FreakingFlyer

Continuing my annual tradition, here's a new thread to celebrate the new year.

I wish everyone just one shutdown each this year. No shutdowns, and you aren't pushing hard enough. More than one, and you're pushing so hard that you'll miss out on good opportunities.

So just one per person, please!

Last year's thread is here, for reference:

2018 Shutdown Thread

And I'm seeding the Wiki with the info from that thread.

bodiddely

Got a letter from Wells Fargo yesterday notifying me that my checking account (opened 3 years ago exclusively for MO deposits) is being shutdown. Average monthly MO deposit of about 77k the past 18 months (can't say what it's been over the life of the account as they only let you search 18 months back, but probably somewhere around there). Used the account pretty much exclusively for MO deposits and then paying off various credit cards. Don't have any CCs with them, although they do service my mortgage (feel free to shut that one down too, WF!)

I'm thinking I might open a checking account at TD Bank for my MOs going forward -- I've heard they are cool and will leave you alone if you demonstrate your MO deposits are just MS.

liw5215

personal checking or business checking?

Thefirst

Thanks for sharing - what method(s) of MO deposit did you utilize? ATM, In-Branch, Mobile Deposit...?

bodiddely

It's a personal account, and I exclusively deposited via ATM.

josephstern

77k/month for three years is not a bad run at all. Congrats for keeping it that long.

Thefirst

Thanks - I just checked and I've been averaging ~$20k / month for about 2 years now, 100% via ATM deposits. No letters yet!

tr3ndz

1. P1: Shut Down By Chase Card Services personal and business cards , Chase private client checking and saving remained open

2. Chase Private Client Chk/sav 3yrs, Hyatt 3yrs, but upgraded without bonus in Nov 2018 to save a pull, CSR 4mo, Ink Cash 8mo, Ink Pref 2mo . Also have chase freedom for 28yrs. It was called something else before. I had other cards in between which i closed.

3. Chase CPC saving $15K, chking $100, TD Ameritrade brokerage $400K , TD Bank $150K , Own Home + 3 cars , No debt 830 FICO Experian.

4. on old Hyatt $120K MS 2yrs ago, After No MS on P1 till finished min spend on Ink Cash around aug 2018, about $5-10K/mo. Then bought $30K VGC Thanks giving and xmas across all cards. But in Dec 2018 I also MS $83K on Hyatt $24K , $28K , $31K with CL $40K so 3 cycles. Dec / Jan statement close was Jan 2nd.and points posted shortly after. Plan was to finish $57K for jan feb statement and earn globalist. I started MS $9500 x 3 days , then ACH Payment which bounced, I was unaware of the bounce as My TD bank displayed " payment made " and cleared , and on Chase also " payment made" , I tried to use card next day. Card declined. Got email fraud alert, I responded back " i recognize the charge" , then tried to use card again next day , again declined. I checked TD bank , now it showed payment was returned, and now in Chase account all cards now display Account Closed.

5. I consistently cycle 3-4x meaning Im super diligent on paying my bills every Friday P1, P2 , P3 even if its just a few $100 each week.
6. never did bill pay. Always paid Chase by ACH from Chase site

7. Did you spell out the bank's full name in an internet forum? I don't understand this, but i think answer is NO,

Note:
P2 and P3 intact .
P2 MS $100K per month past 3yrs .

Initially first letter from chase stated
Rapid Increase revolving credit
Recent returned payment
Account not used as Intended.

When I called in first time I explained , my family member has a terminal illness with sudden decline to hospice care, as result we did heavy spending on Chase Hyatt for holiday shopping gifting close family with gift cards and other gifts. Took RMD distribution from 401K to pay Hyatt, the last distribution took long to clear and caused bounce. Please reconsider.

They responded back today :

We reviewed but decided not to open because :
Rapid increase revolving balance
Too many requests for credit
This account and related accounts were closed at banks request

id like to know what else I can do.?
Am i permanently barred from Chase credit cards?
Im currently 5/24 but will drop to 3/24 in april 2019, can I reapply ?
I have 2 Million UR in P1. will they let me move to P2 ?

jk2

I hope you are joking asking "what else I can do". With such activity I'm surprised they didn't shut you down long time ago. You violated all possible and impossible rules.

Word of advice: don't do such things with other banks, especially with amex/citi. you just asking for trouble.

bigshooter

Maybe I'm slow on the uptake, but what does P stand for? I assume just other accounts, but curious if it's some MS terminology Im not privy to.

Mamibear

I understand P in the OP's post as referring to Person.

bigshooter

gw14

Return payment got eyes on your account and activity.

The call brought more eyes on your account and activity.

It's probably being reviewed in their risk department. I would move the 2 million UR in P1 somewhere quick. "P2 has been MSing 100k per month for 3 years", move P2's UR somewhere quick. Anticipate account closures on P2 and P3.
I would save your asset and not worry about getting more accounts with Ch@se.

Mamibear

I concur; I've read DPs that Chase is very sensitive to return payments, even if made just once. First and foremost, save your hard earned assets with the grace period given to you.

OP, weigh carefully if you'd rather cash out $20K or move pts to P2 or P3 and put eyes on their accounts, putting them at risk for shutdown. If ya'll are in the same household, it is possible P2 and P3 accounts are already being reviewed and may be next in the chopping block. Despite the shutdown, be glad it's not like Citi where I've read DPs that it forfeits rewards earned when they close account(s).

Happy

BUT, WHY the payment is returned? Poster said TD showed the fund was cleared and Chase showed fund was received. Would it be the timing issue that his accounts were already in the process of being shut down when the payment was sent from TD?
I am at a loss why the payment is returned after 3 days. It is not like OP has not had enough funds in his TD account. My guess is, his accounts have already been under review when he cycled his CL rapidly and made 4 or more payments to his accounts on the Hyatt card. Unless he actually did not have spare funds in his TD account but relied on deposits to clear to meet the payment - if that is the case, then it is playing with fire because the deposit could be withheld pending review before it is made available... If you dont have the means dont play the scale. That is what it boils down to.