They also aren't making mucho money from your account by keeping it paid off. Department store (Macy's and JCP) cards are almost 30% interest for me, my gas cards are now almost 35%. I've kept my VISA and MasterCard paid off each month for several years; Capital One recently dropped my available credit from $15K to only $5K on their card.

Like kkina posted, you were flagged for possible money laundering for a series of largish cash transactions. They’re a bank, they don’t want to be involved in money laundering schemes and where your cash comes from is their business in that respect.

Blame the other criminals rather than the bank.

quote:

Originally posted by Rey HRH:
If Black is paying off a $10,000 balance every month, he's got a bigger problem.

I don't know where that figure came from. And he's both paying the balances off and collecting the cashback. Other than the extra steps (which seem to work for him but aren't needed for most of us), that actually sounds like sound policy.

Yeah, I have had problems paying Chase bills in cash. My local wants a copy of the bill in hand AND a driver's license. No, a state issued concealed carry permit won't do. And yes, we do have to play 20 questions.

quote:

Originally posted by Beancooker:

quote:

Originally posted by dave7378:
The banks are not your friend.

This right here. I’m so close to dumping Wells Fargo like an ugly girlfriend.
The problem is, there’s no better place to go here in the middle of nowhere.

Same here. Not a WF fan.I don't like anything about them. Just no where else to go that is any better.

quote:

Originally posted by egregore:

quote:

Originally posted by Rey HRH:
If Black is paying off a $10,000 balance every month, he's got a bigger problem.

I don't know where that figure came from. And he's both paying the balances off and collecting the cashback. Other than the extra steps (which seem to work for him but aren't needed for most of us), that actually sounds like sound policy.

I got the $10,000 figure from the second post immediately following the OP. The problem I saw wasn't about his ability to pay $10k a month but spending $10k a month on Amazon assuming he's within the range of average household with other places he shops from.

quote:

Originally posted by got2hav1:

quote:

Originally posted by Beancooker:

quote:

Originally posted by dave7378:
The banks are not your friend.

This right here. I’m so close to dumping Wells Fargo like an ugly girlfriend.
The problem is, there’s no better place to go here in the middle of nowhere.

Same here. Not a WF fan.I don't like anything about them. Just no where else to go that is any better.

Chase is quite deserving of the same sentiment! I'd sooner keep my money under my mattress than do ANY banking with them!

Next month go buy a money order from them and then give them the money order to pay the credit card balance.

quote:

Originally posted by Beancooker:

I’m so close to dumping Wells Fargo like an ugly girlfriend. The problem is, there’s no better place to go here in the middle of nowhere.

If you (or spouse) served in any branch of the military, you are eligible for membership in Navy Federal Credit Union. By far, the best financial institution I have encountered in the past fifty years.

You can do everything online, no need to have physical access to a branch.

quote:

Originally posted by dave7378:
I have always advised friends never to pay mortgages, credit card bills, etc in cash. Red flag. Save that for personal stuff like home repair, auto repair, landscaping. The banks are not your friend.

This. The banks are not your friend.

There's no such thing as an anonymous cash transaction with a bank. They wanted to scan my driver's license to give me change for a $20.

quote:

Originally posted by Rey HRH:

quote:

Originally posted by egregore:

quote:

Originally posted by Rey HRH:
If Black is paying off a $10,000 balance every month, he's got a bigger problem.

I don't know where that figure came from. And he's both paying the balances off and collecting the cashback. Other than the extra steps (which seem to work for him but aren't needed for most of us), that actually sounds like sound policy.

I got the $10,000 figure from the second post immediately following the OP. The problem I saw wasn't about his ability to pay $10k a month but spending $10k a month on Amazon assuming he's within the range of average household with other places he shops from.

We arguably spend more than we really should be each month but we are no where near $10k a month.

quote:

Originally posted by Black92LX:

We arguably spend more than we really should be each month but we are no where near $10k a month.

You get no judgment from me, man. If my Amazon balance for the month is under $1,000 I consider that a frugal month. I have it for the 3% rebate also which I use to pay off orders if I have enough in the balance.

C'mon guys. I don't know why the $10,000 reference is spinning out of control. I only mentioned it as an example of how banks are required by federal law to implement certain practices for detection of money-laundering crimes. I never meant to imply that the OP has been making transactions that large.

The 1970 Bank Secrecy Act requires banks to report transactions over $10,000. The 2002 Patriot Act further modified these requirements.

For amounts smaller than $10k, banks must still have some kinds of initiatives for detection of illegal activity, and that's all Chase is doing here. No-one's just being nosy for no reason.

quote:

Originally posted by Fenris:

quote:

Originally posted by sigmonkey:
The "$10,000 per day", thing went away with the Twin Towers.

They still use it to "frame" people for "structuring" if they have too many transactions just under $10k.

My point was that people thinking nothing happens under that amount as if it is the "hard deck" they can safely operate under the radar.

While that generally was true, the "new deal" leaves anyone under scrutiny and all that is required is someone with suspicion in institutions that have the ability to report.

I hear people all the time talking about "how they get around such and so, and they are fooling themselves.

quote:

Originally posted by Rey HRH:

quote:

Originally posted by Black92LX:

We arguably spend more than we really should be each month but we are no where near $10k a month.

You get no judgment from me, man. If my Amazon balance for the month is under $1,000 I consider that a frugal month. I have it for the 3% rebate also which I use to pay off orders if I have enough in the balance.

Yeah, nowhere near $1000 a month to Amazon. Few hundred on occasion. Have bought tires a few times and those were over $1k.
My card gives 5% on Amazon purchases however there is usually an option to delay the delivery date by a day or few and it gives 6%.
2% on gas and food
1% everything else.

I’d ask them if the abbreviation F.O. Means anything to them.

i go to breakfast with a friend from the gym once/week!
he pays his mortgage, health insurance, auto insurance with auto pay but also insists on going to his banking facility to pay off his credit card...after withdrawing cash from savings to pay the card because he doesn't like online banking.

i auto pay just about everything, take pics of checks with my phone to deposit thru banking app, making very few trips to the bank.

my last trip to the bank was to deposit $$$ after selling this swiss p210 case thru a local gun dealer, who paid me in cash.

Put your concerns in writing and mail it. I’ll discuss it with counsel.
That’s if they catch me on a nice day.
It’s none of your fucking business. I’ll do what I want with my finances!

i don't like chase for a lot of reasons. One of them is when i give my kids cash birthday presents, etc., they won't accept cash deposits to their accounts, insist on it being a check.

quote:

Originally posted by sse:
i don't like chase for a lot of reasons. One of them is when i give my kids cash birthday presents, etc., they won't accept cash deposits to their accounts, insist on it being a check.

What? They can do that? Cash is money, legal tender, how can a bank not accept it for deposit? When I win a few hundred dollars at the casino, my credit union has no problem accepting it for a cash deposit. I'm glad I don't use a major national bank.