2021 Shutdown Thread

IIRC, the clawback was mainly targeted at those who MS'd their SUB reqs. Those who met their SUB organically didn't receive a clawback.

I imagine that among people who'd jump on a leaked link, the % of those who'd try to use MS to hit the SUB is very high.

Def agree, but self reporting as a DP in the minority.

Got shut down by USAA. Given 30 days to get my money out. No credit cards with them. Have had a banking relationship with them for about 15 years and where my direct deposit has gone into. Have mortgage, car insurance and home insurance through them as well. Never missed a payment (with them or anyone).

Letter they sent me says nothing aside from that they are exercising their right to no longer do business with me. Calling in only revealed that the decision is final and can't be appealed. I have done mobile deposit here and there over the years, never more than $1k or 2K per week, even though they increased my daily limit from 10k to 100k about 5 years ago. Last time I mobile deposited was around spring 2020.

Would it be better to close the account myself before they terminate it?

I assume when you say you've done mobile deposits that those were of money orders?

Also, are they terminating your non-banking relationship (insurance products, etc.)? What about the mortgage?

Yes, they were MOs. Spread about far in-between (but maybe not in their eyes) as I have local banks I typically deposit into. I do recall sometime at the beginning of this year they asked me to verify my identity and asked me some income questions. So not sure what red line I crossed in their eyes. Then again they have a very different client base than the typically bank.

No idea. The CSR I talked to said she had never seen this happen before. After several holds I was told I would still be able to log-in and use the other products (the person didn't sound very sure). I doubt they would give up on me paying them back for the mortgage, but not sure what will happen to the rates on the insurance. Any product they sell is predicated on a banking relationship first. I paid my car insurance through the end of the 6 month contract, so I assume they will have to honor it until then at least.

Is there any DP on amex shutdown for buying vgc (e.g. $15k across 3 months) at grocery to meet SUB?

There aren't any that I've ever seen. People who do it too fast too soon just get a clawback later.

Thanks!

What kind of MSing were you doing exactly?

I think we all would appreciate this info - to steer away from it...

Instead of paying from multiple CC accounts it will look better if you pay from one, so make transfers to the one linked with Chase.

Agreed, but I've also had my money order deposit credit unions ask why I always transfer to other banks...

I MS a ton and my strategy has been to pay Amex from one bank, Chase cards from Chase and one other bank, Barclays from a third, etc.

Losing Chase would be crushing...

I never pay a bank (CC) from an acct in that same bank. Id change how u do things to pay Amex from Chase and Chase from the source you paid Amex plus the other bank you use to pay Chase. I do pay a banks CC from my acct with that bank but I dont MS on those cards

Interesting - why is that? With Chase, my direct deposit comes there which largely covers my Chase personal card payments. My Inks are where I MS - 1.5x with the Unlimited is great. Those I've been paying from another bank using a business checking account that allows MO deposits. Not really MSing a lot on Amex, but on my 4th NLL Biz Plat for the 120/150k offers and about to do my 4th Biz Gold, so the payments are flowing...

There are many DPs out there that things with Chase were great until suddenly they weren't.

When one digs down on what went wrong, it wasn't the MO purchases that seemed to initiate the take down, but rather the payment streams that did.

However, most people are reluctant to discuss their personal shut downs in a public forum, so the details in the DPs are not expansive.

However, if losing Chase would be "crushing" .(your words), then I might alter my payment streams. As an example, all my CC bills, except for those less than $250, are paid through a single bank account that has absolutely nothing to do with any credit card I own.