MileageGoblin

Terrible idea. You do realize if you get one of your checking accounts shut down for MOs, you ran a risk of it being reported to CHEX thereby making it extremely difficult to sign up for a new bank account.

PaulMSN

If what you claim is true, it would also be true for a single account, so how is it a worse idea to use more than 1 account?

travelfreaks

Okee Dokee....but I would still have 10, whereas if you only have 1 then who is screwed? Furthermore, just because a bank shuts you down does not necessarily mean a negative mark with CHEX...if they do then they better have some proof or I will sue to have it removed

MileageGoblin

I never said anything about the number of checking accounts. Its the fact you are depositing large enough amounts of MOs is the problem (thereby making you create multiple accounts). Some people have gotten bank shut downs for even small MO amounts regularly deposited. Having just 1 shut down and a bad mark on Chexsystems is a terrible outcome for future purposes. Not to mention that having many checking accounts could potentially cause FINCEN issues down the road (can't quantify risk, if any but its certainly > 0 compared to not depositing MOs in banks). There are other ways to use MOs to pay CCs......

AndrewTheMan

So in other words I shouldn't open abnormally large amounts of checking accounts for the signup bonuses?

travelfreaks

Sure, you can pay the cc issuer directly w MO's...until they close all your cc's issued by that bank, which has happened. 😭

MileageGoblin

Not true. The fact is that Chase and AMEX can shut down all people's cards based on reviewing the cardholder's purchases and determining the cardholder was in breach of the cardholder agreement. They aren't shutting down OBCs for how those cards are getting paid.

travelfreaks

Believe what you want

AndrewTheMan

It's a combination thereof. They're red flags to fraud departments.

Chelski

I was in a Simon over the weekend and the dude in front of me went over the limit and had to fill out paperwork. I believe he did $5k.

I did $2.5k and before I left the mall with my hands full of nothing I stopped by and asked the lady the maximum, which I knew from these forums.

She said if I will be doing it on a regular basis they will have me fill out a form, photocopy it and make a file for me so that all I have to do is sign each time in. Seems like a very efficient process but not sure what the experiences are on this.

I read posts in this thread regarding getting shut down for use when tied to a corporate account.

Does anyone have experience with filling out the paperwork and having a file made for personal SM GC purchases?

Majuki

Many do, and look back on the thread for such examples. I consider it a bonus if the mall already has your information "on file". The next step is getting the customer service number and having everything ready to go by the time you arrive.

In short, the form is nothing to warrant concern. I feel that it's more covering their bases than anything. SMGC have been a great way to meet minimum spending targets. Even though the earn rate is 1x, they're some of the most hassle free VGC one can obtain.

Chelski

Thanks for your response. I actually welcome the form because I agree it makes it a lot simpler each time going in knowing what to expect. Obviously, I just don't want to jump in to a system that will place me on a blacklist.

The 1x earn rate isn't bad depending on what card one uses. I plan to do part of the SWCP with it and want to complete it within 2-3 months.

craz

The best benefit is when they tell you , you can only buy 1 GC @ $450. All you need to do is say why not pull out the form/s Ive filled out the thimes prior to this when I purchased the GCs. The look on their face is Priceless and it usually results in getting what you asked for.

* Im not suggesting to do this when in fact you never filled out the form! I suggest only doing it where in fact you did fill out the form. They probably have it in the office and will check it takes a few mins and they simply call there. I did it today where I have purchased numerous times and in fact filled out the form each time. She did call up and just as she did the mgr walked out and said Hi to me as she herself has taken care of me in the past.

Too late now to fill out the forms , but if anyone hits a place where they are willing to sell what you asked for be glad to fill out the forms least 1 day they join the many others where its 1 GC @ $450 (unless they already have you on file)

donuteric

I have quite a few of these checking accounts myself and most have opened for at least a year. Some are through mobile, some ATM/walk-in. I tend to feel a lot more comfortable depositing large amount of MOs with walk-in and stay on the low end for mobile. Most of these banks don't get any other activity beyond MO deposits and bill pays, which I always initiate from the bank side. The mobile is usually less than 4-5k and the walk-in can exceed 10k in any given month.

macrophage

Why initiate Bill Pays from the bank side?
I thought all bill pays were just ACH push and pulls, no?