Funding new bank accounts with money orders
Anyone ever had any issues funding a new account with money orders? I’m thinking of opening a bank account and funding with $3-5k in money orders. Would be weird if they accepted them and opened the account, then closed down the account shortly afterwards for suspicious activity. Just trying to see if anyone has had any experience with this?
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Never opened an account with 3-5k of MO. I usually open the account with 500 to 1000 in MOs and season them for a few months. When seasoned, 3-5k of MO per week is the throughput. Stick with the smaller local banks. Wells Fargo still requires a manager to approve a MO deposit of 1k after a month.
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I recently opened a throw away checking account to run MOs through (and to take advantage of a new account bonus :p) and they put an 10 day hold on the MOs I deposited the first 30 days, but no real issues, YET! Let's hope never.
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This is the type of thing where people feel like all is well in their first 6 months and then suddenly out of no where the dominoes begin to fall. First a warning, but then the account is closed anyhow(money held longer than reasonable), then because your chex report gets marred other institutions start looking at you closely. Then cards become effected. Then, applications get denied. Just be aware of risks and use great restraint. Remember, to ms'rs a few thousand is nothing, but to others that's a lot even in a month, not to speak of weekly. Sloooow.
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Originally Posted by Churnman
(Post 26011598)
First a warning, but then the account is closed anyhow(money held longer than reasonable), then because your chex report gets marred other institutions start looking at you closely.
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I never been put on chexsystems myself but I have experience with chexsystems. When you go to open an account, chexsystems is ran. Chexsystems either says YES or NO. If the results says NO, the bank won't open an account for you. The manager at the bank can override the chexsystems but most likely they will say NO too because they are basically putting their job on the line to override the system. If it's NO at 1 bank, it will be NO at another bank.
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Originally Posted by Fly1Away1
(Post 26012549)
I never been put on chexsystems myself but I have experience with chexsystems. When you go to open an account, chexsystems is ran. Chexsystems either says YES or NO. If the results says NO, the bank won't open an account for you. The manager at the bank can override the chexsystems but most likely they will say NO too because they are basically putting their job on the line to override the system. If it's NO at 1 bank, it will be NO at another bank.
For instance, some banks might just deny an acct because you have too many new accts recently, I routinely see such reports on forums. |
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