Old Feb 25, 11, 5:22 pm
  #13598  
Marathon Man
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Join Date: Nov 2002
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Originally Posted by Astrophsx View Post
Wait aren't you the one who got all of his bank accounts closed? Or was that just a made up story?
Yup I did. I got two bank accounts closed.
two small/regional banks.

but why bring this up? *language edited by moderator*... Nevertheless, here you go:

One is called Danvers Bank. They could not handle multi-money order deposits. They told me they are high risk problems for the bank and they asked me to take out the money and close it one day or they would. Why? Because they say I moved too many of these things in and out of their bank for their liking.

From what I have since learned, it goes a bit like this: You deposit a check written from say, Citibank by Joe Shmoe, and the bank it's going to can verify who citibank is with ease and that the funds come from another checking acct is. So it takes a couple days to clear at worst.

But for money orders, they are viewed as a more unsecured document that HAVE had some recent big fraud problems (unbeknown to me and many in here) come only from CASH or CASH equivilent. So, the bank wants to know WHERE this cash came from? And why? Why would you convert cash to a MO? Stuff like that. Or maybe they think even dirtier about it: What cartel or possible money laundering type organization could these MOs have come from? etc etc etc. Oh yes they think this way--trust me!

Even if you provide the place from which it came, the bank CAN in fact hold a MO for up to like 3+ weeks. BUT, as a 'courtesy' banks will generally release the hold on 1-7 business days, and for most it's about 3 biz days. For older accts it's over night, but they still feel as though they are taking a risk with Mos. And while they are giving you your money before it is collected on the other end (MOs take longer due to their nature) it turns out the bank is RISKING to give you that money that they have not even collected.

A bigger bank will do this--like citi or bofa or others, but a smaller one will not--or they will not so frequently, or if they do, it should be a lot less $$ and it should be in accounts that support that amount as well in other funds, or that are older well established accounts or that have business consistent with this sort of activity, etc. I have just learned all this stuff btw and it is not 100% accurate but it's how it was explained to me by bank personnel. And it makes sense, but seriously, who knew! Who WOULD know unless you found out like I did!

Because the bank is always 'risking' just to deal with what you put in there--even though THEY are the ones releasing the hold and making your funds available in a few days--they hate you for actually taking that money out! AND they do not really earn anything on it so they kinda hate you for that as well.

In the case of Danversbank, therefore, they were nice about it but they said yeah, see ya! They said that acct is dead but I am not in trouble and if I wanted a new acct to kindly just do normal banking. ie, "we would prefer you didn't do those coins either. (I had brought in a box or two to each branch in a rotating fashion now and then). Please open a new acct with us in a month sir if you wish but please no money orders or coins." Then that bank was just recently bought by another national chain (people's United I think) so I will open a new when it converts.

The reason they did not want the coins was never made 100% clear but I can bet that it's because smaller banks have less capacity and personnel to handle the coinage. ie, they are lazy or do not feel they SHOULD do the work to begin with!


The other bank is called SalemFive. It closed me also due to money orders AND coins. I deposited a lot in their coin machines in the lobbies and they could not figure out how a guy in jeans and a sweatshirt could come in with, say, $10,000 in total of both forms of currency and cash it and deposit it and withdrawal it all the time. What am I up to? where did it come from? what do I do for work? Where am I from? Why would you do this? Where did you get it? It's not normal around this small town... why are you here? we do not like you or want you here, etc.

I said, "Well, in 1950, some people couldn't fathom the concept of an African American guy getting on a bus in some cities. Is your bank really having problems with me or has someone finally come up against unfinished or ill-thought out policy? I have offered my Id and any identification or verification you wish. You know where I live and you know my kid's names and everything. If you need to hold my funds for a longer period of time I will agree but please just let me know up front. But if I deposit them and then they become available I have every right to use my money, right? AND if I use YOUR coin machines in YOUR lobbies and I am friendly and professional to the staff and I come when it's not busy and those machines have signs above them that SAY: deposit thousands of dollars of your coins here and get cash today!" then that is what I will do!" They wanted to know why a bloke like me has all these coins. I had stories that fit for our needs but they still wanted to know why how where when what huh? Basically, it wasnt as much me with coins that was the problem... it was 'a guy with lots of cash and it's weird cash.'

Well, I am still waiting for the written reasons but they did in fact close my acct and send me money back in the form of a bank check.

In both banks I had also done what some call 'regular' banking including checks, ATM, DD, transfers, ACH, bill pay and whatnot. But the big stuff was what freaked them out.

I have several bank accts. I have never had any SAR or CTR reports done. In fact I just opened another big bank one yesterday on top of what's already there--and this bank has taken loads of my coins and told me they have no problem with it.

I have had some bofAs say no coins, some say limited, some need the bags, so I wont go there, and some take too many to tell in this thread

So there ya go.

I have had no probs at all at the select branches I visit now and they are all bigger banks.

So is there stuff I should have done? Could have done? Yeah sure whatever. But like I said, ASSUMING I did my best, this is how it went and now here we are and all is well in my accts and with the banks I now use.

MM

Last edited by aviators99; Feb 26, 11 at 2:24 am Reason: Moderator removed foul language
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