Originally Posted by
RobertHanson
I'm well aware that depositing huge sums of MOs on a monthly basis to a single checking account can cause undue attention. Although I've seen multiple posts of people doing that successfully by splitting the deposits among multiple banks. But I'm not aware of reports of people having problems paying their ccs bills at bank branches with MOs. Can you point me to some data points on that?
Depositing a continual stream of money orders is not much different than loading a continual stream of VGCs to the BB and Serve cards that were just shut down en masse. With the MS crowd likely to start hitting money orders even harder, anyone who goes this route — and does it with the biggest banks in the country — is inviting scrutiny. As with the VGCs, there just aren't a whole lot of good explanations for depositing MS-level amounts of money orders month after month after month.
I'm neither an MSer nor a churner and have nothing invested in this. But I guarantee the big banks look at deposits a lot closer than Amex looked at its little experiment aimed at the so-called "unbanked."
Bluebird was a great little product, but it's another great example of no good deed going unpunished.