Originally Posted by
SailorJoe
there was a DP here from a guy who had his account supposedly quite long. Said the only thing he was doing different from the rest of us was never transfer money out, never transfer to a bank and never use ATM. He only ever paid bills from One, or used the card for purchases. I’d be interested If anyone did the same but got shuttered anyway.
i tried very hard to keep my usage minimal and within reasonable frequency. Had my account about 10 months before shutter
I have had a One account ever since WM started it.
I have a $500 DD each month, which goes into the savings account (currently paying about 3.3%). I have used it regularly at WM to take advantage of the 3% CB, but they now limit that to $150 spend a month, then you get 0.1% CB after that (real devaluation), so this requires me to keep a tab on spend at WM.
I do not pay bills with this account, use an ATM nor do I transfer money out of the account. I do load with GCs (either Staples or OM) but only to maintain spend.
I could do BP, but why?? The savings account is almost as good as any on-line account such as Discover. I have plenty of crappy checking accounts that can be used for BP which pay nothing in interest. You can also pull money from WM without using an ATM (I think limit is $500/day).
I suspect that anyone who starts to increase their activity of loading and withdrawing are the ones who get shuttered. `Coastal bank has been swatted by the Feds for poor ML surveillance.
One additional point. They do daily interest accrual on your savings account, rather than monthly or weekly. That does increase your APR by a small amount.