TroyMcClure

Is wf cool with mo deposits of 3 to 4k per month?

nittanylion1

I was halfheartedly thinking about switching bank accounts until I came here and read that my new bank of choice doesn't support mobile MO loads. Priorities!

SpongyBard

I had been doing 500/week via ATM. But after the last one they sent a snail mail letter saying the funds would be held 8 days because they couldn't contact the issuer. Maybe their way of telling me to quit it.

MasterCharge

LOL, may i ask if this was the opening deposit for the account?

Yeshu JP

deposited one to simple today. since this is my first MO that I have deposited to simple, it will take 7 days to clear. No worries - I'll wait and see. I'm sure it will go through.

commdiver

I have been doing close to $10,000 per month for the past three to four months.

EDIT: Not via the mobile app, though.

Hilbe

Anyone have experience with BMO Harris? Online or ATM?

MSCharlotte

Bank of America (BofA) (BOA) ATM ISSUE

I have big issue I need your help on. This is my first post. I am been doing MS to meet spending on my new cards and Also to take advantage of Category bonus of 5%.

I made 8K Deposit of Money Orders through ATM, but transaction did not go through. It showed I made 0.00 deposit and items were not returned to me (Sunday, July 27). This is Remote BofA ATM. I called number on the receipt to file a claim. I am worried since this is very large amount. Highest amount of deposit I have ever done. Deposit consisted of 10 WU money Orders(Various amounts = Approximately $5K) and 3 Money Gram MO for $3K. Does anyone ever had this issue where ATM took items and did not give credit or option to retrive checks back?

I have filled out my home address on MO.

Thank you all for any suggetion on this. Should I post this issue on new Thread?
I have been told to wait until Aug. 8th for provisional credit.

jmw

After you accept the deposit, the ATM should have given you a hold notice telling you they are going to keep your money for two weeks. You can't get the money orders back once the ATM gives you the hold notice. If you are a new customer, you'll get access to none of your money for the entire duration.

In the meantime, I'm willing to bet you are at high risk of getting all of your BofA accounts closed with a negative Chexsystems entry as well that every other bank will eventually see. $8k in MO all at once.... really???????

rrgg

Can someone (maybe in banking) explain why banks don't like money order deposits to the point that they'd rather not have your business? Is it expensive and/or time consuming to process them? Or is just that the risk of fraud is extremely high? What if you get monthly rent in the form of money orders? Do banks expect you to open a business account for that or would they still close your account?

hamhead

I don't work on consumer banking side, but I'll answer based on my own opinion.

Money orders are for all intents and purposes checks that are prepaid. By that definition, they are a more trusted form of payment than a regular old check. Yes, there is money order fraud but I doubt it is any worse than people writing bad checks. Money orders to me aren't the problem for banks.

I think the problem that many MO depositors run into is volume versus daily balance. Banks make money by lending out your deposits - sure, you might deposit $20k a month into an account but if your average daily balance is $100 because you're dumping the money out immediately, you aren't a profitable customer because your funds aren't available for lending. So you end up with a situation where:

1. Your risk is higher than the average customer (especially as a new account) due to volume of total money deposits. Fraud, money laundering, etc. are buzzwords that may come to mind to a compliance officer looking at your account.

2. Your cost is higher than the average customer - billpay, check processing, other administration costs.

3. Your profitability is low (low balances available to be used for lending). You also don't use products that the bank cross sells that make normal customers profitable (debit cards, credit cards, loan products)

So all in all, the bank cuts you and loses very little profit potential but sheds a comparatively large amount of risk.

rrgg

Thank you. If that's the case then they shouldn't care if I deposit to an old account with a large balance. For example let's say you deposit 5% of your account balance each month. I just get concerned with some of the posts here.

Mamibear

I have a dormant account on INGDirect that is now CapOne 360. I have forgotten that account have not logged on in forever until I received an email to verify my information. I didn't realize I still had some $ in there. I have a $9xx.xx MO which I uploaded for deposit and will see if that goes through.

skibum3d

In my experience it won't. YMMV.

payeco

Reminds me of a bank account I have. Back in college I interned at a company in Silicon Valley. My bank at the time (Commerce Bank, now TD Bank) had no branches out there so I opened a account with Star One credit union since they had an ATM in my office complex and put the $50 initial deposit in. Later that week I realized my direct deposits from my bank back home would still work so I continued to use that. I forgot all about the account I had opened until about 6 years later a letter comes to my parents house saying my account would be closed because they couldn't contact me and unless I got I touch the state of California would claim the funds when the account was closed. I got I touch and decided to just keep the account open and leave the money in there. After 8 years of mediocre to terrible interest, my account now has almost $57 dollars in it. When the .... hits the fan and I'm dead broke at least I've got that $57 reserve in my California bank account.