!!! Capital One Just Closed All 4 of My Cards !!!

[Imperfectfuture]

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@Anonymous wrote:
This is why I can't stop smoking. Sniffing glue sounds exciting......I could burn the cap one cards and inhale the fumes.......hmmm

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Electronic cigs come in several flavors, and if you get higher nicotine, can get that same glue feeling (I am guessing, my disability prohibits sniffing glue ).  Though I am sure other legal substances have eliminated a few brain cells.

[Imperfectfuture]

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@masscredit wrote:

Ok... after reading this I'm hoping that $5K BT check that I deposted into my savings account doesn't cause any issues.

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Crossing fingers.

[Imperfectfuture]

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@Anonymous wrote:
Thank you humu. My ex wife may not agree....however, if my story can help and edify others....then it was well worth it......

Gregg

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It definitely has.  And you are worthy of all the benefits credit has to offer.  Both you and we have learned lessons here.

[UncleB]

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@Imperfectfuture wrote:

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@masscredit wrote:

Ok... after reading this I'm hoping that $5K BT check that I deposted into my savings account doesn't cause any issues.

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Crossing fingers.

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You'll be fine. 

Now if you cashed a BT check each month, and repetitively placed the money in your savings just to pull it back out again and pay off the BT, then after a few times you might have a concern. In my experience it's usually (but not always) repetitive questionable activity that gets their attention.  Simply cashing a BT check and putting the money into savings isn't too out of the ordinary, and in the right scenario can be smart!  

[Anonymous]

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@Imperfectfuture wrote:

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@LadyJEsq wrote:

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@Anonymous wrote:

Hi Gregg,

I work in the banking industry and it appears they filed a suspicious activity report on your accts. Mainly due to the fact you were taking out cash advances and then paying them off soon after, this can look like money laundering. Banks are quite diligent these days in monitoring such things. 

Take care!

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And yet criminals get away with it time and time again. IMO, banks are only diligent in punishing the innocent ones.

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Well, the quilty ones are probably not going to post on myfico.  Having been around the block, the risk algorithms used do not discriminate.  As an added surprise, we have had a FEW QUILTY ones actually post.  Could see right through that scene.  Hence, they do not post so much, because sympathy not auto handed out.

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Guily ones?  Of ML?   Dont' recall posts of the type "I took the $525K we made last week from our "protection" business and bought gift cards and converted them to money orders which we deposited in $1.999 amounts.   And they shut us down for NO REASON!!!"

[Open123]

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@Anonymous wrote:

Guily ones?  Of ML?   Dont' recall posts of the type "I took the $525K we made last week from our "protection" business and bought gift cards and converted them to money orders which we deposited in $1.999 amounts.   And they shut us down for NO REASON!!!"

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The meaninful sophisticate money launders (those whom it would actually be beneficial to catch) aren't going to utilize CC cash advances, GCs, and MOs with a trail; and, they certainly aren't going to ask questions on a public forum while doing so.

Anyone engaging in "money laundering" by utilizing CC cash advances, buying GCs, and posing questions here are most likely harmless.  Only low level newly minted Compliance employees fresh out of training would flag these people.  As with all new Compliance folks, they see nefarious activity everywhere, except when it truly matters, since the issue will be way above their pay grade.  So, like all bureaucrats who need to justify their existence, they trouble mostly innocent folks and make it appear as if they're doing something.

Case in point.  The NASD & SEC would routinely fine and investigate small-time Retail Brokers/Advisors for selling a $100K Variable Annuity to Grandma, but wouldn't even dare pose any questions to Madoff.

That's likely what's happening here, as is always the case with a over-burdensome and over-zealous regulatory environment. 

[blondy250]

Gregg you didn't do anything wrong and I'm sorry this happened to you. However if I was in your place and my accounts where closed the very first thought that would have gone through my head was ..."crap it must be those cash advances". I'm sure you'll be ok.

[creditguy]

This thread is getting a little out there. we go from a cap one issue to Isis, al Qaeda, federal agencies and money laundering, wow.

[gdale6]

Thread has been locked as it has run its course. Thank you for your understanding.

gdale6

myFico Moderator