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MO Deposit checking/savings accounts - Bank Shutdowns

MO Deposit checking/savings accounts - Bank Shutdowns

Old Oct 10, 18, 9:29 am
  #1  
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Join Date: Apr 2018
Posts: 27
MO Deposit checking/savings accounts - Bank Shutdowns

Hey there, I know there is a separate thread to cover Bank shutdowns, but this is mainly focused on credit cards and what to avoid to get your CC canceled. I thought about opening a new thread to cover those instances where your checking/savings account, where you deposit your MOs, is closed.
Would be great if we can share what happened so we can learn and hopefully avoid it in the future.

I got a called from my CU yesterday to ask me about my recent deposits and to let me know they didn't want me to continue banking with them, hence, i need to withdraw my balance and close the account.

Account opening date: Sept 2018 (just over a month with them)
Monthly deposits: $27K
Deposits methods: Mobile app, atm, bank branch and partner CUs

I thought I had hit the jackpot when this particular CU allowed me to deposit my MOs via their mobile app. They have a $10K limit per week, so I also used their ATMs and even partner CUs (so I wouldnt have to visit the same branch all the time). To my surprise, they called me yesterday to inquire about my business with them and to ask me to close my account. I wonder what I could have done differently, and ask other people to share their experiences so as to avoid it in the future.
I know it is a big No-No to deposit big amounts in the same branch all the time, but i guess doing it via their mobile app was also suspicious. What can I do differently next time? Should I have more accounts so I can distribute my deposits? Any insights as to how much some of you are able to deposit per month/week with the same institution and how you do it to avoid raising questions? How many accounts/banks do you use?
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Old Oct 10, 18, 10:41 am
  #2  
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Join Date: Nov 1999
Posts: 22,432
Originally Posted by Carlos_OL View Post
Hey there, I know there is a separate thread to cover Bank shutdowns, but this is mainly focused on credit cards and what to avoid to get your CC canceled. I thought about opening a new thread to cover those instances where your checking/savings account, where you deposit your MOs, is closed.
Would be great if we can share what happened so we can learn and hopefully avoid it in the future.

I got a called from my CU yesterday to ask me about my recent deposits and to let me know they didn't want me to continue banking with them, hence, i need to withdraw my balance and close the account.

Account opening date: Sept 2018 (just over a month with them)
Monthly deposits: $27K
Deposits methods: Mobile app, atm, bank branch and partner CUs

I thought I had hit the jackpot when this particular CU allowed me to deposit my MOs via their mobile app. They have a $10K limit per week, so I also used their ATMs and even partner CUs (so I wouldnt have to visit the same branch all the time). To my surprise, they called me yesterday to inquire about my business with them and to ask me to close my account. I wonder what I could have done differently, and ask other people to share their experiences so as to avoid it in the future.
I know it is a big No-No to deposit big amounts in the same branch all the time, but i guess doing it via their mobile app was also suspicious. What can I do differently next time? Should I have more accounts so I can distribute my deposits? Any insights as to how much some of you are able to deposit per month/week with the same institution and how you do it to avoid raising questions? How many accounts/banks do you use?
IMO you were full speed ahead instead of a gradually building it up. No way would I put $27k or anywhere that amount in any 1 acct Especially a new one.

My gut tells me that all you did was deposit the MOs and pay off the CC/s. I dont know of any bank that wouldnt shut you down especially if you are new to them

I wouldnt do much more then a few k a month for awhile (6 months) then add to it little by little and do other banking with them

Opening new bank accts wont be much of a help as they each will see 1- your CU closed you down and 2 that you are opening up various other banks.

You wont want to hear this but in order to win the race you need to go very slow and build things up slowly, jumping in full blast is gonna shut you down
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craz is offline  
Old Oct 10, 18, 11:04 am
  #3  
 
Join Date: Feb 2016
Location: Northeastern United States
Posts: 371
Too hard too fast mate. Go easy the first 30-90 days or spead it across a few different banks.
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Prometheus77 is offline  
Old Oct 10, 18, 5:39 pm
  #4  
 
Join Date: Mar 2005
Programs: Continental Onepass, Hilton, Marriott, USAir and now UA
Posts: 3,282
Lets see..........
Multiple deposits made to a new account of currency equivalents (each deposit probably done in amounts less than $10K each) accomplished in various manners (ATM, mobile, partner branch etc) adding up in total daily to greater than$10K and then being withdrawn within days. If this doesn't sound or smell like structuring and ML, I don't know what does.
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Old Oct 10, 18, 9:22 pm
  #5  
 
Join Date: Nov 2015
Programs: DL PM, Marriott Plat, HH Diamond
Posts: 813
Originally Posted by Carlos_OL View Post
Hey there, I know there is a separate thread to cover Bank shutdowns, but this is mainly focused on credit cards and what to avoid to get your CC canceled. I thought about opening a new thread to cover those instances where your checking/savings account, where you deposit your MOs, is closed.
Would be great if we can share what happened so we can learn and hopefully avoid it in the future.

I got a called from my CU yesterday to ask me about my recent deposits and to let me know they didn't want me to continue banking with them, hence, i need to withdraw my balance and close the account.

Account opening date: Sept 2018 (just over a month with them)
Monthly deposits: $27K
Deposits methods: Mobile app, atm, bank branch and partner CUs

I thought I had hit the jackpot when this particular CU allowed me to deposit my MOs via their mobile app. They have a $10K limit per week, so I also used their ATMs and even partner CUs (so I wouldnt have to visit the same branch all the time). To my surprise, they called me yesterday to inquire about my business with them and to ask me to close my account. I wonder what I could have done differently, and ask other people to share their experiences so as to avoid it in the future.
I know it is a big No-No to deposit big amounts in the same branch all the time, but i guess doing it via their mobile app was also suspicious. What can I do differently next time? Should I have more accounts so I can distribute my deposits? Any insights as to how much some of you are able to deposit per month/week with the same institution and how you do it to avoid raising questions? How many accounts/banks do you use?
Welcome to those that contribute to the demise of MS....the saga continues.
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