Buying MO's?
#16
Join Date: Feb 2003
Location: Khyber Pakhtunkhwa
Posts: 1,929
Risk Management/Compliance has absolute authority over branch operations. The supportive opinion of a local manager holds no sway with them.
Last edited by Alcibiades; Feb 2, 2016 at 11:28 am
#18
Join Date: Feb 2012
Location: The place where it gets so hot in the summer some planes can't take off.
Programs: Marriott LT Titanium, WoH Globalist, National EE, United Platinum
Posts: 1,442
Buying MO's?
I bank with a large national bank in Omaha, one of the first in fact, and do not have issues doing 2-3k/month. I do make other deposits and don't bill pay much out of it though. You should probably open a few different accounts if you're worried and spread things around.
#19
Join Date: Mar 2013
Location: Down South, The Desert
Programs: Marriot Rewards, Southwest Rapid rewards, Emerald Club, Avis Preferred
Posts: 1,871
200% agree.
Folks in these forums are going to get some folks upset due to their money being tied up. That's not fun.
#20
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,820
Not quite the way things work. If a teller or manager spooks, then they may call RM/C and then the fun begins. Never underestimate the ability of the branch to sway where the eye of Sauron will look.
#21
Join Date: Nov 2012
Location: NE
Programs: UA PLAT, HH Gold, Marriott Gold
Posts: 211
And as a fellow Husker, my advice is this: If you are not comfortable doing it, you should not be doing it. I hate MS things that make me sweat.
#22
Join Date: Jan 2013
Location: NYC
Posts: 415
That's kinda why I do it. I like the sweat. The anxiety builds up like a steam engine and drives me further. If it wasn't uncomfortable, I wouldn't be doing it. The points, miles, and cashback are a nice perk, but really just an after thought.
#23
Join Date: Aug 2011
Posts: 21
i work for one of the top 5 banks in the US and work in fraud detection and prevention. MOs aren't high on our list for detection or prevention. i'm on the tech side and no system i know of deals specifically with MOs. MOs would come under deposit fraud and i've never heard anyone talk about MOs. i imagine because they put a hold on the funds until the bank has been paid unlike checks there are lots different scenarios.
it is a good idea to have a good relationship with people at the branch,, because money laundrying investigations can be started by the branch through the "know your customer" program/reg.
https://en.wikipedia.org/wiki/Know_your_customer
if the branch reports you, they can't/won't tell you (against policy). they just report to corporate and it then grows legs.
it is a good idea to have a good relationship with people at the branch,, because money laundrying investigations can be started by the branch through the "know your customer" program/reg.
https://en.wikipedia.org/wiki/Know_your_customer
if the branch reports you, they can't/won't tell you (against policy). they just report to corporate and it then grows legs.
#24
Join Date: Aug 2015
Posts: 322
fenderbender
Good yo have you here. Can you help explain the internal mechanism? Let's say I deposit a MO by three different methods 1) Mobile banking 2) ATM 3) Teller
In each of these deposit methods, is there someone physically looks at each and every MO and verifies it? To some extent you can say Teller looks at MO, not sure if there is someone else who further looks at this. In method 1 and 2, is it deposited automatically?
To bankers, checks are not out of the ordinary; People deposit it all the time. MOs are rare. That too, self paid MOs are even more rare.
Good yo have you here. Can you help explain the internal mechanism? Let's say I deposit a MO by three different methods 1) Mobile banking 2) ATM 3) Teller
In each of these deposit methods, is there someone physically looks at each and every MO and verifies it? To some extent you can say Teller looks at MO, not sure if there is someone else who further looks at this. In method 1 and 2, is it deposited automatically?
To bankers, checks are not out of the ordinary; People deposit it all the time. MOs are rare. That too, self paid MOs are even more rare.
#25
Join Date: Jul 2014
Posts: 3,688
I believe that having a good relationship with the bank manager and tellers is important, but one can't stretch this too far. I know of one particular case where customer had a great relationship with his local bank for 8 years and then he decided to deposit not just personal checks but also MOs starting from $1K then increased up to $12K per month average. Months later, he received a certified letter informing him that the bank decided to close his account effective close of business hours of X date. He was advised to withdraw his remaining balance at any of the branches on or before closure date. He went to the bank manager to ask the reason for closure and was told it was strictly a decision that came from Risk Management Dept. and he had no power to override it.
therefore, it remains to be seen that once an account is scrutinized by RMD, the best relationship with bank staff will not shield them from a shutdown. It's all about protecting the bank's interest, nothing personal.
there will always be risks involved, inspite of having good relationship with the FI.
therefore, it remains to be seen that once an account is scrutinized by RMD, the best relationship with bank staff will not shield them from a shutdown. It's all about protecting the bank's interest, nothing personal.
there will always be risks involved, inspite of having good relationship with the FI.
#26
Join Date: Oct 2009
Location: EUG BKK
Programs: Zero Status Nexus
Posts: 432
Suppose I have a 20 year relationship with a bank and they know me from childhood days, would I be safe with just $1-2K MOs per month? Wonder if changing the deposit amount periodically deter the Risk detection staff?
Last edited by JetSetDave; Feb 7, 2016 at 8:10 am
#28
Join Date: Oct 2009
Location: EUG BKK
Programs: Zero Status Nexus
Posts: 432