2022 Shutdown Thread

Old Jul 30, 22, 12:41 pm
  #76  
 
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Originally Posted by TTT103 View Post
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.
ur DP is very interesting and surprising. if comfortable, please provide more background. which personal card? A+? ive never heard of an employee having to spend 1.4MM annually of reimbursed travel expenses on a personal card without being an executive with a corporate charge card. you said not your own business? sounds like youre a special VIP. excellent. but personal credit cards simply do not have the infrastructure to handle that level of volume. especially barclays. they are totally conservative and keep very close eye on their cashback cards like A+.

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, 22 at 12:47 pm
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Old Oct 12, 22, 10:52 pm
  #77  
 
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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?
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Old Oct 13, 22, 12:12 am
  #78  
 
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Originally Posted by MaxVO View Post
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?
No they will close it on the day they specify in the letter. Start looking for local banks/CUs as your next MO dumping ground. Speaking from personal experience but I passed millions per year in MOs before they shut it down. Maybe now they're more trigger happy.
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Old Oct 13, 22, 1:42 am
  #79  
 
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Originally Posted by littlewinglet View Post
No they will close it on the day they specify in the letter...
Just to clarify, the letter only mentioned the deposit account. It's not a concern for me, since I haven't used it lately.
I was wondering about the fate of the CC and rewards accounts.
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Old Oct 13, 22, 9:03 am
  #80  
 
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Originally Posted by MaxVO View Post
Just to clarify, the letter only mentioned the deposit account. It's not a concern for me, since I haven't used it lately.
I was wondering about the fate of the CC and rewards accounts.
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.
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Old Oct 13, 22, 10:34 am
  #81  
 
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Originally Posted by littlewinglet View Post
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.
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.
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Old Oct 13, 22, 12:14 pm
  #82  
 
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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?
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Old Oct 13, 22, 1:18 pm
  #83  
 
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Originally Posted by MaxVO View Post
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?
When you redeem for travel it's as good as cashing out. Unless WF is like Amex and will send you a negative points bill

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.
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Old Oct 13, 22, 3:20 pm
  #84  
 
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Originally Posted by littlewinglet View Post
...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.
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.
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Old Oct 14, 22, 10:39 pm
  #85  
 
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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?
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Old Oct 14, 22, 11:22 pm
  #86  
 
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Maybe showing the MS on the statement in conjunction with the bank account. I think its good practice to show 0 on statement dates.
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Old Oct 15, 22, 7:08 am
  #87  
 
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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".
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Old Oct 15, 22, 2:46 pm
  #88  
 
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Originally Posted by danpeake View Post
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.
.
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.
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Old Oct 15, 22, 4:52 pm
  #89  
 
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Originally Posted by radonc1 View Post
...Why did you even apply for the checking account.
I recall the advice not to pay within the same bank, if the borrowing is manufactured. Is the new advice to not even own a checking or savings in the same bank as CC?
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Old Oct 15, 22, 5:28 pm
  #90  
 
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Originally Posted by radonc1 View Post
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.
I think in this case it's not MS itself that got them canned, but perceived bust-out risk. The OP appears to have opened many cards in a span of a yard and was maxing out limits on all of them. That and possibly a thin credit history profile.

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.
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