I just want to underline that this is wrong. BoA won't keep your money. If they shut you down they want nothing to do with you; they will give you 30-60 days to move your money and business elsewhere.

Guys, I was and am 99% sure he was being facetious...

The 1% is because all 46 of my local CUs shut me down simultaneously last night and forwarded all my balances to BOA...

back in 2014, there was a poster here who had issues with Chexsystem negative report from BoA. IIRC, the OP deposited lots of MOs to BoA and when he saw they were available, he pushed payment to his CCs. One time he did this, it turned out funds weren't available yet when he pushed the payments and that is why he was not just shutdown but also reported to Chexsystem. He asked Chexsystem to remove the derogatory report but they said only BoA can do that so he asked the bank and they wouldn't budge. Chexsystem is what all banks check, including CUs when one is applying for an account with a financial instution. As reported by many, they have been denied by FIs based on derogatory remarks on their accounts.

MSers need banks to carry on their "business" so they're crippled if they have bad Chexsys reports. I don't know how long those negs stay in their report.

Chexsystem reports are deleted after 5 years.

Actually?

That's great that you are 99% sure and all, but it can and DOES happen. Not going to get into the details here (and that means no PM's either) but I can 100% confirm

Sure, but the part about the bank keeping the balance for themselves.. Well, that's pretty much bogus.

The party keeping the funds is irrelevant, as long as it's not you..... keep that in mind

True. I can imagine someone doing massive volume being investigated. Not that incompetence doesn't exist, but it would be quite close to it if a financial analyst working for a LEO is unable to figure out what you're doing (MS) by looking at your accounts, and then proceeds to seize assets based solely on suspicion. I'm sure it's happened, especially when the forfeiture directly benefits the seizing agency, as it often does.

I don't personally have the time to go through all the court records of people challenging their civil forfeitures, but if I did, I wouldn't be surprised to find a few that (to us) would be a clear cut case of MS activity.

Is it something to be aware of? Yes.

Is it something which should cause you to lie in bed every night quaking in fear? Probably not, unless it's happening to you.

You are talking about government agencies and questioning whether incompetence occurs? Hello?

Remember, these people DO NOT have your best interest in mind. And you will have to fight tooth and nail to get your $$$ back. Legal fees will not be refunded either.

Well, BoA closed my accounts couple days ago. They were almost 10 years old, and I've been doing 10-30k MO deposits a month in the last couple years. They put the accounts to cash deposit only status for 10-15 days so that I could take the money out at a local branch, but sadly I'm banned forever from depository accounts from Bank of America. I guess they let me off easy. Fortunately(?), credit cards are different type of products so my one business card remains open, which means I'm probably not banned from their credit products. I'm going to miss my BoA accounts. Their ATMs made MO deposits so easy..

feel sorry for you.
key is diversify.
Using small banks/credit unions that does not have stringent enforcement policy.

That sucks. Were u depositing both types of MOs? Did you have (m)any failed MO deposits? Any recent failed payments? Did u restrict amount to deposit each time?

Any experiences with shutdown by a brokerage (for depositing a lot of MOs)?
If you own stocks in the brokerage account that gets shut down, do they sell all your stocks? Or let you transfer them out?

yes they sell all your socks at market