Stoughton

Sure, on a CC, but this isn't any risk to the bank. They already have your $.

liw5215

unless they request the details of your purchase from WMT, there is no way from them to tell what you purchased at store.

brettalb

I thought someone inside a CC company (Chase?) said this isn't always correct. However, it sounds like WF hasn't shut anyone down for MO use, so my question is answered. Thanks!

andyandy

How do you get a cash advance on a [prepaid card? I'd understand the increased risk for the CC company that funds your WF account, but not for WF itself.

Andyandy

ETA: I see Stoughton made the same point.

josephstern

Fraud is fraud, and Wells Fargo has to make good on it whether it's credit or debit.

Stoughton

Yes, but there's no 'credit' here and their debit it limited by the fact that they already have your funds. I don't see how there's a potential for fraud short of using a stolen CC to fund the WF in the 1st place, and if that's the case, the criminal involved is not only clever enough to use a product like WF, but also dumb as a bag of hammers for not buying regular gift card vs funding a product tied to an identity.

EL3V3N

couldnt find it on the WF FAQ site, what is the max atm withdrawal per session and/or monthly limit? And has anyone had success in loading with v/mc gc's?

Stoughton

It's in their T&C, in addition to the 1st post of the thread.

$500/day
$1500/rolling 7
$5000/rolling 30

GC's do not work

NYBanker

My account is showing a $4xx.00 balance (online at at ATM), but is getting declined at stores and WF ATMs. I'm not over the ATM limit.

I think my best course of action is to just let it sit for a week or so and try again.

Anyone else have this happen to them recently?

NYBanker

Putting money into an account simply to take it out very quickly without an otherwise legitimate business purpose is business banks want to avoid.

It reeks of laundering. Stuff like this (rapid transactions without an apparent purpose) is the first thing covered in KYC/AML training at any bank in the United States.

Compare this to a checking account - even if you spend the money from your paycheck quickly, there, you are getting money from a third party (your employer) and paying other third parties (landlord, utilities, etc).

We would of course argue we have a legitimate purpose (earning miles)...but this use is, at a minimum, even if within the letter of the T&C, inconsistent with the spirit of what they are trying to provide.

I'm surprised we haven't seen more of people getting questioned at their retail bank for excessive depositing of MOs (that's also covered in KYC/AML 101).

Stoughton

I suspect most banks are simply happy to see the paper instead of the coins

NYBanker

Haha.

I should supplement one of my MO deposits with a roll or two of the old Jeffersons that I have sitting around for a rainy day.

Maybe a doubly-endorsed out of town check, too, for good measure.

QL_714

Try a regular small purchase to make sure the card is not locked.

carsonheim

like

haodebi

Apology - if this question has been asked before, but I can't find the answer now (vaguely remember seeing it)

Using credit card, is it true that Chase charges the prepaid card purchase as 'Purchase' while Citi charges that as 'Cash Advance'?

Sincerely appreciate that!