NoonRadar

Wouldn't you be able to cash the points as you go?

Also, not sure confiscating rewards for the time frame they let you use the card would hold up for them at CPFB (while CFPB still around).

Mamibear

My checking acct with WF is new, they posted the $250 sign-up bonus plus $10 statement credit for using WF wallet immediately after meeting the ten DC transactions so I'll wait n see if they're MO friendly before I close the account. There is no ETF on their fee schedule for the account I signed up for so I'll ask my friends if they ditched this right after getting their bonus.

Mamibear

WF is unlike CaOne where the latter posts your earnings soon as the transaction posts so you can choose to use it as statement credit immediately. With the former, rewards posts sometime after statement cut date so that if you're shutdown before statement cuts, your expected rewards that have not posted will be forfeited, much like the way CitiDC does their CBs.

I have yet to read someone succeeded in getting their CBs that haven't posted from any CC after submitting complaint to CFPB. There may be some but didn't report it.

Lappie

There is a bank in Central Florida that has changed names 3x in the past few years. Ive put through $600k in money orders, and my wife has put through half that without any issues. Separate accounts. In fact, I have never deposited anything except money orders in this account, and they are all either $499.11 or $499.25.

I think the key is small"er" banks where key decision makers are local and as long as they know what the game is and that it is legal, all is good.

In an effort to offer them true business (since the accounts are "free accounts"), I have a car loan with them and one CD.

I keep all my personal accounts at a different bank, just in case the .... did ever hit the fan and the accounts got frozen or something.

guywhocan

You have deposited USPS MOs at WF in volume? Just concerned that banks look at USPS more strictly than WM MOs.

DeaconY

Why would they differentiate?

Stgermainparis

For those of you opening an account at credit union, did they do a hard pull for checking or savings account?

And do you do anything other than MO? Did you establish that would be the case or did you just do it without comment?

Gitangali

And there is risk that if you file a complaint with CFPB, it is very unlikely to get the points back and at the same time you are in a hole when you apply for some other WF card. Is this a possibility? I'm just guessing but no definitive basis to suggest such thing. If there is no problem, I would like to file a complaint. There is nothing to lose, best case you can get points back.

I was shut down 2 months ago, not sure if you can still file a complaint.

Mamibear

IINM, you posted then that you got a warning from WF, right? If you're referring to CBs that you were not able to redeem when they decided to shut you down, while you can file a complaint against them, I'm pretty sure they can say you were given a warning but you went on with what you were doing that goes against their T&C. In essence, you took your chance and lost. But you're free to file that complaint if it's only 60 days ago, just be prepared for the result which will likely not be in your favor.

Mamibear

At my two favorite CUs, they only did chexsys on me since I opted out of overdraft protection. I know other CUs do HP on C/A even when opting out of overdraft protection like AgFed so it is best to ask before one submits an application to open C/A.

With the two CUs (accepts only local residents), I did only MO deposits and some beer rebates and I was grilled by their Risk Management Group the first month when they noticed my deposits. I just told them about miles and points and if they didn't want to do business with me, I was prepared for a shutdown. Fortunately, they said it was okay and from then on, I've never had a problem with my MO deposits.

matt21484

A good general rule to follow is to always decline overdraft protection since it is in essence, a line of credit they are extending you. 99% of all LOC require a credit inquiry. Again, an over simplification, but good is generally true. Some banks (Schwab) will do a HP just to open an account, so due diligence is still warranted.

RedCobra

They're all friendly, til the day they become unfriendly.

Gitangali

By the time I'm eligible to receive 5X again, WF would have completely cannibalized this program, therefore I went ahead and filed a complaint. What do I got to lose? If there was a chance of rinse and repeat in future, I would not have taken the chance of going in WF's "naughty list".

I enjoy your posts!

TyroneSchulase

Most tellers don't know the rules, but WM MO is cash, and USPS is a gov't check.

Stgermainparis

Wouldn't this make usps MO better (from bank perspective)?