2022 Shutdown Thread
Jul 30, 2022, 11:41 am
#76
Join Date: Sep 2017
Location: SFO/LAX/SAN/LAS/DFW/JFK/LGA/EWR/MIA
Posts: 1,073
I would have been able to pay them from checking/savings, but not based on my income. In fact, I never exceeded my monthly credit limits and paid in full each month. I actually did ask Barclay's if copies of my savings and brokerage statements would suffice, but they declined. I charged a little over $1.4M each of the last couple of years, and I do not earn anywhere near $1.4M annually. That was their issue.
furthermore, in order to charge that amount without cycling, your CL was at least $100k+. ive only seen this CL on personal cards for bulge bracket banks at the private bank income levels. not barclays. unless you had multiple cards with $20k+ CL? were you maxing out each credit card? i guess the most shocking item is the legit spend. you were not doing anything suspect. so this was purely a risk/income/volume issue. that level of personal spend triggered a business risk review. however, its totally possible that a different risk department would have handled your account if this was all on business cards with clearly stated high revenue/income/transaction levels during the app process. you essentially had a "0% margin" business which would support your stated income level but have high transaction volume of legit spend.
Last edited by GundamWing01; Jul 30, 2022 at 11:47 am
Oct 12, 2022, 9:52 pm
#77
Join Date: Feb 2012
Posts: 4,477
Received a shutdown letter for my WF checking account. The account hasn't really been used in the last 6 months. I had multiple problems with their ATM's and just stopped using the account for that reason. Prior to that I used it for MO deposits ($5K/week or less).
Also have 2 CCs and a large point balance with that bank. That shoe hasn't dropped yet. Any chance they might leave it alone?
Also have 2 CCs and a large point balance with that bank. That shoe hasn't dropped yet. Any chance they might leave it alone?
Oct 12, 2022, 11:12 pm
#78
Join Date: Oct 2014
Programs: All of them
Posts: 1,664
Received a shutdown letter for my WF checking account. The account hasn't really been used in the last 6 months. I had multiple problems with their ATM's and just stopped using the account for that reason. Prior to that I used it for MO deposits ($5K/week or less).
Also have 2 CCs and a large point balance with that bank. That shoe hasn't dropped yet. Any chance they might leave it alone?
Also have 2 CCs and a large point balance with that bank. That shoe hasn't dropped yet. Any chance they might leave it alone?
Oct 13, 2022, 8:03 am
#80
Join Date: Oct 2014
Programs: All of them
Posts: 1,664
Not sure about that, maybe someone else can chime in. In general, banks have gone on a scorched earth policy with shutdowns. If one product is closed, they will eventually find the rest. I would cash out all rewards regularly and prepare for the worst.
Oct 13, 2022, 9:34 am
#81
Join Date: Mar 2005
Programs: Continental Onepass, Hilton, Marriott, USAir and now UA
Posts: 6,440
Chase is the king of scorched earth. However, have not seen DPs with WF, but you should move anything you value such as points or bonuses out of that bank. Your own money is safe but the general rule is out on one account, out on all.
Oct 13, 2022, 11:14 am
#82
Join Date: Feb 2012
Posts: 4,477
Yeah I should consider the rewards to be at risk. Now there's still a dilemma: redeem at 1X for USD or 1.5X for travel. If I go for a travel redemption, can the bank later repo my tickets?
Oct 13, 2022, 12:18 pm
#83
Join Date: Oct 2014
Programs: All of them
Posts: 1,664
The scummiest bank so far has been CapOne. When I got shut down, they cancelled one of my CDs ahead of maturity, and had the nerve to charge me an early termination penalty.
Oct 13, 2022, 2:20 pm
#84
Join Date: Feb 2012
Posts: 4,477
Wow, that's amazing! I once had a mortgage from ING-Direct, that was later taken over by CapOne. They did some really questionable math on my account. I ended up paying off the mortgage early, so I wouldn't have to deal with them. Eventually though they sent me some refund to make me whole. Sorry for getting slightly off-topic.
Oct 14, 2022, 9:39 pm
#85
Join Date: Feb 2008
Posts: 856
Just got shutdown from Chase. After a few calls, reason was that it came from the retail banking side. I'm trying to make sense of what happened, and what I did wrongly. The Due Diligence department cannot tell me what was wrong and rudely hung up. Says I will be told the same thing if I go to the branch.
1) Had chase cards from long time ago, but closed them.
2) Had my chase sapphire preferred card for 1 year+
3) Gotten United Gateway card in Feb 2022
4) Gotten a chase checking account with minimum balance of $1.5k inside. In June 2022. No other activity with checking account, other than initial funding ($100 cash, $1400 from my Amex savings).
5) Gotten Bonvoy Boundless card in July 2022
6) Have been doing MS (nothing from here) from the cards since day 1 of chase sapphire card, maximizing each card's limit and paying off in full.
I was told that the retail banking side closed my account, so it was a mistake for me to open a chase checking account?
1) Had chase cards from long time ago, but closed them.
2) Had my chase sapphire preferred card for 1 year+
3) Gotten United Gateway card in Feb 2022
4) Gotten a chase checking account with minimum balance of $1.5k inside. In June 2022. No other activity with checking account, other than initial funding ($100 cash, $1400 from my Amex savings).
5) Gotten Bonvoy Boundless card in July 2022
6) Have been doing MS (nothing from here) from the cards since day 1 of chase sapphire card, maximizing each card's limit and paying off in full.
I was told that the retail banking side closed my account, so it was a mistake for me to open a chase checking account?
Oct 14, 2022, 10:22 pm
#86
Join Date: Aug 2014
Location: Dallas
Programs: AA, Southwest
Posts: 175
Maybe showing the MS on the statement in conjunction with the bank account. I think its good practice to show 0 on statement dates.
Oct 15, 2022, 6:08 am
#87
Join Date: Mar 2009
Posts: 2,295
Pretty obviously it's the MS. And even if it's accurate that it came from the banking side, all that could mean is someone on that side looked at your whole bank profile (including CCs) and decided to let you go as a customer.
Also, it's "Got" not "Gotten".
Also, it's "Got" not "Gotten".
Oct 15, 2022, 1:46 pm
#88
Join Date: Mar 2005
Programs: Continental Onepass, Hilton, Marriott, USAir and now UA
Posts: 6,440
What most people don't realize is that every time a customer applies for or asks for a banking service, the entire account is perused for various reasons. Primarily, the bank wants to see if they can sell you additional services that will increase your loyalty to them and their bottom line. They are not really looking for scammers per se but when they see something fishy, the rats are going to be called in.
Why did you even apply for the checking account. It sounds like it wasn't used which is somewhat suspicious when you add in all the other credit card activity you had going on.
In the end, just think what a normal customer looks like. They may have a checking account that has deposits and withdrawals on a routine basis and generally not the same amounts unless they are from an employer. The credit cards may or may not carry a balance, but generally don't have tens of thousands of dollars in swings every month unless you have assets to match.
Finally, maxing out your card and paying it off each month with GC purchases is probably a big tell.
The good news for you is that there are DPs on this thread that you may be let back in within several years, unlike Amex who seems to be quite content on permanent bans.
Oct 15, 2022, 4:28 pm
#90
Join Date: Oct 2014
Programs: All of them
Posts: 1,664
Agree that it is your MSing that got you canned.
What most people don't realize is that every time a customer applies for or asks for a banking service, the entire account is perused for various reasons. Primarily, the bank wants to see if they can sell you additional services that will increase your loyalty to them and their bottom line. They are not really looking for scammers per se but when they see something fishy, the rats are going to be called in.
Why did you even apply for the checking account. It sounds like it wasn't used which is somewhat suspicious when you add in all the other credit card activity you had going on.
In the end, just think what a normal customer looks like. They may have a checking account that has deposits and withdrawals on a routine basis and generally not the same amounts unless they are from an employer. The credit cards may or may not carry a balance, but generally don't have tens of thousands of dollars in swings every month unless you have assets to match.
Finally, maxing out your card and paying it off each month with GC purchases is probably a big tell.
The good news for you is that there are DPs on this thread that you may be let back in within several years, unlike Amex who seems to be quite content on permanent bans.
What most people don't realize is that every time a customer applies for or asks for a banking service, the entire account is perused for various reasons. Primarily, the bank wants to see if they can sell you additional services that will increase your loyalty to them and their bottom line. They are not really looking for scammers per se but when they see something fishy, the rats are going to be called in.
Why did you even apply for the checking account. It sounds like it wasn't used which is somewhat suspicious when you add in all the other credit card activity you had going on.
In the end, just think what a normal customer looks like. They may have a checking account that has deposits and withdrawals on a routine basis and generally not the same amounts unless they are from an employer. The credit cards may or may not carry a balance, but generally don't have tens of thousands of dollars in swings every month unless you have assets to match.
Finally, maxing out your card and paying it off each month with GC purchases is probably a big tell.
The good news for you is that there are DPs on this thread that you may be let back in within several years, unlike Amex who seems to be quite content on permanent bans.
I've been MSing Chase cards since 2012, and I had a biz checking with them last year for the 750 bonus, but I rarely push the limits of my credit. I don't think I once got close to the limit on my INK cards, and I've had some weeks of 50k ODOM spend in past years.