Jan 1, 2019, 2:14 pm
Last edit by: FreakingFlyer
When reporting/posting here please give as many details as you can or you will be asked for it anyways. Copy and paste the text below and alter as needed.
1. SHUTdn by Bank, Credit Card info. (@m3x, chs3 ,c1t1 and brcl@y)
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 brcl@y)
- BP by Vis/MC
7. Did you spell out the bank's full name in an internet forum?
1. SHUTdn by Bank, Credit Card info. (@m3x, chs3 ,c1t1 and brcl@y)
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 brcl@y)
- BP by Vis/MC
7. Did you spell out the bank's full name in an internet forum?
2019 Shutdown Thread
Apr 3, 2019, 6:54 am
#121
Join Date: Aug 2018
Posts: 5
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.
Apr 3, 2019, 10:34 am
#122
Join Date: Mar 2011
Location: SAN
Programs: Delta Gold. Hilton Diamond. Hyatt Explorist.
Posts: 1,674
Last month, I found myself the recipient of the recent Alliant shutdown letter. It was notification 1 month in advance, and I’ve 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. I’d 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 didn’t hear anything from the reconsideration department, which I haven’t yet. However, how big of a negative is it if a credit union closes your accounts? Will it impede opening others? I haven’t 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 it’s not a big black mark, I might just keep them open and try my luck for reinstatement.
Apr 3, 2019, 12:20 pm
#123
Join Date: Jul 2017
Programs: UR, Marriott, AA, WN, Chick Fil A Red
Posts: 182
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.
Apr 3, 2019, 1:48 pm
#124
Join Date: Oct 2014
Programs: All of them
Posts: 1,664
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.
Apr 4, 2019, 12:14 am
#127
Join Date: Jan 2017
Posts: 126
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.
"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.
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?
Apr 4, 2019, 1:22 am
#128
Join Date: Jan 2017
Posts: 126
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...
Apr 4, 2019, 3:28 am
#129
Join Date: Sep 2017
Location: SFO/LAX/SAN/LAS/DFW/JFK/LGA/EWR/MIA
Posts: 1,073
i dont understand why you risked the WMBP. pretty sure ur not a n00b, but thats a classic one for shut down.
Apr 4, 2019, 5:49 am
#130
Join Date: Mar 2015
Posts: 44
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)
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)
Apr 4, 2019, 9:55 am
#131
Join Date: Feb 2012
Posts: 4,477
Apr 4, 2019, 10:19 am
#132
Join Date: May 2011
Posts: 889
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 ...
Apr 4, 2019, 10:47 am
#133
Join Date: Jun 2001
Posts: 782
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.
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, 2019 at 11:34 am Reason: typo
Apr 4, 2019, 12:21 pm
#134
Join Date: Mar 2005
Programs: Continental Onepass, Hilton, Marriott, USAir and now UA
Posts: 6,442
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)
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.
) 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.
Apr 5, 2019, 9:43 pm
#135
Join Date: Sep 2017
Location: SFO/LAX/SAN/LAS/DFW/JFK/LGA/EWR/MIA
Posts: 1,073
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.