- Cool Trick On How To Trigger A Chase Pre-Approval by Help Me Build Credit. I asked readers about this on Twitter & Reddit, one other person was able to confirm that this worked for them. Keep in mind that a lot of people reported that this type of activity had lead to their account being frozen/shut down. Please share your datapoints in the comments.
- New Era: American Gives Out $250,000 Denied Boarding Compensation on a Single Flight? by View From The Wing. Glad to see airlines doing this. This case is a little strange as it wasn’t actually an overbooking issue. Still you’d love to be the family that walked away with $30,000.
- 5 years, 50 states. Welcome aboard Stephen! by Frequent Miler. Welcome to Stephen (and congratulations to Nick with the baby on the way). As mentioned in the comments Stephen has always provided good tips and information to me via e-mail, so looking forward to his additions to FM as well.
- Sears Announces Closures, JCP Says It’s ‘Going After’ Sears’ Appliances Business by PYMNTS.
Anecdotal two cents: Featured applied for mortgages. Banks notice that.
Sorry about that line. I removed it. I am not an accountant 🙂
He mentioned both him and his friend withdraw the money for mortgage purpose. Even such establishment is true, it’s still unclear as how long the funds need to sit in the bank before withdrawal to trigger this so called trick. It’s probably not the money out would trigger the pre-approval bypassing 5/24 in my opinion, it would be that an installed loan would help building credit approval odds.
And what about if I initially just park $1500 in the checking to keep the account fee free. In and out large amount of money in a short time really not a good idea, whether ACH or bank deposit/withdrawal.
1500, 15000 or 50k is big money in which world?
Who is going to launder money in such piddly sums.
You’re basing this on what? It’s not a good idea why, again? Because you say so?
Then let me know if that works for you.
Have you tried on yourself? That sounds a good idea and that’s workable for you? Because you say so?
Why would you get in trouble wit IRS if you withdraw a large sum of money electronically?
Why would people get shutdown by chase?
EXactly if it’s a ETF to a bank it shouldn’t be a big deal.
sorry brah. you mean EFT – Electronic Funds Transfer. making investments in a Exchange Traded Fund (ETF) wouldnt help.
Chase is very risk-averse. They don’t like MO deposits and regularly freeze accounts when you transfer in/out. Many people suggest not using Chase for regular banking for these reasons.
Relevance? Linked article doesn’t mention MOs anywhere.
And why would you hold $30-$50k in very low interest paying Chase accounts when you can easily get 1.3% with no minimums and no hoops to jump through? Even higher with hoops.
That’s what I wonder- what kind of person is holding that much cash in a Chase deposit account…
Money flushes through a lot of people’s accounts. Ever sell a car or a house? This explains how I got my reserve card with a 620 credit score lol.
In and out large amount of money in a short time appears to be the pattern of money laundry and the bank may report that. And if IRS gets involved that can be headache.
The IRS has nothing to do with ACH money transfers between banks. And AML laws exist mostly for cash transactions. ACH transfers leave an easy paper trail. ML would involve the FBI, not the IRS which is responsible for collecting taxes.
Because you transfer money? I transfer over 10k, the reporting threshold, every 3 months or so to different banking accounts. No biggie.