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Originally Posted by MaxVO
(Post 30061705)
That's a lot of driving, and will not help according to earlier DPs. Shut down decisions come from the back office, and being known or visible to front line tellers makes no difference.
Driving wise, unless you have an ATM at home... j/k. True, this would make a difference in areas where a branch isn't nearby but an ATM is. |
Chs3 total shutdown
In January, I got a dear-john letter from Chs3 telling me that they were terminating our relationship, and that I had 30 days to remove all my funds. I had -
Occasional RS and no MS on the cc's. Occasional MO deposit of $3-5k in my personal checking, one or twice a month. The only "unusual" activity preceding the invitation to leave was the deposit of a cash-advance check from one of the chs3 cc's, for $5k (against a 50k CL). The Dear John letter came 2 weeks later. Talked to my personal banker in branch, and she was quite unhappy about it (we'd been discussing a refi on an 800k mortgage), but she said there was nothing she could do about it. Called the exec office twice, looking for an explanation. I was told both times that a letter was on its way, but I never received any further explanation for chs3's action |
With Chase, is there any reason to be careful with meeting the minimum spending requirements? I know that the consensus is that with AMEX and US Bank, you generally want to meet that minimum with "real" spending, and not by buying gift cards. I have a new Chase card (pretty rare for me), and I obviously don't want to get "in trouble" with my other accounts while I get my new account bonus.
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Originally Posted by iahphx
(Post 30097557)
With Chase, is there any reason to be careful with meeting the minimum spending requirements? I know that the consensus is that with AMEX and US Bank, you generally want to meet that minimum with "real" spending, and not by buying gift cards. I have a new Chase card (pretty rare for me), and I obviously don't want to get "in trouble" with my other accounts while I get my new account bonus.
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Originally Posted by jeffeverde
(Post 30097536)
In January, I got a dear-john letter from Chs3 telling me that they were terminating our relationship, and that I had 30 days to remove all my funds. I had -
Occasional RS and no MS on the cc's. Occasional MO deposit of $3-5k in my personal checking, one or twice a month. The only "unusual" activity preceding the invitation to leave was the deposit of a cash-advance check from one of the chs3 cc's, for $5k (against a 50k CL). The Dear John letter came 2 weeks later. Talked to my personal banker in branch, and she was quite unhappy about it (we'd been discussing a refi on an 800k mortgage), but she said there was nothing she could do about it. Called the exec office twice, looking for an explanation. I was told both times that a letter was on its way, but I never received any further explanation for chs3's action |
maybe regular spend?
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Originally Posted by Happy
(Post 30099066)
What does "RS" activity mean?
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Originally Posted by jeffeverde
(Post 30097536)
In January, I got a dear-john letter from Chs3 telling me that they were terminating our relationship, and that I had 30 days to remove all my funds. I had -
Occasional RS and no MS on the cc's. Occasional MO deposit of $3-5k in my personal checking, one or twice a month. The only "unusual" activity preceding the invitation to leave was the deposit of a cash-advance check from one of the chs3 cc's, for $5k (against a 50k CL). The Dear John letter came 2 weeks later. Talked to my personal banker in branch, and she was quite unhappy about it (we'd been discussing a refi on an 800k mortgage), but she said there was nothing she could do about it. Called the exec office twice, looking for an explanation. I was told both times that a letter was on its way, but I never received any further explanation for chs3's action |
Originally Posted by devastitis
(Post 30105739)
That cash advance check may have triggered them to review your account, but I’m fairly certain the MO deposits were what caused the shutdown. Time and time again, we have to warn people not to s* where you eat. $6k - $10k of MOs a month is very risky behavior, and ch@s3 is notoriously risk averse. I figured that having a 100k sitting in a chs3 savings account for 3 years would have dispelled any concerns that the compliance dept might have had, given my fairly low MS activity at chs3. But obviously not.. |
Are there any data points of people getting shut down for double dipping two chase cards on the same day (CSP/CSR and SW/SW)? |
Well it stinks to hear of so many shut downs and how these all happen but having just found this thread (I am not on fr like I used to be) I gotta tell ya’ll... I am quite amazed once again as to how people are about things. I sympathize with many here who were shut down and it is a wrenching feeling to have it hapoen when you know you just followed their own terms and conditions but they just didn’t like you around anymore. i have done heavy ms since 99. Not as heavy as some (some bankrolled with huge sums of money and leveraged dicounted travel whereas many others would master small ball and get free travel back in te day). Years ago —and I will try to find the theead or maybe someone here can— I posted a list of what I was shut doen from and got shite on by soooo many people it was frustrating. They all claimed it was all me, it never happens, I must have been doing sometbing illegal, or that I was even bragging that it happened! None of thrse were the case. The facf is, for reasons of tbeir oen, each bank and store and cc has its own reasons for doing a ban and they are not always right or logical but they do em just the same. But no one understood that or wanted to admit that yet—when I had posted my shut downs back then. Now it’s a thing it seems. It’s finally ok to have it happen to you. Welcome to the club. Where ya been? There was even a forum not related to ft I joined that had many of our kind on it but they too shunned some ms and some even found a way to twist things around to shut me out of there too. Well there were some high brow narcissistic types in the group so there’s that... but It is interesting how people can turn... either ob you when they assume you have done sonerhing they don’t like or susdenly with you when the same thibg hapoens to them. That part of this, and this thread, is laughable. Sorry, but if you see it from my angle it really is. I almost feel how you would if you, say, came into a whole lotta money and then a bank learned of this and now wanted you back in. How would you react to that? All that said, I am shut from the following: bofa — never do heavy ms where you also have family investments. Merrill Lynch and bofa merged. Merrill saw and wondered and did not like ms and they initiated the shutddown of my bofa. I mived everything to fidelity and needless to say I have not gotten their 2x cc. Yet citi. I still have their equity line and they are happy I do but banks and cc shut me cap one but I think you can get back in after siz months Wells fargo all the ms vehicles like bluebird and all those prepaid things we all used to get. A walmart near me where they started thinking ms was evil. I think they wont sell anyone a mo anymore to be honest. Some small local or new england banks and also Pypal. The amex blue and a td bank 5x cc but those died for everyone and I still have amex cards and accts with td bank. so those were product shut downs. in the end, it seems still true that if you do volume it can hapoen to you. If you do not, it might not happen. But what is “too much” and who determines this? You can be the nicest person to clerks and managers and let orher customers cut in front of you when doing ms or whatever, but a store could still say no more. You could get legal on some company and they could suddenly be ok with you again. It’s all totally subjective. And what about when you don’t go hard and then a thing dies and you wished you had cuz it was dying anyway? Of course just cuz something dies for you doesnt mean it’s dead for others so please don’t blog about it. Anyway, I have said enough for now. Let the trolling and bashing begin. :)mm |
Long time, no see on FT. Indeed, bank closures are wholly subjective and all about perception and risk tolerance. Many MS folk get shut down while ML folk do not. Perhaps this is due to MS folk not paying bribes and kickbacks, like the MS folks?
Originally Posted by Marathon Man
(Post 30114198)
Well it stinks to hear of so many shut downs and how these all happen but having just found this thread (I am not on fr like I used to be) I gotta tell ya’ll... I am quite amazed once again as to how people are about things. I sympathize with many here who were shut down and it is a wrenching feeling to have it hapoen when you know you just followed their own terms and conditions but they just didn’t like you around anymore. i have done heavy ms since 99. Not as heavy as some (some bankrolled with huge sums of money and leveraged dicounted travel whereas many others would master small ball and get free travel back in te day). Years ago —and I will try to find the theead or maybe someone here can— I posted a list of what I was shut doen from and got shite on by soooo many people it was frustrating. They all claimed it was all me, it never happens, I must have been doing sometbing illegal, or that I was even bragging that it happened! None of thrse were the case. The facf is, for reasons of tbeir oen, each bank and store and cc has its own reasons for doing a ban and they are not always right or logical but they do em just the same. But no one understood that or wanted to admit that yet—when I had posted my shut downs back then. Now it’s a thing it seems. It’s finally ok to have it happen to you. Welcome to the club. Where ya been? There was even a forum not related to ft I joined that had many of our kind on it but they too shunned some ms and some even found a way to twist things around to shut me out of there too. Well there were some high brow narcissistic types in the group so there’s that... but It is interesting how people can turn... either ob you when they assume you have done sonerhing they don’t like or susdenly with you when the same thibg hapoens to them. That part of this, and this thread, is laughable. Sorry, but if you see it from my angle it really is. I almost feel how you would if you, say, came into a whole lotta money and then a bank learned of this and now wanted you back in. How would you react to that? All that said, I am shut from the following: bofa — never do heavy ms where you also have family investments. Merrill Lynch and bofa merged. Merrill saw and wondered and did not like ms and they initiated the shutddown of my bofa. I mived everything to fidelity and needless to say I have not gotten their 2x cc. Yet citi. I still have their equity line and they are happy I do but banks and cc shut me cap one but I think you can get back in after siz months Wells fargo all the ms vehicles like bluebird and all those prepaid things we all used to get. A walmart near me where they started thinking ms was evil. I think they wont sell anyone a mo anymore to be honest. Some small local or new england banks and also Pypal. The amex blue and a td bank 5x cc but those died for everyone and I still have amex cards and accts with td bank. so those were product shut downs. in the end, it seems still true that if you do volume it can hapoen to you. If you do not, it might not happen. But what is “too much” and who determines this? You can be the nicest person to clerks and managers and let orher customers cut in front of you when doing ms or whatever, but a store could still say no more. You could get legal on some company and they could suddenly be ok with you again. It’s all totally subjective. And what about when you don’t go hard and then a thing dies and you wished you had cuz it was dying anyway? Of course just cuz something dies for you doesnt mean it’s dead for others so please don’t blog about it. Anyway, I have said enough for now. Let the trolling and bashing begin. :)mm |
Originally Posted by AlohaDaveKennedy
(Post 30114719)
Long time, no see on FT. Indeed, bank closures are wholly subjective and all about perception and risk tolerance. Many MS folk get shut down while ML folk do not. Perhaps this is due to MS folk not paying bribes and kickbacks, like the MS folks?
it is possible ml people got involved at a more let’s say kickback level because banks etc needed to learn from them. Ms is not rocket science. The only hard part for those who do not partake in it is “how can they do and imagine this stuff?” Many neysayers to ms are moralists, psuedo ethics experts in their own minds, imposing their notions of what they see as right or wrong onto others, or hard chargers who cringe at any supposed success of others. Perhaps out of jealousy or maybe just the need to get off on someone else’s demise, these types love to stop those of us with the deal finding mindset now I have always touted that deal makers and those entities that put forth all that we exploit are for the most part kind of “ok with some of it” as long as we all keep quiet. But in their defense I can almost see why many places shut down msers who blog, brag, be rude, or act entitled and loud in stores etc. we should never do this. As one wise mser once told me, it is better to be the super wealthy guy in the room who is wearing shorts and an old t shirt and only chatting with a couple people but no one knows who he is or what he has than to be the star on stage yapping about all the great ways to get rich. I had spoken at some miles meet ups in the past... about ways to do this craft and hush up about it. How to be a good steward of ms. Few took my advise. Now we see rampant stoppage and every store knows there’s some scam going on. Misinformed they may be but that’s what they believe. |
Originally Posted by Clueless12
(Post 30112290)
Are there any data points of people getting shut down for double dipping two chase cards on the same day (CSP/CSR and SW/SW)? |
Originally Posted by Clueless12
(Post 30112290)
Are there any data points of people getting shut down for double dipping two chase cards on the same day (CSP/CSR and SW/SW)? |
Originally Posted by Clueless12
(Post 30112290)
Are there any data points of people getting shut down for double dipping two chase cards on the same day (CSP/CSR and SW/SW)? Even if u double dip , try to reduce the credit limit asap , if u see it risky. If your overall credit limit is less than say 10 % ( my assumption) of your stated income with chase, then definitely i think u should be good. |
Well, my chs3 train has come to an end..... for now.
Haven't got the letter, but all accounts were shut down as of last Friday. I woke up to my Applepay saying it had removed all my cards from it and I was like, "That's weeeiiiiirddd.". Then I tried to buy gas .... denied. Me: "Uh Oh". Sure enough, Chs3 rep read the "Chs3 has ended its relationship w/ you.." statement. I guess I can protest / appeal once I get the the letter of severance which I assume has information on that. My stats: 1. SHUTdn by Bank: Chs3 2. Length of account before closure and CL: 1nk: ~4 years Fr3ed0m: ~2.5 years Fre3d0m Unlim (formaly Sapph pr3f): 6 years Fr3ed0m Unlim: 2 years Un1t3d: 7 years Sapphir3 R3s. 1+ years Sapph Pr3f: 2 years (only as a secondary account person from wife's account) 3. Average monthly account balance checking and savings? I don't bank w/ chs3 only had CC. 4. Volume of ms per month and how many months? Recently 25K/month. Mostly through Simon and when OD/OM running its deals. Been doing this much for ~ year. Gradually increased from ~5K about 4 years ago to the 25K now. 5. Cycle CL? Never 6. Did you BP using both options? If you mean sending $ though website and doing WM billpay, Yes. If you mean doing wally billlpay to V1sa and to chs3, then No. - BP by issuing bank (@m3x, chs3, c1t1 and brcl@y) - BP by Vis/MC 7. Did you spell out the bank's full name in an internet forum? Possibly. The one curve ball that might have raised the flag on me was the fact that the card that I was secondary on was used super heavily one month due to my wife's not being able to use her go-to AM3-ex. She had to use it as her primary means of cc and got right up to the credit limit of the card. The usage jacked w/ my credit utilization % amount and dropped my credit score. She paid it off after a month and my score went right back to where it was, but for a month it dropped below 700. IDK. |
Originally Posted by chippy111
(Post 30119715)
Well, my chs3 train has come to an end..... for now.
Haven't got the letter, but all accounts were shut down as of last Friday. I woke up to my Applepay saying it had removed all my cards from it and I was like, "That's weeeiiiiirddd.". Then I tried to buy gas .... denied. Me: "Uh Oh". Sure enough, Chs3 rep read the "Chs3 has ended its relationship w/ you.." statement. I guess I can protest / appeal once I get the the letter of severance which I assume has information on that. My stats: 1. SHUTdn by Bank: Chs3 2. Length of account before closure and CL: 1nk: ~4 years Fr3ed0m: ~2.5 years Fre3d0m Unlim (formaly Sapph pr3f): 6 years Fr3ed0m Unlim: 2 years Un1t3d: 7 years Sapphir3 R3s. 1+ years Sapph Pr3f: 2 years (only as a secondary account person from wife's account) 3. Average monthly account balance checking and savings? I don't bank w/ chs3 only had CC. 4. Volume of ms per month and how many months? Recently 25K/month. Mostly through Simon and when OD/OM running its deals. Been doing this much for ~ year. Gradually increased from ~5K about 4 years ago to the 25K now. 5. Cycle CL? Never 6. Did you BP using both options? If you mean sending $ though website and doing WM billpay, Yes. If you mean doing wally billlpay to V1sa and to chs3, then No. - BP by issuing bank (@m3x, chs3, c1t1 and brcl@y) - BP by Vis/MC 7. Did you spell out the bank's full name in an internet forum? Possibly. The one curve ball that might have raised the flag on me was the fact that the card that I was secondary on was used super heavily one month due to my wife's not being able to use her go-to AM3-ex. She had to use it as her primary means of cc and got right up to the credit limit of the card. The usage jacked w/ my credit utilization % amount and dropped my credit score. She paid it off after a month and my score went right back to where it was, but for a month it dropped below 700. IDK. |
Originally Posted by jeffeverde
(Post 30097536)
The only "unusual" activity preceding the invitation to leave was the deposit of a cash-advance check from one of the chs3 cc's, for $5k (against a 50k CL). The Dear John letter came 2 weeks later.
Talked to my personal banker in branch, and she was quite unhappy about it (we'd been discussing a refi on an 800k mortgage), but she said there was nothing she could do about it. That does seriously suck to have to move your bank accounts. The good news is that there are plenty of banks that would pay you more interest on your money. Thanks for the data point. |
Originally Posted by alvinroast
(Post 30123225)
You used a chase cash-advance check at the same time that you were discussing a refi? I look at cash advance deals to help me judge interest rate risk. Using a cash-advance check is basically telling that financial institution that you are a risk. This is a tool of the bank. It's only an emergency tool for you, and the price is a potential end to your relationship.
That does seriously suck to have to move your bank accounts. The good news is that there are plenty of banks that would pay you more interest on your money. Thanks for the data point. |
Originally Posted by devastitis
(Post 30123074)
how long did you use appl3 pay for? other than that, never used it. |
Originally Posted by jeffeverde
(Post 30124358)
Considering that I had a combined 120k in chs3 checking and savings for the past 4 years? It seems unlikely that making use of one of their 0% interest offers raised any red flags re: my financial stability
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Originally Posted by beast7276
(Post 30124644)
Why would you leave 120k sitting in a Chase savings/checking account?
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Originally Posted by jeffeverde
(Post 30130601)
my piggy bank was already full
Just say you don't care about the puny 1-2K annual interest as one only gets half of that after tax.:-) |
This is a Chase shut down question. So I haven’t read all the posts and I’ve actually never quite understood it all when it comes to credit card shut downs and so I’m going to ask this of those of you in here we’re willing to disclose it: I have been shut down by banks that are primarily in my area and also a couple of large ones like Bank of America and citi— and therefore also their credit card products. Most of this probably had to do with putting “too many” money orders in, whatever that arbitrary number may be. There are things that can trigger things and even if you think you’ve never had a problem but they eventually might. But I’ve never been shut down by Chase or American Express or Barklay. Yet. I’d say for churning, on a scale of 1 to 10 with 10 being the most, I was always probably ran a six or a seven at best. Back in the day I was probably a little envious that I wasn’t doing more. I would say I mostly did a lot of MS on the cards I had and even kept them as opposed to always signing up for new ones. But I did do it. Maybe I got lucky and it was when I stopped churning as opposed to the fact that I did it at all. So the question is, what do you think it was that primarily made it so that they shut you down from Chase? Was it a mistake or a glitch or being caught in the net or churning? why did I not get nabbed? i currently use and still buy gcs on these ccs: amexs ink jetblue flexperks |
Originally Posted by Marathon Man
(Post 30135433)
This is a Chase shut down question. So I haven’t read all the posts and I’ve actually never quite understood it all when it comes to credit card shut downs and so I’m going to ask this of those of you in here we’re willing to disclose it: I have been shut down by banks that are primarily in my area and also a couple of large ones like Bank of America and citi— and therefore also their credit card products. Most of this probably had to do with putting “too many” money orders in, whatever that arbitrary number may be. There are things that can trigger things and even if you think you’ve never had a problem but they eventually might. But I’ve never been shut down by Chase or American Express or Barklay. Yet. I’d say for churning, on a scale of 1 to 10 with 10 being the most, I was always probably ran a six or a seven at best. Back in the day I was probably a little envious that I wasn’t doing more. I would say I mostly did a lot of MS on the cards I had and even kept them as opposed to always signing up for new ones. But I did do it. Maybe I got lucky and it was when I stopped churning as opposed to the fact that I did it at all. So the question is, what do you think it was that primarily made it so that they shut you down from Chase? Was it a mistake or a glitch or being caught in the net or churning? why did I not get nabbed? i currently use and still buy gcs on these ccs: amexs ink jetblue flexperks |
Originally Posted by Marathon Man
(Post 30135433)
This is a Chase shut down question. why did I not get nabbed? |
Originally Posted by ChuckMango
(Post 30135519)
were you depositing mo's in chase checking or just churning/msing on their cards?
had em all and multiples at times too had checking for a while but closed it long ago never put an mo in there |
Originally Posted by Marathon Man
(Post 30135573)
no chase banks where i am in ma so only ms and churn ccs had em all and multiples at times too had checking for a while but closed it long ago never put an mo in there |
Originally Posted by ChuckMango
(Post 30135592)
So prolly that's why
but who knows |
Not exactly a shutdown, but I got a huge CLD from brcl@y last week... the very next day after I paid my $3K card balance in full (mostly MS) my credit line went from $15K to $1K. Haven't gotten a letter yet explaining the reason for the CLD. Account is still open, but I've tested it... $200-500 purchases at CVS or grocery stores are declined, but small charges elsewhere (restaurants, etc) still go through.
I rotate my cards so used the brcl@y only sporadically, when I needed to top up my AA miles. Best guess is, the larger than normal purchase volume, followed by a large payment a couple of days later, must have raised some sort of red flag. Not a huge loss but this is the first adverse action I've received in 3 years + of casual MS. Any other recent DP on brcl@y? |
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Originally Posted by wahooflyer
(Post 30141323)
Not exactly a shutdown, but I got a huge CLD from brcl@y last week... the very next day after I paid my $3K card balance in full (mostly MS) my credit line went from $15K to $1K. Haven't gotten a letter yet explaining the reason for the CLD. Account is still open, but I've tested it... $200-500 purchases at CVS or grocery stores are declined, but small charges elsewhere (restaurants, etc) still go through.
I rotate my cards so used the brcl@y only sporadically, when I needed to top up my AA miles. Best guess is, the larger than normal purchase volume, followed by a large payment a couple of days later, must have raised some sort of red flag. Not a huge loss but this is the first adverse action I've received in 3 years + of casual MS. Any other recent DP on brcl@y? |
In those months leading up to the end of spg as we knew it, I put at least $120k ms spend across many amx accts I have and those of family on which I am AU. Mostly mall, mostly $9575.05 a clip. Some are biz spg cards. got a letter from one asking us to call in. Figuring this could be a fr we ignored it. Then they raised the cc limit a week or so later. So that’s what it was about lol. I am not sure when the hammer will drop but it worked so far I also did put a good 30k+ on my cards for my business. Maybe even 40k |
Originally Posted by Marathon Man
(Post 30142789)
In those months leading up to the end of spg as we knew it, I put at least $120k ms spend across many amx accts I have and those of family on which I am AU. Mostly mall, mostly $9575.05 a clip. Some are biz spg cards. got a letter from one asking us to call in. Figuring this could be a fr we ignored it. Then they raised the cc limit a week or so later. So that’s what it was about lol. I am not sure when the hammer will drop but it worked so far I also did put a good 30k+ on my cards for my business. Maybe even 40k |
Originally Posted by in4tar
(Post 30142938)
A good friend of mine did just that...he figured his spg would be pretty useless after the merge and hit it hard...then received a 'courtesy call"...I advised him not to answer, but the second such call he answered and was informed that Amx decided to make a "business decision" to terminate his accounts...not just spg - all of them, even though he didn't do any MS on the other cards...at least they gave him 30 days to transfer the MR points from his Platinum...but still...he has great FICO, high income, long history with Amx...yet here he is...
One thing many of us learned about American Express was that the only cards you could really do MS on with great frequency of the ones where they transfer the currency to another program like Hilton and Starwood Preferred Guest. Ones that are resident within the card like MR were not as an good idea to do it because they more “own” and can take the points away very easily. A lot of this was realized on one of the 100K sign-up deals that existed a year or so ago and some people got snagged and some people were able to get their points and get out of there. Personally, I was never much of a fan of MR and while I did some ms transactions with it I never thought the currency was as valuable as Starwood was at the time and so I really didn’t use it too much and ended up canceling my am our cards anyways so I didn’t have that problem going forward. Of course everyone has their own needs and likes and dislikes but for me the only currency that was really good with them was Hilton and Starwood and now we have to reshuffle to see if that is still viable at all. I have learned however, that people who did what I did but also happen to have an MRI card as well, would run into shut down concerns more than me. And this post proves it |
Originally Posted by in4tar
(Post 30142938)
A good friend of mine did just that...he figured his spg would be pretty useless after the merge and hit it hard...
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Originally Posted by rct12345
(Post 30143809)
Can you define hit it hard? How much was the CL and how much did he/she cycle?
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Originally Posted by in4tar
(Post 30144945)
Whereas he was regularly doing around 15K a month on each of his personal and business SPG, in view of the merge he ramped up his spending around 3x above that...still within his credit lines, and no credit cycling...perhaps that's what brought some eyes on his account, or perhaps he paid with MO once or twice (even if I warned him that was a huge 'no")...now he wonders if he could get back with Amx, but I think - perhaps like with their bonuses - it's pretty much "for life"...
I know about paying with MOs for cards with banks that have locations. How does one pay Amex with MO? On phone? (No plan of doing this..) |
Originally Posted by rct12345
(Post 30145129)
I know about paying with MOs for cards with banks that have locations. How does one pay Amex with MO? On phone? (No plan of doing this..)
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