Nope, what did you hear?

Suntrust Checking account shutdown
 

Just got a certified letter today from Suntrust CPWM Regulatory team informing me that they will no longer be able to provide some of the financial services i require. I have been requested to close my account by March 23.

I have had checking account with them since 1989 and was my primary account. Large portion of my paycheck from regular job goes into this checking account as well as paycheck from my part time job. My wife's paycheck goes into this account as well.

I have deposited maybe about 5000 dollars in money orders per month in this account for the past 3 years. Funny thing is that when Skymiles (unlimited) debit card was alive, i hit it hard. About 30K in money order purchases and then deposited right back into the account. Nothing happened then.

Oh well. Checking account was the only relationship i had with them. I will move on.

Yes, its worth my time. My CU knows exactly what I'm doing. I get all my cards from giftcards.com and liquidate all of them at two Walmarts that are about 12 miles apart. My CU is located between the two Walmarts. One of the Walmarts allows me and my girlfriend to liquidate 8 cards apiece at a time with no forms filled out. That's 8k in MOs. They would probably allow more but I don't push it. The other Walmart allows us to liquidate 4-6 ($500) cards apiece with no forms depending on the cashier. We can liquidate 10-14k in MOs in a day in a little over an hour and be back at the house. I figure I make 1.4% profit using 2% cashback cards and going through topcashback.com. I'm making around $1500 per month putting in around 15 hrs per month. I've gotten enough SPG points to get a 7 night Marriott travel package that will also get me the Southwest Companion pass which is pretty cool. I'm not getting rich, but I'd say its worth it.

I hit mine hard (for me) when it was unlimited too. Biggest month was around 34k. But I never deposited MO in that account. I haven't done anything other than WMBP and an occasional MO with my SM Debit (but I still don't deposit the MO at ST). I will likely not renew the debit this year. Just not worth it for the measly 4K SM per month. Too much effort.

Guess SunTrust filled the CPWM-AML High Risk Account Team Lead position they advertised in November and are now saving the world from perfectly legal Manufactured Spending.

Just my humble opinion, but maybe the CPWM-AML High Risk Account Team ought to really be trying to prevent a repeat of the type of large scale ML that the Florida police agencies were able to get past SunTrust?

http://pubsys.miamiherald.com/static...der/spend.html

:rolleyes:

I couldn't find much of any datapoints here or on previous years' shutdown threads for Wells, as far as MO deposits. Is there any known safe limits so to speak, or datapoints abt being shut down after certain volume of MO/month?

ive had a checking account for a few years and I think it's limited to 3k/mo

Definitely not limited to 3k/month with WF.

WF is one of the easiest for MOs

YMMV w WF - over here got push back after my first MO deposit. :td:

It varies by branch. Some will gobble up MO's like they're M&M's, while others will look at you strangely for just one.

My understanding is that if you open a biz account and deposit them all there, you're golden. Virtually no limits.

Are you depositing in branch with a teller or at the ATM?

i deposit in my personal account and only atm. I don't really care if they shut me down. I only have mortgage with them. 😀

Just received my first ever shutdown letter, from UFB Direct.

- Deposited $500-$2000/month in MO for the 5 months I have the account.
- Used the debit card a couple times/month
- The letter didn't cite a reason, just said per my agreement with them, they elected to close the account. The closure is effective in 30 days upon receiving the letter.

I actually already decided to stop depositing MO there because it takes 5 business days to clear, so it's alright they wanted to sever ties with me. Just hope it doesn't leave a dent on my ChexSystems record