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 Feb 16, 17, 11:01 pm
  #91  
 
Join Date: Jun 2001
Posts: 759
Originally Posted by MYRflyer View Post
Anyone heard rumors of BOA changing it's policy on money order deposits in branch?
Nope, what did you hear?
gw14 is offline  
Old Feb 25, 17, 1:33 pm
  #92  
 
Join Date: May 2002
Location: LEESBURG, VA, USA
Posts: 230
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.
takhliq1 is offline  
Old Feb 26, 17, 9:53 am
  #93  
 
Join Date: Jul 2015
Programs: SW,SPG,Hyatt
Posts: 87
Originally Posted by NoonRadar View Post
Wow. Sounds like that CU is just waiting to be targeted by money launderers. They have no systems in place to warn them about unusual activity re risky patterns, like like a ton of MO deposits/month, month after month.

Just curious, is the MS worth your time? I'm guessing it's mostly online purchases of $500 VGCs? It seems your local WMs are just as laid back as that CU
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.
barschools is offline  
Old Feb 26, 17, 10:07 am
  #94  
 
Join Date: Feb 2013
Programs: Hyatt Globalist, MLife Gold, Marriott Gold, HHonors Gold, Caesars Diamond, Amex Plat
Posts: 4,972
Originally Posted by takhliq1 View Post
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.
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.
Stgermainparis is offline  
Old Feb 26, 17, 2:30 pm
  #95  
 
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,819
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



Originally Posted by takhliq1 View Post
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.
AlohaDaveKennedy is offline  
Old Mar 3, 17, 11:08 am
  #96  
 
Join Date: Feb 2015
Posts: 910
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?
NoonRadar is offline  
Old Mar 3, 17, 11:25 am
  #97  
 
Join Date: Sep 2014
Posts: 1,837
Originally Posted by NoonRadar View Post
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
lumangoy is offline  
Old Mar 3, 17, 1:00 pm
  #98  
 
Join Date: Oct 2011
Posts: 4,163
Originally Posted by lumangoy View Post
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.
Superorb is offline  
Old Mar 3, 17, 1:05 pm
  #99  
 
Join Date: Nov 2016
Location: SEA/ORD
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Posts: 751
Originally Posted by lumangoy View Post
ive had a checking account for a few years and I think it's limited to 3k/mo
WF is one of the easiest for MOs
Explorer789 is offline  
Old Mar 4, 17, 5:58 am
  #100  
 
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,819
YMMV w WF - over here got push back after my first MO deposit.

Originally Posted by Explorer789 View Post
WF is one of the easiest for MOs
AlohaDaveKennedy is offline  
Old Mar 4, 17, 6:52 am
  #101  
 
Join Date: Jul 2016
Location: NY
Posts: 514
Originally Posted by NoonRadar View Post
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?
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.
FrankMS is offline  
Old Mar 4, 17, 7:49 am
  #102  
 
Join Date: Oct 1999
Location: Atlanta, GA
Programs: AA PLT, AS 75K, DL DM, HY Globalist, HH Diamond, MC/RZ/SW Platinum, AB/UA Silver, WN CP
Posts: 1,124
Originally Posted by NoonRadar View Post
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?
My understanding is that if you open a biz account and deposit them all there, you're golden. Virtually no limits.
Carl is offline  
Old Mar 4, 17, 1:06 pm
  #103  
 
Join Date: Oct 2011
Posts: 4,163
Originally Posted by AlohaDaveKennedy View Post
YMMV w WF - over here got push back after my first MO deposit.
Are you depositing in branch with a teller or at the ATM?
Superorb is offline  
Old Mar 4, 17, 2:33 pm
  #104  
 
Join Date: Sep 2008
Posts: 63
Originally Posted by Carl View Post
My understanding is that if you open a biz account and deposit them all there, you're golden. Virtually no limits.
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. 😀
ucfzf10 is offline  
Old Mar 4, 17, 5:32 pm
  #105  
 
Join Date: Feb 2017
Posts: 20
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
Skyriv3r is offline  

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