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Originally Posted by GeorgeMilesArnold
(Post 22913445)
For those that didn't get the memo, depositing MO at Chase is like playing with fire. You will get shut down eventually and you are likely to lose your CC accounts too. Being on a Chase blacklist also prevents you from getting all the nice bonuses they offer.
What kind of MO deposits were you making per month and did you ever pay a cc with MO via mail or just in the local branch? It seems to me that those who ramp up ms quickly and then make large MO deposits suddenly over a few months are more likely to get slapped than someone who's done ms gradually and steady for over many months. Not that you did this, but some with "go big or go home" attitude wonder why their accounts get shut down when they 'only' did 3 x cl per month and 'only' deposited 30,000 in MOs their second month of ms and 'only' spent on AGC and VGC on their cc and never mixed in regular spending. They say things like "I'd been doing that for months and everything was fine..." |
Originally Posted by hamhead
(Post 22913805)
The reason that advice is given is precisely the reason you advocate it - you don't want to risk losing a long-standing banking relationship. If for no other reason than the aggravation of redoing direct deposits, billpays, close relationships for future loans, etc.
All a bank cares about is making profit off of you while maintaining compliance. No one advocates opening a new banking relationship and chucking $40k in MO in the first month at it. Bank's fraud detection relies on algos and front line CSR staff - $3-5k a month in MO deposits isn't going to trigger either 19 times out of 20. Regarding "risking your primary bankng relationship" - that is the institution most likely to give you the most latitude. The risk of closure is there ... but really if my account was closed NOW it should not take me more than an hr or two to get bill pay and direct deposit switched over. ALL your expenses should go on a couple of credit cards or be funneled through evolve with rare exceptions. I have written 4 checks since the start of the year. Most those for legal reasons to have a clear record of transactions. Your task is then simply to switch direct deposit and half a dozen cards over. If my account was closed I would switch my direct depost (10 minutes). I would then visit 5-6 credit card web sites that billed from my account and update the ACH information to point to my new bank (45 minutes tops). Every bill I get does on my credit card with one exception that requires evolve. All I have to do is swing my direct deposit and those handful of cards. I would prefer that over a series of chexsystems closures. |
Originally Posted by Churnman
(Post 22914395)
Would you mind sharing your bad experiences you had with Chase concerning MO deposits? I'm a Chase customer and have deposited MOs off and on for years since I also have a small Ebay / resale business and sometimes I prefer buyers send me MO rather than pay thru PayPal since PP fees are high. I also pay Chase CC bills with MO, but always in a branch (never mail an MO for payment) and the MO is never the same amount as what I might have purchased on the cc, but that really doesn't matter since purchases show up as Staples or Office Max and obviously office supplies can be expensive.
What kind of MO deposits were you making per month and did you ever pay a cc with MO via mail or just in the local branch? It seems to me that those who ramp up ms quickly and then make large MO deposits suddenly over a few months are more likely to get slapped than someone who's done ms gradually and steady for over many months. Not that you did this, but some with "go big or go home" attitude wonder why their accounts get shut down when they 'only' did 3 x cl per month and 'only' deposited 30,000 in MOs their second month of ms and 'only' spent on AGC and VGC on their cc and never mixed in regular spending. They say things like "I'd been doing that for months and everything was fine..." MS messes with your perception of money - I thought nothing of doing 90k in a month. Most people were stunned. 90K IS a lot of money. But when you are just cycling it you lost perspective. |
Originally Posted by CMHFlyerOH
(Post 22907489)
Why wouldn't you just tell the truth? I never understand why people would lie about something like this. Depositing money orders for credit card points is not illegal, and if you ever did get into trouble (beyond a closed bank account), the truth would set you free. Lying only makes you look untrustworthy (and indeed you are untrustworthy if you lie)--and neither banks nor misguided law enforcement appreciate that.
I did panic a bit during the first call. I've had an account there for years and do keep my savings there, etc. They also have great eft capabilities. :-) |
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Originally Posted by MsArbi
(Post 22915669)
YMMV. Among other AA I've lost very old primary accounts with two different large banks. I had top tier, non-private banking packages with high average daily balances and numerous other relationships. I knew the tellers, the branch managers and other employees for years. Reason? Excessive MO deposit activity that weren't "attributable to a legitimate income or business" or some such nonsense. I moved my activity to credit unions and community banks, and they didn't even blink. Eventually I settled on one for all my MS.
AA from banks is just too subjective because it's a judgment call of whoever is reviewing your history and activity. It's wise to be cautious, but at the same time, it's best not to hide or try to fly under the radar. Eventually you can find the right bank. |
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Originally Posted by mster
(Post 23011968)
I spread MO deposits around since banks are always closed after work hours and I generally don't deposit >3k into ATMs to avoid more funds being locked up if a hold gets placed (light ink, general suspicion, etc.).
Does anyone else feel comfortable with large MO deposits into ATMs like that? Any other day jobbers / working stiffs have a good MO for MOs? |
I use MOs as a last resort, BB, AP, bill pay etc are maxed out first. Only then do I make a couple MO. With regard to audits, it's a black box from all the posts I have read on this thread. Why not send a couple MO to family and have them write you a check especially if they have large businesses that generate large incomes. The banks won't bat an eye for large business accounts depoisting a few MOs.
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Originally Posted by Maavieir
(Post 23017245)
I use MOs as a last resort, BB, AP, bill pay etc are maxed out first. Only then do I make a couple MO. With regard to audits, it's a black box from all the posts I have read on this thread. Why not send a couple MO to family and have them write you a check especially if they have large businesses that generate large incomes. The banks won't bat an eye for large business accounts depoisting a few MOs.
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Originally Posted by steventravel
(Post 23017280)
Family and finances do not always mix well.
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Originally Posted by steventravel
(Post 23017280)
Family and finances NEVER mix well.
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Originally Posted by MsArbi
(Post 23017833)
Sorry for the late reply, I missed your post. When I got shut down by the big banks, I diversified to several CUs and comm banks. I used a mix of new and old accounts. With the new, I started off at the volume I wanted to maintain but with a 25/75 split of MOs and checks. Over 3 months I increased the split to 75/25 MOs and checks. With the old, I just deposited all MOs. I got shut down by one in the first month of MO activity. But the others didn't care. Eventually I settled on one after a talk with its risk compliance officer.
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Originally Posted by cdancer20
(Post 23017870)
Sorry if this is too personal but on the one that you were shutdown, what type of volume were you using? And what do you mean by 25/75 splits?
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