Wells Fargo

[MrDisco99]

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@Zosimus wrote:

It's easy. You simply log into the balance transfer site (in this case Chase) and put in the CC# — it tells you that it can do the transfer (or asks for more information such as the address) then it does the balance transfer. The money arrives in 1-2 business days, and, in the past, I've never had any problem having that money moved into my checking account. Of course, I've never tried $10k before.

And I needed the money by 11/4/2024 to put into Kalshi to bet on certain events that occurred on 11/5/2024 the nature of which cannot be discussed on MyFico.

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LOL

$10K automatically triggers anti-money-laundering scrutiny requiring extra paperwork and human eyes which slows everything down.  Even if it was less, this looks a lot like layering which could get you shut down.

Sorry you couldn't get your gambling money in time.  If you intend to try this again you'll want to plan further ahead.

[MrDisco99]

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@FicoMike0 wrote:

I did the $325 checking sub and got the active cash, $200 sub. The ac is good for a 2% card, but I'm closing the checking.

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Yeah I just got the checking account for the $325 bonus.  I might go for the $200 bonus on the ActiveCash since it's easier to get approved as a deposit holder... tried many years ago and was refused.  Some of the 4% categories on the Attune would be more useful, but it onl has half the bonus.  I wonder if they would PC from the ActiveCash?

[Zosimus]

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@MrDisco99 wrote:

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@Zosimus wrote:

It's easy. You simply log into the balance transfer site (in this case Chase) and put in the CC# — it tells you that it can do the transfer (or asks for more information such as the address) then it does the balance transfer. The money arrives in 1-2 business days, and, in the past, I've never had any problem having that money moved into my checking account. Of course, I've never tried $10k before.

And I needed the money by 11/4/2024 to put into Kalshi to bet on certain events that occurred on 11/5/2024 the nature of which cannot be discussed on MyFico.

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LOL

$10K automatically triggers anti-money-laundering scrutiny requiring extra paperwork and human eyes which slows everything down.  Even if it was less, this looks a lot like layering which could get you shut down.

Sorry you couldn't get your gambling money in time.  If you intend to try this again you'll want to plan further ahead.

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I disagree that a $10,000 payment triggers anti-money-laundering scrutiny. Sure, if I had walked in with $10k cash there might have been a problem, but $10k from another financial institute shouldn't cause any problems. 

At any rate, I still had a 0% promotional balance on Chase. I had to pay that off, and then perform the balance transfer. I won't bore you with the horrifyingly complicated problems I had getting Chase to accept the payment, but the balance transfer went off without a hitch. It's the Wells Fargo side that caused problems.

I haven't been this infuriated since a time I was offered a bonus for buying a specific item on a card-specific store. If I remember right, the item cost about $3,000 and I had a $2,500 card with the store. I went in, paid $500 to bring my account to a -$500 balance and then attempted to purchase the item.

I was told that it was impossible because my credit limit was only $2,500. The $500 credit in my favor didn't count in the store's system's computing. Then I had to wait for the statement to cut to show that I had a credit balance and then they mailed me the refund.

Irritating.

[MrDisco99]

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@Zosimus wrote:

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@MrDisco99 wrote:

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@Zosimus wrote:

It's easy. You simply log into the balance transfer site (in this case Chase) and put in the CC# — it tells you that it can do the transfer (or asks for more information such as the address) then it does the balance transfer. The money arrives in 1-2 business days, and, in the past, I've never had any problem having that money moved into my checking account. Of course, I've never tried $10k before.

And I needed the money by 11/4/2024 to put into Kalshi to bet on certain events that occurred on 11/5/2024 the nature of which cannot be discussed on MyFico.

---

LOL

$10K automatically triggers anti-money-laundering scrutiny requiring extra paperwork and human eyes which slows everything down.  Even if it was less, this looks a lot like layering which could get you shut down.

Sorry you couldn't get your gambling money in time.  If you intend to try this again you'll want to plan further ahead.

---

I disagree that a $10,000 payment triggers anti-money-laundering scrutiny. Sure, if I had walked in with $10k cash there might have been a problem, but $10k from another financial institute shouldn't cause any problems. 

At any rate, I still had a 0% promotional balance on Chase. I had to pay that off, and then perform the balance transfer. I won't bore you with the horrifyingly complicated problems I had getting Chase to accept the payment, but the balance transfer went off without a hitch. It's the Wells Fargo side that caused problems.

I haven't been this infuriated since a time I was offered a bonus for buying a specific item on a card-specific store. If I remember right, the item cost about $3,000 and I had a $2,500 card with the store. I went in, paid $500 to bring my account to a -$500 balance and then attempted to purchase the item.

I was told that it was impossible because my credit limit was only $2,500. The $500 credit in my favor didn't count in the store's system's computing. Then I had to wait for the statement to cut to show that I had a credit balance and then they mailed me the refund.

Irritating.

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Both of those situations involve you trying to use your credit card like a deposit account.  Banks (and regulators) really don't like when people do that.  Take the lesson.

[Zosimus]

Sorry, but I fail to see how taking out a loan from a bank could ever be considered layering. Nor could $10,000 reasonably be considered money laundering. It's too small of an amount. Money laundering — real money laundering — is in the millions and is invariably conducted with the aid of the bank in question. Canadian TD Bank pops to mind.

And as for the situation with the $2,500 credit limit card, the solution that I attempted to implement was suggested by the bank teller herself. I went along with the gag because she suggested that it would work and, when it didn't, she bore none of the responsibility for it.

At any rate, I have no doubt that had I conducted such an operation at any of the many credit unions I frequent, they would have transferred the money into my checking account. It's only Wells Fargo that decided to be difficult about the think. How many times have they recently been under legal scrutiny for, shall we say, questionable business practices? Hmm?

And even if it were layering, how does sending a check made payable by Wells Fargo to the suspected money launderer actually prevent money laundering? That would be an example of integration if anything.

[xenon3030]

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@MrDisco99 wrote:

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Both of those situations involve you trying to use your credit card like a deposit account.  Banks (and regulators) really don't like when people do that.  Take the lesson.

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Indeed, some banks may not like it and I liked your last sentence

I also suggest to take more lessons and simply, do your banking elsewhere

[UncleB]

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@Zosimus wrote:

I haven't been this infuriated since a time I was offered a bonus for buying a specific item on a card-specific store. If I remember right, the item cost about $3,000 and I had a $2,500 card with the store. I went in, paid $500 to bring my account to a -$500 balance and then attempted to purchase the item.

I was told that it was impossible because my credit limit was only $2,500. The $500 credit in my favor didn't count in the store's system's computing. Then I had to wait for the statement to cut to show that I had a credit balance and then they mailed me the refund.

Irritating.

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Just chiming-in to share that this ^^^ isn't that uncommon, even though it might seem like 'common sense' that it shouldn't be an issue.

I once made an accidental double-payment to one of my Capital One cards, leaving me with a large credit balance.  Rather than get a refund I just charged against it, but my overall available credit was never more than my already established credit line.  As each new transaction was approved my available credit was reduced, then once the transaction posted the credit balance was reduced and my available credit went back to my full credit limit.  This happened for every transaction until the credit balance was depleted.  (If I recall correctly Synchrony operates in a similar fashion, but don't quote me on that.)

It sucks that you were told wrong by the employee, but how things played-out in general isn't that strange.

Side note:  I'm assuming this was an online or phone transaction (or else you could have just paid the extra bit in cash at the time of purchase).  What I did in the past in similar situations was buy myself a store gift card which I redeemed when making my purchase... then I put the remaining balance on my credit card.  This may have worked in the situation you described.

[Zosimus]

And there it is. 14 days after they said they couldn't do it, somebody in the back office pressed the right button and the $6,030.38 is in my account. It really wasn't that hard.

Too late, people. I'ma move all that money over to BMO Harris. Screw Wells Fargo.