Depositing MOs in ANY bank / CU is asking for trouble. Banks do not like MOs because of the possibility of fraud. Many of us have had accounts shut down because of MO deposits.
Beware of the issues before you wade into this swamp.
Originally Posted by
jsk1973
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.