It’s been a while since I’ve been shut down by a bank and so this one caught me by surprise because a) I didn’t think I did anything flagrant and b) it’s a small local CU. Anyhow, I knew I was shut down when I couldn’t log onto my account. I called them up and they asked me questions about all of my transactions, which comprised mainly of Ticketmaster and Stubhub ACH deposits and Square Cash payments (no W2 deposits or anything.) The rep asked me if I had a business license; I said NO since I didn’t think I was big enough to get a business license yet. She then said the Risk Department would have to look over my account and get back to me. A few days later, she called me to tell me they’d close my account in 30 days.
So what was my activity like?
- January – 1 deposit of about $2K. 9 SQ payments
- Februrary – 8 deps of about $3K, 3 payments
- March – 18 deps of ~$9K, 12 payments of $4K
- April – 10 deps of $8K, 20 payments of ~$7K
So was that egregious? Does that look like a business? This isn’t even my primary account; this is one of my “MS” bank accounts that I’ve never even MS’ed on. At this point, it’s just like, “Whatever” and I’ll just move on. At least I was able to get them to restore my account long enough to cash out 18K of points, worth about $175 of Staples gift cards.
Lessons Learned – Open a lot of MS accounts in case you get shut down by some stupid BS.