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
Feb 19, 2019, 12:58 pm
#62
Join Date: Sep 2011
Posts: 88
Got shutdown by WF today after 5 years of teller only MO deposits.
Lately averaging about $15k per week of WUs and MGs
only one deposit per week
they are closing all my accounts: CCs, checking acts personal and business
maybe bigger volume this year vs last
suggestions for alternatives?
Lately averaging about $15k per week of WUs and MGs
only one deposit per week
they are closing all my accounts: CCs, checking acts personal and business
maybe bigger volume this year vs last
suggestions for alternatives?
Feb 20, 2019, 8:44 pm
#63
Join Date: Sep 2017
Location: SFO/LAX/SAN/LAS/DFW/JFK/LGA/EWR/MIA
Posts: 1,073
curious for other DPs out there w/ WF MO depo volume. would like to know if ~20k/mo MO depo is "dangerous". basically its over 200k/yr so a little shocking maybe? nothing like 77k/mo, but would be nice to hear a few other DPs to get a feel for whats possible.
Last edited by GundamWing01; Feb 20, 2019 at 8:55 pm
Feb 20, 2019, 9:23 pm
#64
Join Date: Aug 2018
Posts: 34
those are also my stats for WF MO volume.
curious for other DPs out there w/ WF MO depo volume. would like to know if ~20k/mo MO depo is "dangerous". basically its over 200k/yr so a little shocking maybe? nothing like 77k/mo, but would be nice to hear a few other DPs to get a feel for whats possible.
curious for other DPs out there w/ WF MO depo volume. would like to know if ~20k/mo MO depo is "dangerous". basically its over 200k/yr so a little shocking maybe? nothing like 77k/mo, but would be nice to hear a few other DPs to get a feel for whats possible.
Feb 21, 2019, 1:25 am
#65
Join Date: Sep 2017
Location: SFO/LAX/SAN/LAS/DFW/JFK/LGA/EWR/MIA
Posts: 1,073
appreciate the info. pretty sure 100k in one month would get noticed at any bank. so you didnt get shut down? or you mean they gave you a call to stop?
Feb 21, 2019, 6:47 am
#66
Join Date: Aug 2018
Posts: 34
The manager told me that the risk department said to stop or have my account closed. Since MS is all I use the account for (which the manager knew), she said I can start depositing the MOs again in a few months and they probably won't be watching anymore.
Feb 21, 2019, 11:44 am
#67
Join Date: Sep 2017
Location: SFO/LAX/SAN/LAS/DFW/JFK/LGA/EWR/MIA
Posts: 1,073
thank you again. i like your story because ive heard a few DPs about smaller regional banks being OK with MO depo after full disclosure and conversations about what is going on. wish this was the case with WF and chase.
Feb 21, 2019, 12:35 pm
#68
Join Date: May 2017
Location: USA
Posts: 207
I did something similar with a local, one branch bank. Told the manager from day one what I was doing, gave them a crash course on the concept of "fake spend for miles." I was able to do around 5k no issue for like half a year. Then I crossed 10k, and they told me their risk team didn't like what they saw and asked me to stop. I promptly closed. But yeah, sometimes upfront honesty is good, but it still has limits.
Feb 22, 2019, 12:28 am
#69
Join Date: Sep 2017
Location: SFO/LAX/SAN/LAS/DFW/JFK/LGA/EWR/MIA
Posts: 1,073
I did something similar with a local, one branch bank. Told the manager from day one what I was doing, gave them a crash course on the concept of "fake spend for miles." I was able to do around 5k no issue for like half a year. Then I crossed 10k, and they told me their risk team didn't like what they saw and asked me to stop. I promptly closed. But yeah, sometimes upfront honesty is good, but it still has limits.
Feb 23, 2019, 8:09 am
#70
Join Date: Jul 2017
Posts: 65
Got shutdown by WF today after 5 years of teller only MO deposits.
Lately averaging about $15k per week of WUs and MGs
only one deposit per week
they are closing all my accounts: CCs, checking acts personal and business
maybe bigger volume this year vs last
suggestions for alternatives?
Lately averaging about $15k per week of WUs and MGs
only one deposit per week
they are closing all my accounts: CCs, checking acts personal and business
maybe bigger volume this year vs last
suggestions for alternatives?
Feb 23, 2019, 9:51 am
#71
Join Date: Dec 2001
Location: Las Vegas
Programs: DL DM, AA PlatPro, Hilton DM, Hyatt Glob, Marriott Titanium, Hertz PC, National EE
Posts: 1,532
Got shutdown by WF today after 5 years of teller only MO deposits.
Lately averaging about $15k per week of WUs and MGs
only one deposit per week
they are closing all my accounts: CCs, checking acts personal and business
maybe bigger volume this year vs last
suggestions for alternatives?
Lately averaging about $15k per week of WUs and MGs
only one deposit per week
they are closing all my accounts: CCs, checking acts personal and business
maybe bigger volume this year vs last
suggestions for alternatives?
Feb 23, 2019, 1:07 pm
#72
Join Date: Oct 2014
Programs: All of them
Posts: 1,664
That's not totally outlandish for WF. I've done 20-30k deposits at times, and back in the days of unrestricted 5x MS, 300-400k a month is normal. Something else must have been a trigger in this case, that made it appear suspcious.
Feb 24, 2019, 3:26 pm
#73
Join Date: Sep 2014
Posts: 1,837
how long is chase shutdown?
trying to figure out if it's worth trying a mailer for Ink Preferred!
trying to figure out if it's worth trying a mailer for Ink Preferred!
Feb 26, 2019, 12:00 pm
#74
Join Date: Sep 2011
Posts: 88
Personal.
In retrospect, maybe it wasn't the volume that got me shut down. I had cancelled and requested a replacement debit card a couple of weeks earlier. Maybe that put risk dept. eyes on the account. I had a great relationship with the WF branch folks. Will try switching to more mobile deposits/ATMs and less tellers in the future.
In retrospect, maybe it wasn't the volume that got me shut down. I had cancelled and requested a replacement debit card a couple of weeks earlier. Maybe that put risk dept. eyes on the account. I had a great relationship with the WF branch folks. Will try switching to more mobile deposits/ATMs and less tellers in the future.