M$ speed bumps

[get.randy]

US Bank shut me down no questions asked a while ago. I only used the acct to deposit MOs, so it wasn't a surprise. I moved on to the next one.

 

 

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[Chris58]

I was approached by a bank manager about identical denomination MO deposit history. We sat at her desk and she asked a script of questions from the ML dept about the source of of funds, the reason for the amounts of each deposit, and whether I intended to continue the pattern.

 

I stopped in the other day to follow up. ML dept would like cc statements showing the GC purchases in question. I'm planning on submitting them and thinking this has a chance of keeping the account open. Guess it could go either way. I think I should consider moving funds after deposit to another account for pulling payments from while they conduct their review.

 

This is good news that they didn't just shut you down no questions asked.

 

The request for CC statements showing GC purchases indicates to me that they might very well just let you continue on with no issues, (they're just following their legal requirements re: FINCIN/BSA).

 

If this was a large, national commercial bank this wouldn't have happened, (you'd have been shut down with no explanation and the SAR would have been sent before you were notified).

 

Just curious, how large were/are your average MO deposits? I'm a newbie to MS*, but from what I've read I keep all MO deposits OVER 10k to take any ML suspicion out of play, (no money launderer would EVER make deposits over 10K),,, lol.

 

Don't know what to advise RE: moving funds to another account during their review. My understanding is that they could probably restrict you from ACH Pushes, (but NOT ACH Pulls)?

[mec]

...Just curious, how large were/are your average MO deposits? I'm a newbie to MS*, but from what I've read I keep all MO deposits OVER 10k to take any ML suspicion out of play...

My average monthly volume is ~16k using 2 cards. I don't buy more than 2k GCs at a time and as a result of time, convenience and due dates, my typical deposit is ~4k.

 

My understanding is that they could probably restrict you from ACH Pushes, (but NOT ACH Pulls)?

Ach pull issues was my main concern. If they won't stop pulls, I should be fine to wait it out.

[mec]

DOSH paid out $5 on a 2,019.76 purchase at Sam's last night.

 

New limit $5 / 24 hours.

 

:-(

DOSH is back up to $10 / 24 hours.

 

My last Sam's with variable 500 MCs sold it's last four to me last week... so I picked up two 250's for a -0.024 fee... DOSH asked me to tweet about it for a chance to multiply cash back by up to 10x and it gave me 8.5x for an extra $75..

 

 

👍

[mec]

 

DOSH paid out $5 on a 2,019.76 purchase at Sam's last night.

 

New limit $5 / 24 hours.

 

:-(

DOSH is back up to $10 / 24 hours.

 

My last Sam's with variable 500 MCs sold it's last four to me last week... so I picked up two 250's for a -0.024 fee... DOSH asked me to tweet about it for a chance to multiply cash back by up to 10x and it gave me 8.5x for an extra $75..

 

 

👍

Not sure why I'm getting these share promos... Got another 8.5x on a gyro today for $4.08 (the gyro was so so) and a 3.7x at Sam's tonight for $37.

 

The DOSH is better than the points.

[Konrad2012]

 

I was approached by a bank manager about identical denomination MO deposit history. We sat at her desk and she asked a script of questions from the ML dept about the source of of funds, the reason for the amounts of each deposit, and whether I intended to continue the pattern.

 

I stopped in the other day to follow up. ML dept would like cc statements showing the GC purchases in question. I'm planning on submitting them and thinking this has a chance of keeping the account open. Guess it could go either way. I think I should consider moving funds after deposit to another account for pulling payments from while they conduct their review.

 

This is good news that they didn't just shut you down no questions asked.

 

The request for CC statements showing GC purchases indicates to me that they might very well just let you continue on with no issues, (they're just following their legal requirements re: FINCIN/BSA).

 

 

Hope it works out for MEC, but doubtful in the long run. Once you get eyes from Compliance on your account you're generally screwed. It's cheaper for the bank to fire you as a customer than deal with the hassles, especially if you're just dumping MO's into an account and then transferring the money out quickly.

[mec]

 

 

I was approached by a bank manager about identical denomination MO deposit history. We sat at her desk and she asked a script of questions from the ML dept about the source of of funds, the reason for the amounts of each deposit, and whether I intended to continue the pattern.

 

I stopped in the other day to follow up. ML dept would like cc statements showing the GC purchases in question. I'm planning on submitting them and thinking this has a chance of keeping the account open. Guess it could go either way. I think I should consider moving funds after deposit to another account for pulling payments from while they conduct their review.

 

This is good news that they didn't just shut you down no questions asked.

 

The request for CC statements showing GC purchases indicates to me that they might very well just let you continue on with no issues, (they're just following their legal requirements re: FINCIN/BSA).

 

 

Hope it works out for MEC, but doubtful in the long run. Once you get eyes from Compliance on your account you're generally screwed. It's cheaper for the bank to fire you as a customer than deal with the hassles, especially if you're just dumping MO's into an account and then transferring the money out quickly.

 

My initial feeling was that this was a done deal and I would be shut down in short order. As time goes by I'm thinking I may have a shot at keeping this account. I do regular personal banking there, so the money sits there until credit card bills get paid from the account, the account is > 20 years old and the deposits are a mix of MOs, payroll and other check and cash deposits... The MS volume is pretty noticeable, but not large by many peoples standards (about 8 to 16k per month). I also agree with Chris that them asking for proof is a potentially good sign.

 

I don't really have an issue if they do shut the account because it isn't giving me anything I can't get elsewhere. The only real benefit is they dominate my area from a branch density perspective. My only concern would be if the account closure causes a pulled payment to fail. Hopefully, if they do decide to cut me loose, they will give me a 30 day notice to wind down the accounts.

[Chris58]

Hi Mec,

 

Only time will tell how this plays out, (but I can't disagree with Konrad's statement that once the Compliance department puts human eyes on you you're probably screwed).

 

Theoretically, the larger the bank the more likely you're screwed, the smaller the bank the more likely branch staff who knows you personally has some sway.

 

Since your only concern is a failed ACH Pull, until this is sorted out I'd advise you to increase the lead time for such pulls, (just as a safety margin).

[pwd847]

I am dating a woman who is head of her CU CC dept. These local CU's (and her's is rather large), pay another company to handle IT, CC services, and backend fraud stuff. The sway that a local employee may have on a security concern is rather minimal. PSCU is the backend company. They are a bunch of airheads with a crappy website.

 

It was funny cause when I met her we both got off on talking about CC's. She was amazed I knew what a BIN is.

[Kat58]

I am dating a woman who is head of her CU CC dept. These local CU's (and her's is rather large), pay another company to handle IT, CC services, and backend fraud stuff. The sway that a local employee may have on a security concern is rather minimal. PSCU is the backend company. They are a bunch of airheads with a crappy website.

 

It was funny cause when I met her we both got off on talking about CC's. She was amazed I knew what a BIN is.

 

(I'm bored)

[cv91915]

I am dating a woman who is head of her CU CC dept. These local CU's (and her's is rather large), pay another company to handle IT, CC services, and backend fraud stuff. The sway that a local employee may have on a security concern is rather minimal. PSCU is the backend company. They are a bunch of airheads with a crappy website.

 

It was funny cause when I met her we both got off on talking about CC's. She was amazed I knew what a BIN is.

 

Does she treat you like an owner rather than just a customer?

[pwd847]

So CC security is backend 3rd party stuff. Bank acct stuff is in-house. I just got off the phone with her and we are trying to come up with a slick way to bring up (with the in-house compliance dept) why MO's cause red flags, how the offenders are identified, and how to avoid shutdown. I was surprised to find out the compliance dept is only 3 people.

[mec]

So CC security is backend 3rd party stuff. Bank acct stuff is in-house. I just got off the phone with her and we are trying to come up with a slick way to bring up (with the in-house compliance dept) why MO's cause red flags, how the offenders are identified, and how to avoid shutdown. I was surprised to find out the compliance dept is only 3 people.

I would be careful inquiring about what triggers investigation and shutdown if your friend values her job. Asking in itself is almost certainly is a reportable incident. I think we can safely assume that regularly depositing cash or like instruments (in the neighborhood of the 10k reporting threshold on a routine basis) can cause an investigation and the decision to close accounts is set policy for each bank / cu based on the investigation's findings. But it seems like asking what the triggers for those steps are would be a risk for an account holder or for an employee.

[get.randy]

I've basically been out of the M$ game for several months because I'm down to only CVS and Walgreens selling $500 VGCs and their daily limits are pretty low. My year has just reset for my OBC, and I'm wondering if Amex still credits the CB for these purchases? I'd like to get another year out of this if possible, but thought I'd check to see if it still works.

 

I've read recently that they've figured this out to some degree and are not always counting M$ purchases toward meeting the initial spend requirements to earn a SUB.

[mec]

I've basically been out of the M$ game for several months because I'm down to only CVS and Walgreens selling $500 VGCs and their daily limits are pretty low. My year has just reset for my OBC, and I'm wondering if Amex still credits the CB for these purchases? I'd like to get another year out of this if possible, but thought I'd check to see if it still works.

 

I've read recently that they've figured this out to some degree and are not always counting M$ purchases toward meeting the initial spend requirements to earn a SUB.

I don't have this card but I follow it a little. The only thing I recall reading about Amex not counting was GCM and Simon purchases. If you did Walgreens and CVS last year on the card, I would hold fast and continue in a similar pattern or perhaps run a few and wait a month for the accounting to report on the transactions to see if it looks in order.

[Konrad2012]

 

I am dating a woman who is head of her CU CC dept. These local CU's (and her's is rather large), pay another company to handle IT, CC services, and backend fraud stuff. The sway that a local employee may have on a security concern is rather minimal. PSCU is the backend company. They are a bunch of airheads with a crappy website.

 

It was funny cause when I met her we both got off on talking about CC's. She was amazed I knew what a BIN is.

 

Does she treat you like an owner rather than just a customer?

A whole new meaning to Memberlicious...

[Chris58]

 

I've basically been out of the M$ game for several months because I'm down to only CVS and Walgreens selling $500 VGCs and their daily limits are pretty low. My year has just reset for my OBC, and I'm wondering if Amex still credits the CB for these purchases? I'd like to get another year out of this if possible, but thought I'd check to see if it still works.

 

I've read recently that they've figured this out to some degree and are not always counting M$ purchases toward meeting the initial spend requirements to earn a SUB.

I don't have this card but I follow it a little. The only thing I recall reading about Amex not counting was GCM and Simon purchases. If you did Walgreens and CVS last year on the card, I would hold fast and continue in a similar pattern or perhaps run a few and wait a month for the accounting to report on the transactions to see if it looks in order.

 

 

Just as a data point, I've also read this about AMEX's RAT Team, ("Rewards Abuse Team"), disallowing charges @ Simon counting towards the minimum spend for a SUB.

 

A few months ago I opened a Blue+ via a referral, (and I intentionally tested this theory).

 

I allowed the account to close it's 2nd cycle approximately $1k short of the minimum spend for SUB based on organic spend, (plus about $5k @ Simon in 2 transactions).

 

I got the SUB upon the second account closing cycle, (and I got all the MR's from this cycle the following month).

 

Perhaps the "RAT" only looks at accounts with larger SUB's like Platinum??

[spreereview]

I've basically been out of the M$ game for several months because I'm down to only CVS and Walgreens selling $500 VGCs and their daily limits are pretty low. My year has just reset for my OBC, and I'm wondering if Amex still credits the CB for these purchases? I'd like to get another year out of this if possible, but thought I'd check to see if it still works.

 

I've read recently that they've figured this out to some degree and are not always counting M$ purchases toward meeting the initial spend requirements to earn a SUB.

Everything is normal for existing OBCs used in moderation.

[get.randy]

 

I've basically been out of the M$ game for several months because I'm down to only CVS and Walgreens selling $500 VGCs and their daily limits are pretty low. My year has just reset for my OBC, and I'm wondering if Amex still credits the CB for these purchases? I'd like to get another year out of this if possible, but thought I'd check to see if it still works.

 

I've read recently that they've figured this out to some degree and are not always counting M$ purchases toward meeting the initial spend requirements to earn a SUB.

Everything is normal for existing OBCs used in moderation.

 

Good to know, thanks.

[bigpoppa09]

I noticed something that last two times i bought VGCS at Walmart that wasn't happening before the last two trips the funds weren't available immediately. It took about 20 mins for the funds to show available so i could drain them these were issued by Green Dot Bank.

[hyschmied]

9 hours ago, bigpoppa09 said:

I noticed something that last two times i bought VGCS at Walmart that wasn't happening before the last two trips the funds weren't available immediately. It took about 20 mins for the funds to show available so i could drain them these were issued by Green Dot Bank.

I've had them take as long as 6 hours. I usually get the black packaged Walmart kind. Sometimes its almost instantly but other times it takes a bit. I've just gotten accustomed to not using them until the next day.

[TampaDude]

On 7/2/2018 at 8:38 AM, bigpoppa09 said:

I noticed something that last two times i bought VGCS at Walmart that wasn't happening before the last two trips the funds weren't available immediately. It took about 20 mins for the funds to show available so i could drain them these were issued by Green Dot Bank.

 

Heh, yeah...I've had that happen before.  I got some Green Dots and of course I checked them in the parking lot just to make sure they loaded properly and weren't drained, and the first one came back with "Invalid Card Number".  I about flipped out.  It was a Saturday, so I figured it might just take a while before the card was added to their system.  About 20 minutes later, all was well.  Guess you gotta give them some time to be visible online, especially on weekends and holidays when the computers are extra busy.

 

Another thing I've noticed is that not all Walmarts are the same.  One will let you buy Green Dots at $500 a pop with no problems, but another store just a few miles away will not.  I know it has to be some ad hoc policy at certain stores, because when they do let me use a CC, it gets approved no problem.  I even had one manager try to tell me that "their system" won't accept CCs for VGC purchases, and then I just said, "Oh, really?  Go ahead and run it."  BOOM!  APPROVED!  Have a nice day!

 

BTW, don't get too greedy.  I had one of my CCs shut down hard for buying too many VGCs.  I logged in to my account one day, and it was closed, with no warning at all.  Was a solid 5-figure CL with a perfect payment history, too.  That pissed me off, but that's okay, I have plenty of others to keep me warm. 😎

 

Edited July 20, 2018 by TampaDude

[leedspaddy]

So I had a MS speed bump today.........Barclays shut me down for my MS spending which was initially a bummer but I think it was time to move on from them anyway especially after viewing their poor card selection. I don't know if the fact that they had phased out the type of card I had played an additional role in their decision to shut me down.....I just find it a little strange why they would do it now especially as I have been doing MS on this account for 3 years straight with no problem. A couple of questions, I know getting shut down for MS can be a common occurrence and that people say that having the comments on the credit reports that the creditor shut me down doesn't have any effect but won't other creditors start to wonder if they see that I was shut down......or do creditors just don't pay attention to closed accounts? Also, for those of you who have been shut down for MS, does that burn all bridges permanently with the creditor, not that I want to get back in with Barclays but it would be good to know what I should expect going forward if I continue MS.

 

[mec]

6 hours ago, leedspaddy said:

So I had a MS speed bump today.........Barclays shut me down for my MS spending which was initially a bummer but I think it was time to move on from them anyway especially after viewing their poor card selection. I don't know if the fact that they had phased out the type of card I had played an additional role in their decision to shut me down.....I just find it a little strange why they would do it now especially as I have been doing MS on this account for 3 years straight with no problem. A couple of questions, I know getting shut down for MS can be a common occurrence and that people say that having the comments on the credit reports that the creditor shut me down doesn't have any effect but won't other creditors start to wonder if they see that I was shut down......or do creditors just don't pay attention to closed accounts? Also, for those of you who have been shut down for MS, does that burn all bridges permanently with the creditor, not that I want to get back in with Barclays but it would be good to know what I should expect going forward if I continue MS.

 

What kind of MS... meaning what retailer sold you GCs and in what volume on the Barclays account?

 

I think when it is said that "closed by grantor" has no effect, it is meant that it won't effect your credit score negativity any more than a "closed by customer" would. It is always possible that a large number of closed accounts could be factored into credit decisions by an algorithm or a human. 

[Konrad2012]

Call the credit agencies and have the notations changed to closed by customer