A reader emailed me a couple of weeks ago about how he had deposited some money orders into his Wells Fargo checking account and then received a notice saying his money orders had been returned unpaid.
Bad money orders
He had also deposited some money orders into a credit union as well that also had the same issue. We assumed that maybe there was an issue with Western Union or where he had bought the money orders. Eventually he got a copy of the returned money orders and realized he had done a remote deposit on them already. It was a mistake that could happen to anyone. This is why the remote deposit apps will tell you to write the date of the deposit on them so that this doesn’t happen.
Wells Fargo shut down
He tried to plead with Wells Fargo, but they still shut down his account. He didn’t have a cc with them, so not sure if they would have shut that down as well. During the heyday of the 5% card, it was due to money order deposit issues that would lead to the cc shutdown and not technically abuse of the 5% card.
The local credit union only banned his remote deposit abilities, and said they would lift his ban if he provided proof from Western Union saying the MO’s weren’t fictitious or altered.
- I can’t say this enough – don’t shit where you eat! DO NOT DEPOSIT MONEY ORDERS INTO BANKS THAT ISSUE CREDIT CARDS! Just not worth the risk
- When you are doing remote deposits with money orders, write the date and bank of when you make the deposit so this doesn’t happen to you.