Bank Call about MS activity
Apr 14, 2014, 1:48 pm
#1
Original Poster
Join Date: Nov 2013
Posts: 140
MS via CU Bank
Moderator's note:
The starter of the thread has deleted his posts, but this thread appears to be about the risks of depositing large volumes of money orders ($20K in 2 months) into an account at a credit union.
The starter of the thread has deleted his posts, but this thread appears to be about the risks of depositing large volumes of money orders ($20K in 2 months) into an account at a credit union.
Last edited by cbn42; Apr 14, 2014 at 11:45 pm Reason: lack of positive comments
Apr 14, 2014, 1:55 pm
#4
Join Date: Feb 2014
Posts: 511
Depending on your MS level, I don't think you have much choice.
Once you reach a certain level, even the "I'm a slumlord who has his fifty tenants that pay me in MOs each month" excuse doesn't work.
While what you're doing isn't illegal, MS does create risk for the bank in the form of AML reporting and other requirements. So you may get your account closed even for what amounts to perfectly legal activity with a legitimate paper trail.
Chances are you're more likely to get kept if you have a long-standing relationship with that banking institution.
Once you reach a certain level, even the "I'm a slumlord who has his fifty tenants that pay me in MOs each month" excuse doesn't work.
While what you're doing isn't illegal, MS does create risk for the bank in the form of AML reporting and other requirements. So you may get your account closed even for what amounts to perfectly legal activity with a legitimate paper trail.
Chances are you're more likely to get kept if you have a long-standing relationship with that banking institution.
Apr 14, 2014, 1:55 pm
#5
FlyerTalk Evangelist
Join Date: Apr 2002
Location: Madison, WI, USA
Posts: 14,162
I think it's the opposite -- they are more likely to be OK with it than large, for-profit banks.
Apr 14, 2014, 1:58 pm
#7
Join Date: Feb 2014
Posts: 511
For large banks, you may get "lost in the crowd". Banks like JPMorgan, Wells Fargo, etc. have hundreds of billions on deposit. However, once you do get caught there isn't much you can do. Risk group will cut you and there is nothing anybody, even branch managers, can do.
For small banks, there is more leeway once you get caught. Branch managers more often know their research/risk analysts and may be able to sway something in your favor. In addition, their controls tend to not be as developed and systems can be archaic - you might get away with it that way and go unnoticed.
Apr 14, 2014, 2:00 pm
#8
Join Date: Dec 2013
Posts: 546
Overall, I probably would have given them about the same amount of info.
My CU is very nosey. I get grilled every time I deposit an MO. How much volume were you doing?
Apr 14, 2014, 2:11 pm
#10
Join Date: Dec 2013
Posts: 546
No I do not purchase MO with CC. just gave them the simplify process. This was a new acct open about 8wks ago. I deposit around 20k in that time.
They haven't close my acct yet but she will talk with her branch mgr and decide if he is comfortable with MS acitivity.
They haven't close my acct yet but she will talk with her branch mgr and decide if he is comfortable with MS acitivity.
Apr 14, 2014, 2:11 pm
#11
FlyerTalk Evangelist
Join Date: Apr 2002
Location: Madison, WI, USA
Posts: 14,162
No I do not purchase MO with CC. just gave them the simplify process. This was a new acct open about 8wks ago. I deposit around 20k in that time.
They haven't close my acct yet but she will talk with her branch mgr and decide if he is comfortable with MS acitivity.
They haven't close my acct yet but she will talk with her branch mgr and decide if he is comfortable with MS acitivity.
Apr 14, 2014, 2:17 pm
#12
Join Date: Dec 2013
Posts: 546
Apr 14, 2014, 2:20 pm
#13
Join Date: Aug 2011
Location: SFO/SJC
Programs: MR,UR, UA, BA, AA, Hotels
Posts: 581
Most financial accounts are on at least a 1st 90 day watch. No wonder they are concerned.
Expect to have your account closed. If you agree, then get ahead of the train wreck and close it yourself so it doesn't show as a punitive closure on your credit report.
Expect to have your account closed. If you agree, then get ahead of the train wreck and close it yourself so it doesn't show as a punitive closure on your credit report.
No I do not purchase MO with CC. just gave them the simplify process. This was a new acct open about 8wks ago. I deposit around 20k in that time.
They haven't close my acct yet but she will talk with her branch mgr and decide if he is comfortable with MS acitivity.
They haven't close my acct yet but she will talk with her branch mgr and decide if he is comfortable with MS acitivity.
Apr 14, 2014, 2:32 pm
#15
Join Date: Jan 2014
Location: SAN
Posts: 234
Why do so many people deposit the MOs? I just pay my CC provider with them. With chase or another similar bank you can just walk up to the teller and pay your bank branded CC with money orders. In the past couple of months I've paid around 20k to chase and mailed in about $15k to Barclay