US Bank adverse action
#1
Original Poster
Join Date: Jan 2013
Posts: 322
US Bank adverse action
I got a letter from US Bank telling me that my checking and savings account will be closed in 10 days, although there was no mention of closure of my credit card accounts. I've done a few thousand MO/cash deposits every month plus a few thousand more from AP. Has anyone had a similar experience? Does that usually mean that my CC accounts will be closed as well?
#3
Join Date: Mar 2014
Location: Iowa
Posts: 44
I got a letter from US Bank telling me that my checking and savings account will be closed in 10 days, although there was no mention of closure of my credit card accounts. I've done a few thousand MO/cash deposits every month plus a few thousand more from AP. Has anyone had a similar experience? Does that usually mean that my CC accounts will be closed as well?
#4
Original Poster
Join Date: Jan 2013
Posts: 322
I actually just had this happen. They did not close my credit line, but it does not work for ordering AGC. See the post here. I went ahead and closed my account voluntarily so as to avoid it being terminated on CHEX.
#5
Join Date: Jun 2014
Location: Iowa
Posts: 122
Call the cash&m.o. $2500/mo average. If you were doing some hobby woodworking or something in your basement in your free time you could easily bring in that kind of money.. that's $30k, barely enough to live on. No actually that's gross; for all they know you were netting $2k/_year_ on whatever cash biz you had. Hell this could have been lawn mowing money it's so small. Yes, if you were doing this you'd have to declare the cash income but that doesn't seem to be their concern. And I'm guessing they didn't ask to see your estimated tax payment receipts for this last quarter.
$4k/mo in AP, I don't see the issue there either. So you have transfers coming in from a legit internet payment processor. So what? What if you had clients paying you this way? I used to pull $15k/mo out of paypal (legit stuff) right to a bank account and I don't see why a service like AP would be any more suspicious. Same deal. Wells Fargo never cared.
This is bogus. I'm shocked they'd do such a thing without at least asking questions first. Any sole proprietor / hobbyist could be showing these exact transactions in their personal account so God help them if they bank at US Bank.
Last edited by airstairfear; Jul 6, 2014 at 4:42 am
#6
Join Date: May 2006
Posts: 355
Start with their letter and their stated reasons.
How many transactions (deposits + withdrawals + ach + anything else) were you doing to your SAVINGS account each month?
If I had to guess, I'd guess you ran afoul of Regulation D. http://en.wikipedia.org/wiki/Regulation_D_%28FRB%29
Last edited by seat17D; Jul 6, 2014 at 5:05 am Reason: added link
#7
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,820
Likely not. You don't want to be running a lot of cash and MOs through bank accounts in what is a very conservative bank. Tread lightly with US Bank, an institution outed as an MS hater when the US Mint was spewing coins like an old time slot machine.
I got a letter from US Bank telling me that my checking and savings account will be closed in 10 days, although there was no mention of closure of my credit card accounts. I've done a few thousand MO/cash deposits every month plus a few thousand more from AP. Has anyone had a similar experience? Does that usually mean that my CC accounts will be closed as well?
#8
Join Date: Apr 2014
Posts: 1,273
Still can't believe I missed the Mint deal. Anyway, I wouldn't assume anything. It could be it was a random action, part of a cycle of closing a limited number of account with MO or Internet transactions.
#10
Join Date: Feb 2011
Location: Somewhere above the Mason-Dixon
Programs: DL Ham Samich
Posts: 1,652
Datapoint: Until the WM plug, I was doing 25-30K in MO monthly
Still going strong with my accounts
Still going strong with my accounts
Last edited by RFDMinnesota; Jul 6, 2014 at 11:20 am Reason: Forgot second sentence
#12
Join Date: Dec 2009
Location: DEN
Posts: 502
With that kind of "safe" volume, this makes no sense.
No issues here. I've been depositing around 4K cash/MOs each month starting 4 months ago. No AP. Acct was opened in 2005, no idea if that helps or that I seem to have been mistakenly classified as a military customer.
When were the accts opened?
No issues here. I've been depositing around 4K cash/MOs each month starting 4 months ago. No AP. Acct was opened in 2005, no idea if that helps or that I seem to have been mistakenly classified as a military customer.
When were the accts opened?
#15
Original Poster
Join Date: Jan 2013
Posts: 322
I've had the accounts open for a year and a half. All transactions were through my checking account; none were through my savings. I've deposited as much as $5k in a month in the past with no problems.
I brought up AP because there have been previous datapoints about Chase checking customers being questioned about their AP and PayPal deposits.
I brought up AP because there have been previous datapoints about Chase checking customers being questioned about their AP and PayPal deposits.