How many/much MO's is too much?

[linda nguyen]

I have heard of people depositing too much or too many MO's in a bank account and then getting shutdown. Can some people discuss how much and how many MO's they deposit in a given month? Maybe elaborate if you have heard of any banks that have a limit. Thank you in advance.

 

[gmenrule]

IMHO......only use MO to pay your CC by mail or at the drive-thru...you will get shut down if you deposit in 'size' ..no one really knows the limits of each bank.

use walmart or kmart bill pay instead..

have a liquidation plan....how much to deposit per month per week...

size is different for everyone

I got shutdown at a bank with a 30 yr relationship for doing 20k in one month....It is the issues with regulators...it does'nt matter what the local banker says

there is a ton of info in ths forum and on FT re your question...more eloquent than my ramblings
also read DoC and the Fmiler

 

[cdancer20]

Get throw-away bank accounts. Namely local banks and credit unions. Different people have different experiences so it's hard to say what is and isn't too much. Everything is always OK until it isn't. Sometimes it just takes someone getting eyes on your account and that's it. That's why you use throw-aways. Then if they close you, it stings a little but you move on.

 

[Jacob]

I regularly deposit MO's ($5K - $15K) to my credit union. I have a 20 year relation with that CU. They called me early on when this became a pattern and made a bit of a fuss. I took a forthright and forceful position. Things like being a long term, loyal, high asset worth client with a history of loans, my credit rating, my extended family banking with them across multiple accounts blah blah.
I also challenged them: if MO's are not legal tender for deposit, then where does that leave us? I took offense at being asked where these MO's came from? I mean, bankers ought not to ask that. I honestly volunteered that I do not travel abroad., I do not make any wire transfers abroad as they can see. I explained about my business and clients paying in MO's for my own protection. That was all over 18 mos ago. All has been quiet since.

 

[MickiSue]

I'm with Jacob. I deposit the bulk of mine at my local bank. I've been banking there for 22 years. I talk to the tellers and treat them like the valuable people they are.

The first time I deposited 10K, I asked if there was any paperwork I needed to fill out. I am forthright and aboveboard about it. And they have had no issues.

Of course, the manager at that bank has been there for the same 22 years I have. And Husband was banking there before that, even. We are both known quantities, and they appreciate our business. Trying to be coy, when purchasing/using many thousands of dollars of MOs is going to bite you in the butt. The PO will notice your volumes, whether or not you fill out the paperwork at the PO. And they will track where the money goes. If it all goes to the same place, you are better off than if you are spreading it around.

Seriously. It's a dangerous game, guys. I don't recommend playing it.

 

[linda nguyen]

I appreciate the information shared. MO's is one of my bigger worries. I feel that if there are other alternatives I will take them but it does seem to be one of the more doable tactics if I want to just do 5k a month. 15 years ago I use to do eBay and most people paid with checks and MO's (this was as paypal was coming around). Never had a problem back then. Now these days it seems much tougher as I think everyone including the banks have to be more careful.

 

[torkay]

Very simple if you have a bank account that you can't afford to use do not deposit money orders into that account. Especially if it's a chase account. Just open a new checking account just about anywhere start depositing your mo's and worste case scenario they shut you down nbd. I agree with everyone above as well that it's best to be above board with the bank if possible you are doing nothing wrong so don't act like you are

 

[Mtshastajane]

I'm comfortable depositing money orders into my small town bank and credit union...but I'm not kidding when I say "small" town. MickiSue is correct about the value of personal relationships in this situation.

 

[El Ingeniero]

I've said this before: where you find conservative business dress, you will find conservative banking practices. Looks for shiny suits, bling, tattoos, piercings and cleavage, and you will find lax banking standards.

Also, you are more likely to be shut down with teller deposits. ATM deposits are either processed automatically, or by overseas workers.

Also, insert one MO at a time. If one MO gets scanned 2X in the ATM while another MO is not scanned, the MO not scanned won't be deposited, and the second deposit of the MO scanned twice will bounce, which will draw attention to the account from people in the back office you do not have a personal relationship with and don't answer to a branch manager.

 

[MickiSue]

LOL, El Ingeniero, where are you going to find blingy bankers in the Twin Cities, for Pete's sake? If someone wants a convenient bank that is close by for MO deposits, I would recommend getting to know the tellers/receptionist and, if possible, manager before starting to deposit the MOs. I did it organically, but there is another bank near me where I dealt with an assistant manager and one of the tellers when I was doing a promo for my Herbalife business; I'd be comfortable opening an account there and gradually starting to deposit MOs, as well.

 

[LearnMS]

Very interesting. I just paid Chase CC with MOs, close to 5k on 3 cards. I will stop doing that going forward.

Probably pay CCs with WM bill pay for $1.