2019 Shutdown Thread

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Old Jan 1, 19, 6:14 am   -   Wikipost
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1. SHUTdn by Bank, Credit Card info. (@m3x, chs3 ,c1t1 and [email protected])
2. Length of account before closure and CL?
3. Average monthly account balance checking and savings?
4. Volume of ms per month and how many months?
5. Cycle CL?
6. Did you BP using both options?
- BP by issuing bank (@m3x, chs3, c1t1 and [email protected])
- BP by Vis/MC
7. Did you spell out the bank's full name in an internet forum?
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Old Apr 3, 19, 6:54 am
  #121  
 
Join Date: Aug 2018
Posts: 5
Originally Posted by radonc1 View Post
It appears that banks are much more sensitive to MS shenanigans when they are paying the bill, especially in the form of cash rebates.
That's been my experience litigating in this area. The banks are all tightening up on this as it becomes more mainstream and costs them more money.

Originally Posted by tuphat View Post
Citi shut down my Double Cash card last month, which I have been using for both MS and organic spend for 5+ years. The initial letter provided no reason for shutdown, said I had to write them a letter & ask for explanation, which I did. Their response:
Sorry to hear about the loss. Did they respond to your request in a timely fashion? If not, that might be a potential Equal Credit Opportunity Act violation.
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Old Apr 3, 19, 10:34 am
  #122  
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Originally Posted by NeGourmand View Post
Last month, I found myself the recipient of the recent Alliant shutdown letter. It was notification 1 month in advance, and Iíve reached out to have that reconsidered. The letter stated that in mid April, I would be expelled from the credit union and any deposit accounts or credit cards would be closed. Iíd like to keep the 2.5% card for paying taxes (the amount I have to pay makes it worthwhile to keep that card.) My initial plan was to close if I didnít hear anything from the reconsideration department, which I havenít yet. However, how big of a negative is it if a credit union closes your accounts? Will it impede opening others? I havenít bounced any checks, nor do I owe them any money. I just slightly took advantage of the cc (not a ton of MS) for 3% and deposited a large amount of MOs. If itís not a big black mark, I might just keep them open and try my luck for reinstatement.
Did the letter provide a reason for the shutdown?
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Old Apr 3, 19, 12:20 pm
  #123  
 
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Originally Posted by ChrisFlyer66 View Post
Did the letter provide a reason for the shutdown?
The letter didn't provide a reason, just that the members voted at their annual meeting to expel me from membership (lol) and that it would be effective 4/x/2019. There was a DoC post about it, so I'm assuming they just voted on a large list of people who were depositing MOs or MSing their 3% card. I inquired about more information/reconsideration, but they haven't yet responded. If the consensus is that an "account closure by the CU" notation on EWS/Chex is not problematic toward opening new accounts or undue attention on existing accounts, I'm thinking I'll just leave it open and hope they reconsider closure.
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Old Apr 3, 19, 1:48 pm
  #124  
 
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Originally Posted by NeGourmand View Post
The letter didn't provide a reason, just that the members voted at their annual meeting to expel me from membership (lol) and that it would be effective 4/x/2019. There was a DoC post about it, so I'm assuming they just voted on a large list of people who were depositing MOs or MSing their 3% card. I inquired about more information/reconsideration, but they haven't yet responded. If the consensus is that an "account closure by the CU" notation on EWS/Chex is not problematic toward opening new accounts or undue attention on existing accounts, I'm thinking I'll just leave it open and hope they reconsider closure.
Suddenly I'm reminded of the town hall meeting in Blazing Saddles.
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Old Apr 3, 19, 2:31 pm
  #125  
 
Join Date: Jun 2015
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Originally Posted by littlewinglet View Post
Suddenly I'm reminded of the town hall meeting in Blazing Saddles.
just arrived home to find out Iíve been shutdown.. so having a bonfire 🔥 with my cards!!!
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Old Apr 3, 19, 3:09 pm
  #126  
 
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Originally Posted by Chelski View Post

just arrived home to find out Iíve been shutdown.. so having a bonfire 🔥 with my cards!!!
damn, which ones?
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Old Apr 4, 19, 12:14 am
  #127  
 
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Originally Posted by tuphat View Post
Citi shut down my Double Cash card last month, which I have been using for both MS and organic spend for 5+ years. The initial letter provided no reason for shutdown, said I had to write them a letter & ask for explanation, which I did. Their response:

"Based on a review of your account, we observed account activity that is inconsistent with typical consumer usage and payments for which the source of funds could not be determined."

FWIW, I made intra-monthly payments using both WM BP and Citi's own payment button (linked to my checking account). However, I always had sufficient CL headroom for my spending, regardless of the intra-month pay downs.
Sorry to hear that happened.

I suspect the WM BP is what really did it more than the MS*. This is probably is what put "Human Eyes" on your account.

The ACH "Pulls" from your own checking were fine, (but the average consumer only makes one payment per month to a CC).

Major banks are very leery of anonymous payments, (and WM BP is a product designed for the "Un-Banked/Underbanked" sub-prime consumer).

Just out of curiosity, during the 5 years you used this card did your annual spending exceed your reported annual income to a significant degree?
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Old Apr 4, 19, 1:22 am
  #128  
 
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Originally Posted by GundamWing01 View Post
thank you for sharing. 10k always seems to be a key threshold number.
10K is the threshold for a CTR, (AKA "Cash Transaction Report" to FINCEN). A report sent from a bank to FINCEN automatically for every deposit of over 10K in "Cash Equivalents")

This requirement also applies to other businesses operating and or providing services as "Financial Institutions".

For example, as most of you know Simon Mall now allows up to 25K of VGC purchases per day, (but once you cross that 10K threshold your SSAN and DOB is required on a different form than their normal 10K max form), for a proper CTR.

There's so much misinformation and misunderstanding about this topic on the Internet where this MS* Game/Hobby is discussed it's scary,, LOL...
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Old Apr 4, 19, 3:28 am
  #129  
 
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Originally Posted by tuphat View Post
Not really. Assume $30k CL and fully paid prior month statement balance. I might do $20k of purchases and $6k of intra-month WM billpay. But I wouldn't spend more than $10k beyond that until the next statement dropped and was fully paid off, usually next day.
i dont understand why you risked the WMBP. pretty sure ur not a n00b, but thats a classic one for shut down.
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Old Apr 4, 19, 5:49 am
  #130  
 
Join Date: Mar 2015
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Several years ago, a bank, lets say Bank A, shut me down because of MO deposit (they didnt say that but all I was doing was depositing, and paying credit cards)
A recent attempt to get an account with Bank A was declined.

I have another bank, lets say Bank B, that I have been depositing MO for years and bill pay, credit cards, etc for years without hardly an issue. The only issue with Bank B was early on when the bank manager called me and asked what I was doing with all the MO deposits, I explained to him what I was doing, and now the manager (now a regional manager with Bank B) does MS himself after I showed him how.

But now, announcements are being made that Bank A and Bank B are merging. Should I be worried?

Bank B is not my primary bank for paycheck, bills drafted ect (dont s*** where you eat and all)
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Old Apr 4, 19, 9:55 am
  #131  
 
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Originally Posted by MiaSkye89 View Post
...
But now, announcements are being made that Bank A and Bank B are merging. Should I be worried?
Of course, you may be banned from having accounts in Bank A&B. That outcome should not depend on your anxiety level. So feel free to worry as much or as little as you like.
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Old Apr 4, 19, 10:19 am
  #132  
 
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Originally Posted by GundamWing01 View Post
i dont understand why you risked the WMBP. pretty sure ur not a n00b, but thats a classic one for shut down.
I've started wmbp to boost volume and after some wms introduced the one mo transaction per day rule. I always pay my one new Citi plat per month, never had issues so far. Then the accounts get closed and that's that. Closed accounts aren't suspicious ...
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Old Apr 4, 19, 10:47 am
  #133  
 
Join Date: Jun 2001
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Santander Bank closed my Savings and Checking account.

Their reason: Under the terms of your Account Agreement with Santander Bank, N.A., we reserve the right to close any account at any time, and for any reason. As a result, we have made a decision to close Your account(s) ending in: xxxx, yyyy

These accounts were open back in 2014 when they had their Extra20 deal, Santander gave you 20 dollars each month for something like making a deposit and making a payment, or something like that.

Then they stop giving you 20 dollars and I continue to use it for MO deposits and bill pay. Deposit under 5K every week for the last year, missing some weeks. Made a "double" deposit a few weeks ago, but still under 10k. Might have gotten eyes on the account.

Oh well, looking for the next checking account bonus.

Last edited by gw14; Apr 4, 19 at 11:34 am Reason: typo
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Old Apr 4, 19, 12:21 pm
  #134  
 
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Originally Posted by MiaSkye89 View Post
Several years ago, a bank, lets say Bank A, shut me down because of MO deposit (they didnt say that but all I was doing was depositing, and paying credit cards)
A recent attempt to get an account with Bank A was declined.

I have another bank, lets say Bank B, that I have been depositing MO for years and bill pay, credit cards, etc for years without hardly an issue. The only issue with Bank B was early on when the bank manager called me and asked what I was doing with all the MO deposits, I explained to him what I was doing, and now the manager (now a regional manager with Bank B) does MS himself after I showed him how.

But now, announcements are being made that Bank A and Bank B are merging. Should I be worried?

Bank B is not my primary bank for paycheck, bills drafted ect (dont s*** where you eat and all)
In all liklihood, it will depend on the surviving entity. If it is bank A, then when accounts are merged, your SS# will come up on the banned list and it is likely that you will be asked (politely, of course ) to leave. On the other hand, if bank B survives, then so will you, since the back office system that survives a merger is that of the surviving entity.
You just need to discover if it is A or B.
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Old Apr 5, 19, 9:43 pm
  #135  
 
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Originally Posted by wyogold View Post
I've started wmbp to boost volume and after some wms introduced the one mo transaction per day rule. I always pay my one new Citi plat per month, never had issues so far. Then the accounts get closed and that's that. Closed accounts aren't suspicious ...
well if ur on the AA train and closing accounts tainted by WMBP then ur at less risk because that account is no longer active. theres nothing for the risk dept to do. of course, they could always close current active accounts for activity related to past accounts even tho u closed them and deem your SSN as a risk bank wide. thats a different matter.
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