Originally Posted by
jeffeverde
I don't think the new ID policy has anything to do with identifying ML -- that's FinCEN's concern.
MG's business model is built on the float between the time a MO is sold and when it's remitted for payment (most, if not all of the fee that WM charges goes to WM). When a MO is deposited the same day it was issued, that costs MG money. I personally know of several MS'ers who are or were doing upwards of 100k/month. So I have to think that the total MS activity has to represent several million/month in MG MO's, and much of that is generating little or no float. This is bad business for MG.
My suspicion and fear is that the purpose of this ID gathering is to make it easy for MG to identify unprofitable customers, and to easily block those people by flagging their ID's. I think it's just a matter of time before we start hearing "I'm sorry. The computer says I can't sell you any MO's".
Makes sense.
On the billpay side, I understand MG is different than CFP so why is CFP also controlling how many bill payments a customer makes? In the past it was limited to $10K or 5 payments or whichever comes first
per payee but recently, strict limit of
$8K covering all payees, rolling 30 days. IME, I made two payments of $2499.xx, third was $1998.50 and when I tried another for $1997.xx, register won't take it saying I already exceeded payment for my account using DL
Next time, I'll make $1998.50 payments four times to make $8K payments per account or if possible, create new accounts with legit IDs from friends/family.