You should take them up on that biz account offer. Go to the branch, look him straight in the face and make them commit to an account where they'll be ok with MOs and not shut you down.

Otherwise, WF is pretty good.

Thanks for the advice. Already using WF and know that Chase is a no-no. Any other ideas in NJ for banks or CUs that don't mind taking in heavy MOs?

I assumed most of you guys that do such MS volume deposit the MOs to a biz account since such accounts are inherently more tolerant to cash-like transactions.

Besides the immediate risk of shutdown, there's also higher chances of the banks reporting suspicious activities to the feds.

Most likely First Tech Credit Union... well know to the heavies....

Chase just shut down my CFU and my Slate Account, and I know of at least one more person that was shut down today.

Any idea as to why? Heavy MS on the card?

not in the last 7 months. Only was doing 30k out of 35k ms (three trips to simon) with regular spend in there as well for the month.

U talking about 30K, not 3K right? Wouldn't anything above like 10K considered risky volume?

30k per month?
did you open up any new cards recently?

I would consider 30k/month on one card to be heavy MS.

you weren't doing 30K on a slate where you?

no, it was just chilling there not being used.

Chase has a new team that is shutting down cards based on multiple hard credit pulls in a short period of time (even non-Chase ones!). DoC has a thread on it.

Here's that thread. I haven't read recent comments though so not sure if there's a clear pattern, like how far back is Chase going for recently open Chase cards and what kind of overall (across all banks) numbers of recent new accounts & inquiries seems to get people shut down.

When reporting/posting here please give as many details as you can or you will be asked for it anyways. Copy and paste the text below and alter as needed.

1. SHUTdn by Bank, Credit Card info. (@m3x, chs3 ,c1t1 and brcl@y)
2. Length of account before closure and CL?
3. Volume of ms per month and how many months?
4. Cycle CL?
5. Did you BP using both options?
- BP by issuing bank (@m3x, chs3, c1t1 and brcl@y)
- BP by Vis/MC

I agree. This thread has become 1 person saying "well XXX closed my account," followed by multiple people asking questions like the ones you mentioned, only to have the OP respond days later.

Why weren't you honest with your credit union? Had you been honest, you could've backed up your reasoning with receipts and may have possibly protected your relationship.

It's kind of important to put the information from the wiki into your posts, so we have an idea of why you were shut down. I notice most people aren't doing that.

Opening an account and hitting MS hard over the first few months would not be a good idea.

Paying your balance constantly during the month to free credit for more purchases is not a good idea.

Having a checking account that is associated with the bank involved with deposits of MO, not a good idea. (We have mostly Chase cards and would never open a checking account with Chase, even with the $500 offer when we log into our credit cards.)

Being abusive to a customer service person when you have a problem with your credit, also not a good idea.

I can think of more, but you get the idea.

Give us info, and we can maybe enlighten you as to why your account was closed.

I agree with the above, especially since he had a 5 year relationship there, he should have complied and did what they asked, thanking them along the way.

I do up to $100k per card per month..sometimes more

I will just ask, what is the unicorn you are using to liquidate?

That is incredible. It's got to be a fulltime job for you. Liquidating whatever gift cards you buy would take some time.

We do a total of about $8K per month and think we are hitting it hard. You are my MS idol.

Lots of biz owners can hit $100k spend a month per card, but not just through buying GCs.

$100k / month is pocket change, in the glory days of WF 5x the target was $300-400k+ .... that became a half-time job.

I agree 100%.

Guilt is a heavy burden to bear, (even when the Guilty Feeling Person isn't guilty of any crime.

Honesty with financial institutions is a sound policy.

Banks don't have the first clue what MS* looks like, (but they know what ML looks like, and they'll always default to CYA).

Efff Chase. Their cards aren't even worth talking about anymore. I refuse to let them dictate my strategy.

Its certainly all relative as what is "heavy" MS. I'm like you and do maybe 10k per month, and thats all I really have time for given my time-intensive job, along with my desire to have some free time to relax and spend with family. If I spent every non-working hour liquidating GC's and buying MO's, I would have no time left for anything.

Its also a function of how much income you have and what the opportunity cost is. For some, if they don't MS insane amounts, there is no way they could travel well and treat themselves. For others with high incomes, they can still afford the great trips and biz class accommodations, so all the time really isn't worth it.

True, in the days of the coin you could do $75k a day using credit cards and in the day of the Grand Slam you could earn one million points a day holding 10 bingo cards.

"Where now the coins and Grand Slammers?
Where is the tooting of horns that was blowing?
Where is Mr. Pickles and the Thai Rice Farmers, and all the miles flowing?
Where is the hand on the purse string, and the Red Birds crowing?
Where is the spring and the harvest and the all the points growing?
They have passed like rain on the mountain, like a wind in the meadow;
The days have gone down in the West behind the hills into shadow.
Who shall gather the smoke of the dead deals burning,
Or behold the flowing fears from the Sea drying?"

sorry for everyone to be upset by me not posting the info.

1. SHUTdn by Bank, Credit Card info. (@m3x, chs3 ,c1t1 and brcl@y) Chase. Slate (4k) and CFU (35k)
2. Length of account before closure and CL? 2 years
3. Volume of ms per month and how many months? 30-35k each month for the last 24 months.
4. Cycle CL? No
5. Did you BP using both options? No. Just initiating billpay through Chase.

Only GCs. Easy enough to liquidate. $10k doesn't take long to liquidate.

My huntington checking account was closed. Do anyone know if this is a blacklist? Could I reopen it in the future? How long?

+1, shutdown last year

Citizen$ shut me down......used to deposit about 20k/mo for about 2 years but then had a better option for a long while and when i turned back to them they canned me after about 2 months. Not so much as a phone call. I thought they were pretty solid up to this point.

Did you try to reopen? Is this one blacklist me?

What kind of volumes of MOs deposits were you guys doing on Hunt & Citiz and for how long? Biz or personal checking?

1. SHUTdn by Bank, USB
2. Length of account before closure and CL? ~1 year
3. Volume of ms per month and how many months? <20K 12
4. Cycle CL? N/A
5. Did you BP using both options? N/A
- BP by issuing bank (@m3x, chs3, c1t1 and brcl@y)
- BP by Vis/MC

Got a letter in the mail, interesting that I made a teller deposit today and didn't say anything. They are giving like 2 weeks so guess I can up it next week :)

I logged into my favorite Alliant CU and found my checking account got axed right after I came back from my vacation.
When I asked the reason behind this closure, the rep cannot give me anything but some user agreement bs. Basically, she meant they have the right to close my account at any time. My saving account wasn't closed, however. Rep said this closure is final decision.
ACU was my sweet spot and I had a quite large volume. Too bad I had to find next spot,

Anyone experienced shutdown from US Bank on their Flexperks for trying to max out 3x category?

Sorry to heard that, question when you said "quite large volume", do you mean 10K, 20K, 30K or more a month?, were you using online or ATM deposit?

Thanks in advance.

They will shut down your savings as well, it just takes a little longer. They typically give a warning to stop - I'm guessing your volume was pretty heavy then?