|
Originally Posted by Carl
(Post 29426304)
1. SHUTdn by Schw@b (brokerage + checking)
2. Opened 01.17 3. Average daily balance last 12 mo = $4k; last 4 mo = $5.8k 4. Average MO monthly deposit volume last 12 mo = $10k; last 4 mo = $14.7k; last month was highest at $17.9k Received a reasonably friendly call yesterday afternoon letting me know that they’d made the decision to close my account. As expected, they wouldn’t provide a reason. They are giving a full month to drain the checking account and are allowing withdrawals and transfers out but not deposits. I received a letter today via UPS basically confirming the conversation. Since I knew I would regret it later if I didn’t exercise the option, I cashed out 160k MRs last night (worth 1.25¢ ea when you have their AX). The $2k appeared in my brokerage account this morning. However, the option to transfer between brokerage and any other account (internal or external) is gone, so I have to request a wire ($25) or paper check to clear these funds. I signed up for the accounts after hearing an FTU speaker recommend them as very MO friendly and never having issues with $5k deposits multiple times per week. I made 99% of deposits in a branch (which only allows them to go into brokerage) and then transferred them to checking the next day. All interactions in multiple states were always friendly and no one ever questioned the MOs (typically $3-$5k). There was one branch manager who encouraged me to use mobile deposit just to save me from having to come in, but I only did that a couple of times (and only one MO per day) as that seemed riskier to me. I never deposited anything other than MOs, nor did I use the brokerage for any trading. I regularly ACH'd from checking to some external accounts to hit monthly DD minimums. He said the AX card would get closed on its own sometime after my accounts, as holding it requires a brokerage relationship. Fortunately I’m in my renewal window and can cancel it and not have to pay the AF. Really sad to end this relationship as everyone was always friendly and helpful, but it was a good run. Edit: Just noticed you said you never deposited anything other than MO into the account so my question doesn't matter. Did you ever deposit into the checking or was it always into brokerage and then transfer? That might have done it as well. |
Originally Posted by bigshooter
(Post 29458183)
Just noticed you said you never deposited anything other than MO into the account so my question doesn't matter. Did you ever deposit into the checking or was it always into brokerage and then transfer? That might have done it as well.
|
Paypal counting towards MS
I know most of the folks here are spending a lot in VGC-WM and after a scary call yesterday, I freaked out. Got a call from Chase fraud and said "Oh boy.. here we go". I have a new Ink Plus and already hit the spend through a lot of organic spend and maybe 2k of VGC, spread out. I don't have a chase checking/savings, all deposits were in various savings/checks I have at different institutions.
Anyway, fortunately, they were calling as I had recently placed an extended fraud alert on my account as my identity was recently stolen and a lot of department store cards were opened in my name. They saw the extended alert was just placed on my credit report and were calling to verify that the accounts I had, were legitimately mine. Phew. So all is well there. But, I was sweating bullets thinking that was the call of death. Luckily, I dodged a bullet. But, on to my question - I have purchased a bunch of deal cards on eBay, which are paid with Paypal. Most are restaurants that I visit, some I'll resell. Do you think these Paypal purchases would (I know anything "could") trigger an MS alarm? Regardless, I'm going to make sure I have more organic spend than anything else. But, since I won't have a bunch of VGC purchases from the usual spots, I didn't know if the Paypal thing would raise a flag. I don't go anywhere near my credit limits in terms of overspending and do have a lot of organic spend on the cards I've used. With the exception of the Ink, the cards have been open for quite some time. Didn't see any DP's as to whether the Paypal digital gifts might trigger an alert - or if it'd just appear (likely) as a regular Ebay type purchase. TIA! |
Originally Posted by otj287
(Post 29466207)
... I was sweating bullets thinking that was the call of death. Luckily, I dodged a bullet.
As far as PayPal Digital Gifts, banks would know that GC can be quickly unloaded. So just in case your purchase was not legit, Chase didn't want to be left holding the bag. |
I'm fine with banks. My poetic justice was simply trying to set the tone that I was hoping it wouldn't mean the loss of the UR's as I never received such a call and didn't know what they wanted at first. Judging by the posts here, MANY have faced similar questions/concerns/guidance with potential shutdown.
The charges, are in fact, legit. I didn't see any DP's regarding any PPDG's as an MS-concerning, I've seen reference to the usual VGC->MO, which is why I was asking. |
Originally Posted by otj287
(Post 29467131)
The charges, are in fact, legit. I didn't see any DP's regarding any PPDG's as an MS-concerning, I've seen reference to the usual VGC->MO, which is why I was asking.
|
Originally Posted by otj287
(Post 29467131)
I'm fine with banks. My poetic justice was simply trying to set the tone that I was hoping it wouldn't mean the loss of the UR's as I never received such a call and didn't know what they wanted at first. Judging by the posts here, MANY have faced similar questions/concerns/guidance with potential shutdown.
The charges, are in fact, legit. I didn't see any DP's regarding any PPDG's as an MS-concerning, I've seen reference to the usual VGC->MO, which is why I was asking. |
Got snail mail from hsbc that my savings account would be shut down. I thought weird i have no MS with them. Then I recall during the coin days I had a mortgage with them and I would go to the bank to pay my mortgage and the also deposit like 10-20k at a time in my savings in dollar coins, I would do this weekly or so. I figured since I had a mortgage they couldnt shut me down and I was right until they did shut me down but only my savings.
So I xfer my money out and then two weeks later i get another letter saying sorry we sent the shut down letter as an error please accept our apologies. So weird. |
Originally Posted by EL3V3N
(Post 29510769)
Got snail mail from hsbc that my savings account would be shut down. I thought weird i have no MS with them. Then I recall during the coin days I had a mortgage with them and I would go to the bank to pay my mortgage and the also deposit like 10-20k at a time in my savings in dollar coins, I would do this weekly or so. I figured since I had a mortgage they couldnt shut me down and I was right until they did shut me down but only my savings.
So I xfer my money out and then two weeks later i get another letter saying sorry we sent the shut down letter as an error please accept our apologies. So weird. |
Be afraid, my friends, very afraid
I think a good many people are afraid of banks. Those that hold mortgages are afraid of illegal foreclosures. Those who hold bank loans are afraid of illegal LIBOR rate gaming. Those who are morally opposed to banks laundering Mexican drug cartel money are afraid of finding their bank in the headlines (again). Some folks are afraid of banks shutting down their accounts and sending a letter that it was all a mistake. Other folks are afraid that their bank will pull a Wells Fargo and illegally open accounts in their name. And although we have long known that banks are infested with rats, we now know that banks actually pay teams of them to bite customers. During the financial crisis banks went broke, yet managed to suck money from taxpayers like Anne Rice's Lestat. And don't even get me started on those damn zombie banks. Be afraid, my friends, very afraid.
Originally Posted by MaxVO
(Post 29467097)
Hmmm if you're so deathly afraid of a bank, maybe they're not right for you. Whatever benefits you think you're getting from them can't be worth so much stress...
|
Had an interesting call with C@p0ne today about what triggers fraud reviews and could possibly be related to some of the Ch@se shutdowns we have seen. I know we have discussed POSSIBLE triggers, but I don't think we have ever gotten firm numbers. Well on my call (everything worked out, they just had to verify a payment account) with the fraud department, while we were on hold, he spilled the beans on what actually triggers it with quantifiable numbers. He said that an account goes into review if these two qualifications are met:
1) Payment from more than 2 accounts in a 90 day period 2) Payments that are different by more than 10% (ie a payment of 5k and 4k would trigger, but 5k and 4.5k wouldn't) Ch@se probably isn't EXACTLY the same, but could help anyone with trying to avoid a shutdown... |
Originally Posted by gobluepoints
(Post 29541937)
1) Payment from more than 2 accounts in a 90 day period Ch@se probably isn't EXACTLY the same, but could help anyone with trying to avoid a shutdown... |
Originally Posted by wanalaugh74
(Post 29542164)
What if u paid directly at the bank with MO?
|
Originally Posted by gobluepoints
(Post 29541937)
Had an interesting call with C@p0ne today about what triggers fraud reviews and could possibly be related to some of the Ch@se shutdowns we have seen. I know we have discussed POSSIBLE triggers, but I don't think we have ever gotten firm numbers. Well on my call (everything worked out, they just had to verify a payment account) with the fraud department, while we were on hold, he spilled the beans on what actually triggers it with quantifiable numbers. He said that an account goes into review if these two qualifications are met:
1) Payment from more than 2 accounts in a 90 day period 2) Payments that are different by more than 10% (ie a payment of 5k and 4k would trigger, but 5k and 4.5k wouldn't) Ch@se probably isn't EXACTLY the same, but could help anyone with trying to avoid a shutdown... |
Originally Posted by gobluepoints
(Post 29541937)
Had an interesting call with C@p0ne today about what triggers fraud reviews and could possibly be related to some of the Ch@se shutdowns we have seen. I know we have discussed POSSIBLE triggers, but I don't think we have ever gotten firm numbers. Well on my call (everything worked out, they just had to verify a payment account) with the fraud department, while we were on hold, he spilled the beans on what actually triggers it with quantifiable numbers. He said that an account goes into review if these two qualifications are met:
1) Payment from more than 2 accounts in a 90 day period 2) Payments that are different by more than 10% (ie a payment of 5k and 4k would trigger, but 5k and 4.5k wouldn't) Ch@se probably isn't EXACTLY the same, but could help anyone with trying to avoid a shutdown... |
| All times are GMT -6. The time now is 9:32 am. |
This site is owned, operated, and maintained by MH Sub I, LLC dba Internet Brands. Copyright © 2026 MH Sub I, LLC dba Internet Brands. All rights reserved. Designated trademarks are the property of their respective owners.