Perils of MS

[enharu]

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@Anonymous wrote:

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@enharu wrote:

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@IWOL wrote:

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@enharu wrote:

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@longtimelurker wrote:

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@Anonymous wrote:

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@IWOL wrote:

I wonder how many people would reply to this job post:

$60K a year salary

Job decription: go to CVS 3 times a week and purchase $15K worth of gift cards

Go to walmart 5 times a week and have a great time with those 30 gift cards. Time spent at walmart per trip : 30 minutes.

Any takers?

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Actually. That would equal about $37,500 worth of 5% cashback.

Once you pay the fees on it it's actually more like $30,000.

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If you are trying to use cards purchased from CVS at Walmart, allow much more than 30 mins!     To be fair, the money is tax free.

But I agree, little is better in life than standing in line in a Walmart money center waiting for the people in front to treturn stuff without receipts that often come from different stores, have been heavily used, or both.  Of course, people behind you feel the same about the person messing around using cards to purchase money orders.

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Yup, the best part about this is it being tax free.

30k isn't a lot of money, but for someone whos stuck at mcdonalds pushing burgers, this is actually a better "career"

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Thats true, but how would someone "stuck at McDonalds" have the credit lines to do that volume of MS. If there are any McDonalds employees that do have the credit lines to do that , I would imagine they are few and far between.

Especially doubt people in that situation have a 50K+ Blue Cash.

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It's easier when you have your checking / savings and credit cards in the same bank.

for instance, when you pay your chase, citi or WF cards from the same bank, the available credit is freed up right away. Not 100% sure about Chase though. Sometimes they free up the credit, sometimes they don't. Maybe it has to do with the time of the day when the payment is made.

Citi reflects the payment into the current balance and available credit immediately. 

So in a way it's easier to churn that way, though it will be highly suspicious if you're constantly depositing money orders or $500 cash.

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I constantly deposit money from a small side business i've been cultivating for a time and have been doing so for a couple years. No issues here.

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It depends on the frequency, amount, and type of instrument you're trying to deposit.

If you are depositting lots of money orders into a personal account, banks will be concerned because they have to deal with AML compliance. Same thing for cash, if you are constantly dpeositing over 10k, or amounts close to 10k to circumvent the rule. Imagine someone depositting over 20 money orders ecah day for $500 each. That's a big red flag. If you have a business account, then this is probably normal behavior. 

Citi, Chase and WF had called me in the past asking about the wire transfers and cash deposits that I was depositting into my accounts. As long as you have a good explanation, and don't make it seem like you're intentionally trying to play around certain rules, you are fine.

[Anonymous]

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@enharu wrote:

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@Anonymous wrote:

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@enharu wrote:

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@IWOL wrote:

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@enharu wrote:

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@longtimelurker wrote:

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@Anonymous wrote:

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@IWOL wrote:

I wonder how many people would reply to this job post:

$60K a year salary

Job decription: go to CVS 3 times a week and purchase $15K worth of gift cards

Go to walmart 5 times a week and have a great time with those 30 gift cards. Time spent at walmart per trip : 30 minutes.

Any takers?

---

Actually. That would equal about $37,500 worth of 5% cashback.

Once you pay the fees on it it's actually more like $30,000.

---

If you are trying to use cards purchased from CVS at Walmart, allow much more than 30 mins!     To be fair, the money is tax free.

But I agree, little is better in life than standing in line in a Walmart money center waiting for the people in front to treturn stuff without receipts that often come from different stores, have been heavily used, or both.  Of course, people behind you feel the same about the person messing around using cards to purchase money orders.

---

Yup, the best part about this is it being tax free.

30k isn't a lot of money, but for someone whos stuck at mcdonalds pushing burgers, this is actually a better "career"

---

Thats true, but how would someone "stuck at McDonalds" have the credit lines to do that volume of MS. If there are any McDonalds employees that do have the credit lines to do that , I would imagine they are few and far between.

Especially doubt people in that situation have a 50K+ Blue Cash.

---

It's easier when you have your checking / savings and credit cards in the same bank.

for instance, when you pay your chase, citi or WF cards from the same bank, the available credit is freed up right away. Not 100% sure about Chase though. Sometimes they free up the credit, sometimes they don't. Maybe it has to do with the time of the day when the payment is made.

Citi reflects the payment into the current balance and available credit immediately. 

So in a way it's easier to churn that way, though it will be highly suspicious if you're constantly depositing money orders or $500 cash.

---

I constantly deposit money from a small side business i've been cultivating for a time and have been doing so for a couple years. No issues here.

---

It depends on the frequency, amount, and type of instrument you're trying to deposit.

If you are depositting lots of money orders into a personal account, banks will be concerned because they have to deal with AML compliance. Same thing for cash, if you are constantly dpeositing over 10k, or amounts close to 10k to circumvent the rule. Imagine someone depositting over 20 money orders ecah day for $500 each. That's a big red flag. If you have a business account, then this is probably normal behavior. 

Citi, Chase and WF had called me in the past asking about the wire transfers and cash deposits that I was depositting into my accounts. As long as you have a good explanation, and don't make it seem like you're intentionally trying to play around certain rules, you are fine.

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Oh, my amounts don't even come close to that. I'm talking $1,500-$3,500/mo spread over 3 bank accounts all throughout the month. -- This includes rent from a townhouse we rent out too, though.

[enharu]

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@Anonymous wrote:

Oh, my amounts don't even come close to that. I'm talking $1,500-$3,500/mo spread over 3 bank accounts all throughout the month. -- This includes rent from a townhouse we rent out too, though.

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There wont be an issue at this amount, especially if its spread over 3 bank accounts.

Banks are just worried because they have to deal with AML compliance else the fines are hefty. Most people who get into any sort of trouble (based on FT) deposit a lot more than that. Some people had all their Chase accounts (credit, checking, savings, etc) closed simply because of depositing too many money orders. The cost for the bank to maintain the account and deal with compliance far outweighs the benefits that customer is bringing.

[Anonymous]

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@enharu wrote:

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@Anonymous wrote:

Oh, my amounts don't even come close to that. I'm talking $1,500-$3,500/mo spread over 3 bank accounts all throughout the month. -- This includes rent from a townhouse we rent out too, though.

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There wont be an issue at this amount, especially if its spread over 3 bank accounts.

Banks are just worried because they have to deal with AML compliance else the fines are hefty. Most people who get into any sort of trouble (based on FT) deposit a lot more than that. Some people had all their Chase accounts (credit, checking, savings, etc) closed simply because of depositing too many money orders. The cost for the bank to maintain the account and deal with compliance far outweighs the benefits that customer is bringing.

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I didn't think there'd be. One of the bankers made a remark about it one time that I had brought in a whole month's worth of cash in, I figured he was just playing around though.

[Luscher]

you should tell him you go to the bank right down the street if he has a problem with it lol

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

hmmm... this thread got me craving for some mcdonald fries.

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Get me one too.

And don't steal my monopoly stickies.

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sorry I ate all the fries on the way back home, and about that monopoly stickies, a bird took it.

[Anonymous]

Was that bird red?

[go_FICO_self]

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@enharu wrote:

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@Anonymous wrote:

Oh, my amounts don't even come close to that. I'm talking $1,500-$3,500/mo spread over 3 bank accounts all throughout the month. -- This includes rent from a townhouse we rent out too, though.

---

There wont be an issue at this amount, especially if its spread over 3 bank accounts.

Banks are just worried because they have to deal with AML compliance else the fines are hefty. Most people who get into any sort of trouble (based on FT) deposit a lot more than that. Some people had all their Chase accounts (credit, checking, savings, etc) closed simply because of depositing too many money orders. The cost for the bank to maintain the account and deal with compliance far outweighs the benefits that customer is bringing.

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Spreading amounts across banks is called structuring, and is a BIG issue!

[Anonymous]

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@go_FICO_self wrote:

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@enharu wrote:

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@Anonymous wrote:

Oh, my amounts don't even come close to that. I'm talking $1,500-$3,500/mo spread over 3 bank accounts all throughout the month. -- This includes rent from a townhouse we rent out too, though.

---

There wont be an issue at this amount, especially if its spread over 3 bank accounts.

Banks are just worried because they have to deal with AML compliance else the fines are hefty. Most people who get into any sort of trouble (based on FT) deposit a lot more than that. Some people had all their Chase accounts (credit, checking, savings, etc) closed simply because of depositing too many money orders. The cost for the bank to maintain the account and deal with compliance far outweighs the benefits that customer is bringing.

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Spreading amounts across banks is called structuring, and is a BIG issue!

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I know all about structuring. Lol

The reason for it being spread over 3 (4 actually since bigger DD Signup bonus) bank accounts is because each bank has it's purpose.

One bank account is only used for Auto Loan Payments and Savings (CU with Decent savings APY)

One bank account is used for everything I can't pay with a CC and happens to be where a bigger chunk of the monthly cash gets dumped

The last set of bank accounts is where our Direct Deposits go to and is used Exclusively for paying CC's with.

[go_FICO_self]

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@Anonymous wrote:

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@go_FICO_self wrote:

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@enharu wrote:

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@Anonymous wrote:

Oh, my amounts don't even come close to that. I'm talking $1,500-$3,500/mo spread over 3 bank accounts all throughout the month. -- This includes rent from a townhouse we rent out too, though.

---

There wont be an issue at this amount, especially if its spread over 3 bank accounts.

Banks are just worried because they have to deal with AML compliance else the fines are hefty. Most people who get into any sort of trouble (based on FT) deposit a lot more than that. Some people had all their Chase accounts (credit, checking, savings, etc) closed simply because of depositing too many money orders. The cost for the bank to maintain the account and deal with compliance far outweighs the benefits that customer is bringing.

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Spreading amounts across banks is called structuring, and is a BIG issue!

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I know all about structuring. Lol

The reason for it being spread over 3 (4 actually since bigger DD Signup bonus) bank accounts is because each bank has it's purpose.

One bank account is only used for Auto Loan Payments and Savings (CU with Decent savings APY)

One bank account is used for everything I can't pay with a CC and happens to be where a bigger chunk of the monthly cash gets dumped

The last set of bank accounts is where our Direct Deposits go to and is used Exclusively for paying CC's with.

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that makes sense, but i'm not the one deciding the case. I remember a story where business owner(s) had 2-3 bank accounts for each business, to keep expenses/etc. separate. the judge didn't see it that way.

anyways, I think your monthly average isn't that high to warrant scrutiny.