Originally Posted by
flyertalkingallday
The reason was given as "in accordance with your Deposit Account Terms and Conditions." I was depositing $2-3k/month in cash/MOs for the last 4 months. I am pretty sure that it was due to my $4k/month in AP transfers.
Honestly I think that's insane for them to close the account based on the dollar amounts (and manner of deposit) alone.
Call the cash&m.o. $2500/mo average. If you were doing some hobby woodworking or something in your basement in your free time you could easily bring in that kind of money.. that's $30k, barely enough to live on. No actually that's gross; for all they know you were netting $2k/_year_ on whatever cash biz you had. Hell this could have been lawn mowing money it's so small. Yes, if you were doing this you'd have to declare the cash income but that doesn't seem to be their concern. And I'm guessing they didn't ask to see your estimated tax payment receipts for this last quarter.
$4k/mo in AP, I don't see the issue there either. So you have transfers coming in from a legit internet payment processor. So what? What if you had clients paying you this way? I used to pull $15k/mo out of paypal (legit stuff) right to a bank account and I don't see why a service like AP would be any more suspicious. Same deal. Wells Fargo never cared.
This is bogus. I'm shocked they'd do such a thing without at least asking questions first. Any sole proprietor / hobbyist could be showing these exact transactions in their personal account so God help them if they bank at US Bank.