pull it off, because I know people do. But I'm saying that type of volume is going to get you flagged sooner or later.
Even with income to support it, that is an obscene amount. 1.5 Mil/year at CVS is not going to go unnoticed. Even if you could ultimately show it was all meds and supplies and no gift cards, that still raises a red flag on the back end.
I'm not saying you can't pull it off, because I know people do. But I'm saying that type of volume is going to get you flagged sooner or later.
Sep 19, 2014, 4:13 pm
#30
Join Date: Jul 2014
Location: NYC
Programs: SPG, Hyatt, HH, MR, Emirates
Posts: 48