jcmitchell21

As the last few posters have stated, DO NOT deposit your money orders with WF. WF credit cards have seem huge multiples of CLs, even 50x and greater, without adverse action.

When you are sneaking the bear's honey, don't poke him with a money order ... or something like that.

mrx900

I've been following this thread and especially the people who got shut down and trying to see what got them shut down, but I don't think there's any one specific boo-boo that folks can find. I have been depositing the MO's into nothing but WF, and I have had no issues. Im down to my last 4 weeks, and Im gonna keep on truckin' like I've been, and hope to make it to the finish line.

prasha11

^

poops and honey?

travelfreaks

Everyone has no issues....until the day they do, but then its too late. Why risk it when does there are so many other options, but to each his own. It's only your reward $'s you are risking. I would have never been comfortable trying it, but I was earning well into the mid 4 figures of rewards per month....oh how I miss this card

Drew777

How did you do so much volume without depositing MO to WF checking? It seems like the only way to cycle your credit limit quickly is to pay from WF checking. I would think the volume of funds moving into your account, regardless of the method, would probably be the trigger. Anyway, you can only do so many pushes and pulls from various accounts each month. Were you depositing MO at other banks and getting cashier's checks?

CVG_Kid

You can push money just as effectively. There is not a Wells Fargo branch near me but my charges posted very regularly. A charge on day one would post on the system cycle at the end of day two. By also noting my banks payment timeframes I could have a payment post at the same time, late on day two. I never overpaid using this method. Just have to time it correctly.

I chose to stay away from pulls due to Wells Fargo's limits. Push from multiple sources. Find their daily submission cutoff times and track when each posts to your account. Doing this you can create a schedule to push money into your account very effectively.

Drew777

How many bank accounts were you pushing from? Just to be clear, were you pushing to WF checking, your credit card, or both? I've heard they will frequently hold your credit limit for over a week when paying from sources other than WF checking. Trying to make sure I'm prepared to hit it hard before I apply, I keep getting prequalified offers from them.

travelfreaks

We just pushed from other bank accts. Between wife and I we have >10 bank accts so no problem. We then paid cc from WF acct so that CL released immediately, rinse, and repeat. Repeated MO deposits are much more likely to get a humans eyes than electronic transfers.

mrx900

I guess I'm just getting lucky because Im in my 6 mth, and thats all I have been doing...MO deposits into the WF checking.

CVG_Kid

I was pushing to both WF checking and WF credit card directly. I pushed from 7 accounts. For the banks I was pushing from, you also must know the time it takes your deposits to become available and factor that in. For pushes to WF checking, my banks had limits on the amount - usually 30k - I could push in 30 days. Pushing directly to the WF Cash Back card got around that limit.

Pushes to the WF credit card were held but I always had the hold removed by faxing the WF High Dollar desk a copy of my bank statement showing the payment amount cleared. I was faxing them daily for awhile but they are pretty consistent at removing the hold if you give them what they need. For some reason late night faxes didn't seem to get worked but they open at 4AM PST so a fax early in the morning would have my line free by 10AM ready to rinse and repeat.

therivler1

well jeez, I can't imagine why they must have picked you to shut down

truly astounding.

CVG_Kid

Your assumption is without foundation. I was closed but it was checking due to MO deposits.

The hold removal via the High Dollar desk is a BAU function for WF cards. Like all compartmented corporate entities the left hand has little knowledge of the right.

This is an extremely effective method for pushing volume.

prasha11

Are u talking daily 10K+ ?

CVG_Kid

Depends on your payment and credit line. If you pay $10k the hold could be 4-7 days, even longer. That ties up whatever percentage of your credit line the $10k represents. If the hold is immediately removed you could turn that $10k two or three times in the period it would previously been held had you done nothing.

Those multiples could increase your monthly turnover by 3X to 4X.

I do understand the prior posters hesitation but there is absolutely no evidence it leads to shut down and the upside potential is considerable.

BTW this process was actually recommended to me by the Executive Offices. It is the standard process they use to ally the risk of payment fraud.

michael160

First of all, thanks for sharing your info - I find it very helpful. It's possible that your shutdown was a total coincidence. it may also be possible that since your account was one of only a small handful of reports of WF shutdown that the faxing activity caused someone, somewhere to put eyes on your account. When that happened, someone may have gotten spooked seeing so many MO deposits. The bill payments wouldn't necessarily be an issue - it's the deposits that would have sent up red flags, and that is exactly the reason they gave for account closure. Not saying it's definitely what happened, but it is quite a coincidence.