2017 Shutdown Thread

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This is the thread for 2017. The 2018 discussion can be found here.

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1. SHUTdn by Bank, Credit Card info. (@m3x, chs3 ,c1t1 and [email protected])
2. Length of account before closure and CL?
3. Average monthly account balance checking and savings?
4. Volume of ms per month and how many months?
5. Cycle CL?
6. Did you BP using both options?
- BP by issuing bank (@m3x, chs3, c1t1 and [email protected])
- BP by Vis/MC
7. Did you spell out the bank's full name in an internet forum?
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Old Aug 1, 17, 11:18 pm
  #331  
 
Join Date: Mar 2011
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Originally Posted by BrownHP800 View Post
My UFB Direct account was closed after about 18 months and not very high volume. Less than 3k in MO per month. All deposited by MO. They sent me a letter saying it would be closed and that I have 30 days to get my funds withdrawn, which was only a few bucks.
they shut me down about two years ago after a similar volume and timeframe.
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Old Aug 9, 17, 10:14 pm
  #332  
 
Join Date: Jan 2015
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I read statements like "my bank is ok with my depositing 15K of MO per month". How does one know that w/o "destructive testing"? I assume one can increase the amount gradually, and when the limit is reached one will learn what it is, but then the account is closed.
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Old Aug 10, 17, 7:56 am
  #333  
 
Join Date: Jul 2016
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Originally Posted by NikSem View Post
I read statements like "my bank is ok with my depositing 15K of MO per month". How does one know that w/o "destructive testing"? I assume one can increase the amount gradually, and when the limit is reached one will learn what it is, but then the account is closed.
No need to destroy anything. Just have conversations with the right people at your bank.
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Old Aug 10, 17, 9:59 am
  #334  
 
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The front office people can't really sanction your business. Few can actually talk to the risk closure folk who run analytics and flag account deposit patterns for closure. And of those of us who can, like this old auditor and fraud examiner, you still don't necessarily get a free pass . Since nobody these days is going to reveal their working large scale, legal paper recycling centers the best you can do is find the places that do not work. You are gonna have to play that classic Microsoft game, Minesweeper.

Originally Posted by FrankMS View Post
No need to destroy anything. Just have conversations with the right people at your bank.
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Old Aug 11, 17, 5:22 am
  #335  
 
Join Date: Jan 2015
Posts: 113
Originally Posted by FrankMS View Post
No need to destroy anything. Just have conversations with the right people at your bank.
Could you give an example? I tried it once with a branch manager at BoA, and all he could say "deposit as much as you want, there is no legal restriction". Even if I could reach out to a risk manager, I am afraid his answer would be that they don't want that type of business at all.
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Old Aug 11, 17, 6:21 am
  #336  
 
Join Date: Aug 2013
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Originally Posted by NikSem View Post
Could you give an example? I tried it once with a branch manager at BoA, and all he could say "deposit as much as you want, there is no legal restriction". Even if I could reach out to a risk manager, I am afraid his answer would be that they don't want that type of business at all.
Your 1st mistake is using BOA.
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Old Aug 11, 17, 7:20 am
  #337  
 
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Even when bank management know and accept your business model, as my Citifolk did in Texas, the riskfolk shut down the operation after processing about 17 million over 3 years. As you note, there is no legal reason to do so.

I did not bother to talk to the riskfolk then as I always maintain at least a half dozen banking relationships so my cash flow never was impeded.

In the case of one of my credit unions, I had a long talk with their risk officer about my business model and she understood the dynamic of the business, legality of it, and the fact that it did not involve any of their bank cards. However, because her analytical tool was flagging the account and she was concerned about having to deal with bank auditors, she politely asked me to switch the operation to another institution. No account shutdowns, no closure any accounts, including address related accounts for my SO and kiddo.

Understand we are just bycatch to risk management, the dolphins caught in the tuna fishing nets. Nothing personal, but we are a bit of a back office nuisance.

Shifting gears, to understand the real nature of the customers bankers prefer type Wells Fargo loves baby seals into your Google secret decoder ring.

Originally Posted by NikSem View Post
Could you give an example? I tried it once with a branch manager at BoA, and all he could say "deposit as much as you want, there is no legal restriction". Even if I could reach out to a risk manager, I am afraid his answer would be that they don't want that type of business at all.
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Old Aug 11, 17, 8:17 am
  #338  
 
Join Date: Dec 2014
Posts: 74
Originally Posted by AlohaDaveKennedy View Post
Even when bank management know and accept your business model, as my Citifolk did in Texas, the riskfolk shut down the operation after processing about 17 million over 3 years. As you note, there is no legal reason to do so.

I did not bother to talk to the riskfolk then as I always maintain at least a half dozen banking relationships so my cash flow never was impeded.

In the case of one of my credit unions, I had a long talk with their risk officer about my business model and she understood the dynamic of the business, legality of it, and the fact that it did not involve any of their bank cards. However, because her analytical tool was flagging the account and she was concerned about having to deal with bank auditors, she politely asked me to switch the operation to another institution. No account shutdowns, no closure any accounts, including address related accounts for my SO and kiddo.

Understand we are just bycatch to risk management, the dolphins caught in the tuna fishing nets. Nothing personal, but we are a bit of a back office nuisance.

Shifting gears, to understand the real nature of the customers bankers prefer type Wells Fargo loves baby seals into your Google secret decoder ring.
Amen to this, great explanation. I too have had outcomes on both ends of the spectrum. The people who are of importance to us are the backoffice risk management department of the banks/CUs. If/when they contact you about your deposits, after explaining the model, they may simply decide that they would rather not deal with the hassle of that type of business model and may shut you down or ask you to stop. Or, they may be okay with it and allow it to keep going. YMMV.
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Old Aug 11, 17, 8:30 am
  #339  
 
Join Date: Jul 2016
Location: NY
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Originally Posted by NikSem View Post
Could you give an example? I tried it once with a branch manager at BoA, and all he could say "deposit as much as you want, there is no legal restriction". Even if I could reach out to a risk manager, I am afraid his answer would be that they don't want that type of business at all.
In a large bank, such as BoA, you'll never have access to management that could shut you down. More than likely they'll be located hundreds or even thousands of miles way from your local branch.
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Old Aug 11, 17, 9:57 am
  #340  
 
Join Date: Oct 2011
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Originally Posted by AlohaDaveKennedy View Post
Shifting gears, to understand the real nature of the customers bankers prefer type Wells Fargo loves baby seals into your Google secret decoder ring.
This doesn't make any sense to me. Do I need a cipher to decode?
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Old Aug 11, 17, 10:50 am
  #341  
 
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Originally Posted by Superorb View Post
This doesn't make any sense to me. Do I need a cipher to decode?
http://lmgtfy.com/?q=Wells+Fargo+loves+baby+seals
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Old Aug 11, 17, 6:49 pm
  #342  
 
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Originally Posted by Superorb View Post
This doesn't make any sense to me. Do I need a cipher to decode?
You need to drink at least 6 beers before AlohaDave starts making any sense. Or he needs to drink 6 before you make sense. Or else go spend 6 months reading the Trick It thread and then come back here and everything will make sense.
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Old Aug 11, 17, 9:05 pm
  #343  
 
Join Date: Feb 2017
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Originally Posted by Superorb View Post
This doesn't make any sense to me. Do I need a cipher to decode?
Windshield, bug
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Old Aug 12, 17, 4:32 am
  #344  
 
Join Date: Oct 2009
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Indeed, banks like to keep all their goblins and RATs well hidden and isolated from the public.

Originally Posted by FrankMS View Post
In a large bank, such as BoA, you'll never have access to management that could shut you down. More than likely they'll be located hundreds or even thousands of miles way from your local branch.

Last edited by AlohaDaveKennedy; Aug 12, 17 at 4:40 am
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Old Aug 12, 17, 5:40 am
  #345  
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Originally Posted by perkunas View Post
You need to drink at least 6 beers before AlohaDave starts making any sense. Or he needs to drink 6 before you make sense. Or else go spend 6 months reading the Trick It thread and then come back here and everything will make sense.
It was all clear as day to me and I have not had 1 drop today (yet)!
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