The 2015 Shutdown Thread

Old Jun 17, 15, 11:03 am
  #256  
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Originally Posted by UA Fan View Post
The CL is the amount of credit an issuer is willing to risk on you. Once you pay of the balance, there is no risk for the first batch of 9K in charges. Not seeing any issue at all. If they want to close the account, it is one thing. But to confiscate the rewards is outright theft.
That is true regarding their risk, but thats not everything that they look at. And as long as theres something in the T&Cs that allows them to close the acct and it states all rewards will be forfeited its SOL.

Didnt Chase have that problem since I think they closed accts the person lost their UR pts and Chase was sued and lost, since it never said theyd lose the pts. Also next time you want to cashin some UR pts its in RED now that if you transfer them to an acct that doesnt match up to you,your acct can be shut and you will lose all the pts

I will agree with you if a person opened it up when that wasnt a part of the T&Cs and never agreed to them(usually a letter is sent or a note on the statement that continued usage of the CC is accepting the new T&Cs) and never accepted them that those rewrads shouldnt be taken away, but for everyone who in 1 way or another accepetd the T&Cs and it says you will lose all the rewards if the acct is shut down, then I disagree with you

So its outright theft only if its not in their T&Cs, otherwise tred lightly and dont pay down the CC before its closes and charge it up again , keep it at the CL level or just above so a $9K CL is used up and paid off then dont charge even $1k(if it looks like MSing) till the statement is closed
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Old Jun 17, 15, 12:24 pm
  #257  
 
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Originally Posted by UA Fan View Post
The CL is the amount of credit an issuer is willing to risk on you. Once you pay of the balance, there is no risk for the first batch of 9K in charges. Not seeing any issue at all. If they want to close the account, it is one thing. But to confiscate the rewards is outright theft.
No risk? What if it was a fraudulent payment?
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Old Jun 17, 15, 12:47 pm
  #258  
 
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Originally Posted by josephstern View Post
No risk? What if it was a fraudulent payment?
why are u thinking so much so far?

heard of fraudulent charges but fraudulent payment for reward points?

would you do that?
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Old Jun 17, 15, 3:52 pm
  #259  
 
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PNC just closed my checking account. Was depositing about $20k/month in MO for about a year and a half.
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Old Jun 17, 15, 6:00 pm
  #260  
 
Join Date: Jul 2014
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Not super relevant because they devalued but I got the boot from UFB (BofI) about 3 months ago.

I was doing a combo of pinging square cash back and forth between myself and my spouse, as well as buying MOs and depositing them in my UFB account.

I emptied my account within a week of receiving a letter (I had 30 days) and then called to close it so that I wouldn't have a negative mark on chexsystems.

Spouse's account is still up and running. I pushed it as hard as I could before June 1st. Not easy since they take over a week to credit deposits.
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Old Jun 23, 15, 4:48 pm
  #261  
 
Join Date: Feb 2014
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So over the past month I opened a few checking accounts so that I can deposit money order.

Union Bank, BofA, Citi, US Bank, and East West Bank. (I already have Wells and Chase as my primary).

I opened Union Bank with like 4k in MO. Billpay Once funds were released. A few weeks later deposit like 5k in MO. Funds just released. I received a letter in the mail saying that I have till July 3 to withdraw my money. The letter mentioned something about chexsystem. Most likely they saw that I open a lot of checking account within a month.
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Old Jun 28, 15, 4:40 pm
  #262  
 
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Originally Posted by sosamo View Post
The letter mentioned something about chexsystem. Most likely they saw that I open a lot of checking account within a month.
Chex does not report new accounts, only inquiries. Minor difference, but still. And yes, 4 new accounts in one month is slightly suspicious -- I have had brand new checking accounts closed down for fewer inquiries with NO deposit activity on the account. In one case the account was closed before I even got my account number in the mail. Solely due to Chex inqs.

This is why I never close down an unneeded checking account unless it's costing me money, because you never know when you'll need it again and they are a lot harder to open in quick succession.

But maybe in your case the "real" reason was $9k in MOs deposited to a brand new account over the course of a few weeks?
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Old Jul 4, 15, 8:29 am
  #263  
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Citi checking account was closed last week for me and wife. No activity on that account at all, just kept $1.5K+ balance to avoid fees. Only do a MS on citi cards. Very strange.
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Old Jul 4, 15, 1:19 pm
  #264  
 
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Originally Posted by jk2 View Post
Citi checking account was closed last week for me and wife. No activity on that account at all, just kept $1.5K+ balance to avoid fees. Only do a MS on citi cards. Very strange.
Not strange. Do some reading and you'll see that it is not uncommon for msers with checking and credit with the same bank to be shutdown.
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Old Jul 4, 15, 3:50 pm
  #265  
 
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Mine citi checking account closed. I did minimal MO activity. I called the number, reason was international wire transfer. I did 10 transfer last 8 months. CC are still active.
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Old Jul 5, 15, 12:50 am
  #266  
 
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Originally Posted by tech2011 View Post
Mine citi checking account closed. I did minimal MO activity. I called the number, reason was international wire transfer. I did 10 transfer last 8 months. CC are still active.
May I ask how much money was transferred? Because I did five transfers this year as well. PM me if you don't want to give the info in public. Thanks!
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Old Jul 5, 15, 7:39 am
  #267  
 
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WTTW, Citi seems to be getting a bit more active in AML regarding account activity over the past several weeks.

Originally Posted by tech2011 View Post
Mine citi checking account closed. I did minimal MO activity. I called the number, reason was international wire transfer. I did 10 transfer last 8 months. CC are still active.
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Old Jul 5, 15, 3:31 pm
  #268  
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Originally Posted by tech2011 View Post
Mine citi checking account closed. I did minimal MO activity. I called the number, reason was international wire transfer. I did 10 transfer last 8 months. CC are still active.
Originally Posted by usalibido View Post
May I ask how much money was transferred? Because I did five transfers this year as well. PM me if you don't want to give the info in public. Thanks!
Were your Int'l transfers regular occurrence or random?

Originally Posted by AlohaDaveKennedy View Post
WTTW, Citi seems to be getting a bit more active in AML regarding account activity over the past several weeks.
This is worse than Chase which called first if the reason of concern was international wire.
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Old Jul 6, 15, 5:18 am
  #269  
jk2
 
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Originally Posted by exarkun View Post
Not strange. Do some reading and you'll see that it is not uncommon for msers with checking and credit with the same bank to be shutdown.
MS is very minimal on my citi cards. Others suggest that because my checking account was like "dormant" (no activity), it was closed.
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Old Jul 6, 15, 11:43 am
  #270  
 
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Originally Posted by Happy View Post
Were your Int'l transfers regular occurrence or random?
Regular (almost monthly) this year but only did twice last year. Hope the two transfers give them some assurance.
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