kharlamov

I have done a lot of research into local banks and credit unions this week and found that most of them only enable checks to be submitted via their mobile deposit capabilities. Fortunately, my long time local bank does accept mobile deposits of money orders. I've used that capability a few times, but don't want to over do it. I usually deposit two $500 money orders at a time and generally use the drive thru at the 4-5 branches near my home.

I was also surprised to find that my previous credit union accepts mobile deposits of money orders. I had an account there for 20+ years before closing it last year. Needless to say, I opened a new account there this week and will be able to start using the mobile deposit capabilities after a 30 day waiting period.

I also found a second local bank that accepts mobile deposits of money orders. Like many other banks, this bank's web site only refers to being able to accept mobile deposits of checks. I actually called each bank that I researched to verify if the information on their websites about only being able to accept mobile deposits of checks was accurate. The CSR for one bank told me that they accept mobile deposits of money orders despite the fact their web site only refers to checks. I went to that bank and confirmed that information. I was told that there can sometimes be problems reading money orders because the ink may be too light. I was assured, though, that a human actually reviews the submitted images. This bank has a 90 waiting period before being able to use their mobile deposit capabilities. I plan to open another account at this bank tomorrow, funding the initial deposit with two money orders.

JoBaker

Not only banks, credit unions also allows money deposits via smart phones. I have availed mobile banking services to deposit cheques into my account.I feel relieved that FCUs have come up with this facility it saves a lot of time and effort from our part. And I guess among the banks almost 80% of them now offers mobile banking service. I this fast paced world, it is very essential to get good business and make existing customers stay.

wuchien6401

I deposited MOs to BOA atm and took 1 business day to clear. BOA atm did ask me to input the amount. I also deposited MOs to Chase atm, it also took 1 business day to clear, not 4 days as described in the wikipost.

ma91pmh

BOA ATMS are absolutely the best for MO's they take anything and everything, they are the absolutel wh*res of atms lol

Churnman

I would like to know others thoughts on how many checking accts one feels is safe to open in a short period of time? For instance, does anyone have a negative experience to report of the effects that occurred when opening 5 or more accts within a short time (say a month or so)?

Many ms'ers ask how many is too many in a checking acct apparama? I've heard that some institutions auto-check existing customer's credit to see if too many accts have been opened (no matter what institution) in a short space. What raises flags? How many accts? Not talking about credit cards, but just checking.

For example:

Family A consists of 2 people and they have 6 checking accts among banks and credit unions and they decide to open 6 more within a 2 day time frame (or is it better to do all apps in one day). They have cc relations with all major institutions. They value their relationships with Chase, Amex and then others to lesser degree (probably a norm for most). They plan no loans in the next 12 months.

Family B: 2 people with 6 accts and will apply for 10 more over a 6 month period.

Which is safer, or are the numbers still too low for concern?

Family C: 1 person with 4 accts and will apply for 6 more in one day.
Family D: 1 person with 4 accts and will apply for 6 more within 4 months.
Family E: 1 person with 6 accts and will apply for 8 more in one day. Concerned about his Chase accts and cc Chase accts and any impact on those.

These are just a few examples to get opinions. You may add your scenerios based on your experiences or what you're read about in recent years. Of course, how those accts are used is also important especially in the first 6 months, but realy wanting information on just the effects from checking apparamas.

Assume these people are starting with 780 and higher credit scores. Not concerned about the fall in score, but on any flags that cause adverse attention from existing relationships with institutions (particularly chas).

You may pm instead of posting if you wish and i won't share publically.

TheDapperDon

Interesting question posed by Churnman. I think it's important to think about how it looks when you open several in a short period of time.

ddallas

I've been rejected three times now for "too many chex system inquires." ChexSystems is a company that keeps track of when you apply for bank accounts, order checks, bounce checks and any adverse action from banks. It's how some banks check to see how many accounts you have been opening. They are watching for check fraud mostly (why would you be opening so many accounts). Fortunately not all financial institutions report to them or pull their reports. In my case I was not allowed to open checking accounts due to having 3 inquires from other banks within either three months or six months. No harm other than I couldn't open an account at that bank. You can just move on to the next one. You can order your Chex report online to see what it looks like. I think it's mostly credit unions that use it. Google ChexSystems to get more info.

Churnman

This would be a reason why someone might consider applying for multiple accounts on the same day since those inquiries wouldn't report quick enough. However, the question remains whether this rapid application would cause adverse problems to existing relationships. All good information.

ddallas

Chex inquiries might be instantaneous like inquiries on a credit report from EQ, EX or TU. I don't really know, but electrons move pretty fast if application is being done online.

ChurnChop

You're making deposits and think everything is beautiful, the bank could care less, you say! Unfortunately behind the scenes they may be writing up SARS on you and you are none the wiser.

Churnman

So true and something we all need to remember. Even though some of us keep our monthly MO deposits way under the SAR requirement (which actually pertains to cash deposits) we must continue to be aware they can file a SAR at any amount and even for depositing MO checks. Those asking me questions generally never even deposit more than 2k a month per acct and some accounts no MOs for months, but some I've read about on FT do that every week or more. I'm much more conservative than that and even I had one SAR for depositing one MO for less than 1k because it was in a branch I never go to and I found out that location is extra cautious due to the area. Nothing came of it of course, but it can happen to anyone. Must keep all records of what was purchased to show the complete loop if need be. My family has legit businesses which accept MOs for payment so it's a different situation for us, but I have questions from others and thought I'd discuss here and get opinions. This info helps many and reminds us to be careful and not go overboard.

Some of this inquiry also pertains to those wanting to open a number of checking accounts quickly in order to get the initial bonuses, so it's not just about the ability to deposit MOs.

bar19900

How do you know you had a SAR reported?

DrForce

What kind of volume are you doing with BofA ATMs? Any problems?

bj993

Was reading the wiki and some of the posts about depositing MO's with a phone app. I wanted to chip in and share some info. I have four checking accounts that accept MO deposits via mobile app. Two of them have never been able to read the MO and accept the deposit. I called to ask about it and was told the printing is too light to read.

I have two other accounts that work about half the time. I can tell when the MO is printed if it will work. The ones with the bright dollar amount work the weak ones don't.

Three of the banks will allow MO deposits through the ATM the other said I could mail it (not going to do that). I've only done 12 MO's between $500 -$1000 and spread them out between three of the banks over two months. I'm not very concerned about a SAR or shutdown at that level but you never know.

I will admit getting a little nervous when I do it so going forward I'm going to cut back on the number of them at keep them at $1,000 or less. For the big hitters that is probably nothing but as many have said we all have to determine our own comfort level. Even doing a few is a nice month end top off when reaching the limits on the other MS avenues I use.

I would be interested in what the success rate has been with others using the phone apps?

ddallas

There is a Wiki at the top that contains the experience of this thread. That's a good place to start. My experience has not varied from what is in the Wiki.