Two branch managers from large national banks that I've been using to deposit MO's both advised me on the same day that they "had questions" regarding the volume and frequency of my deposits. I told them I'd be happy to discuss and set up meetings.
During the meetings they advised that their back office operations flagged my accounts since I have a personal account and I am depositing large volume of MO. I responded by explaining that while I understood that what I was doing could look suspicious, everything was perfectly legitimate and that I had essentially found a way to earn rewards by "purchasing MO's on a milage earning debit card" so that I could " take my girlfriend on a vacation that I could otherwise not afford". I went on to remark how I "valued the longstanding relationships" and I even provided some documentation showing that my MO purchases were made using debit.
Both branch managers were very nice, and while they seemed to accept the explanation I provided and did say that "none of my actions were illegal nor against any written bank policy" I got the impression that I'd crossed an imaginary line sand according to their respective risk management office's internal guidelines. When I asked for guidance on how much was too much to deposit with respect to money orders they told me that there were "no limits" however I got the veiled message that the type of volume I was doing would not be tolerated if I continued….so far both of my accounts are still open….
I am going to keep MO deposits under $4K a week at each to avoid being shutdown. Anyone have information on MO limits for physical teller deposits at national bank branches and also any recommendations for online banks with friendly MO policies?