You would think so, right? More important than, say, hiring thousands of ignorami to grope people and spending an incomprehensible amount of money (including substantial kickbacks) on backscatter/millimeter machines for security theater? I'm not a banker, but looking over the Know Your Customer/Bank Secrecy Act guidelines, it's certainly feasible that your SSN could be flagged. The intention is to catch money-launderer, drug dealers, and terrorists. It's not inconceivable that opening many accounts might peg you as one of the above.@nycrocks wrote:
Ishop123, whatever makes you think Homeland security would get involved with people who open checking and savings accounts with $25 deposits? I seriously doubt our national security agency, whose purpose is to protect us from terrorist activities, is actually interested in the banking activity of American citizens when it’s of such a tiny magnitude. I certainly hope they have more important things to do.
I would expect the MSC to intervene with the client, BOFA. If the bank wants their locations shopped, and shopped by reliable, good shoppers, there should be a procedure in place to "lift the ban" and clear the shopper's record. Obviously a shopper who has been actively doing account opening shops for 3 years, has had a high approval rate, and been doing a great job for the client, no? The shop description should include a disclaimer that the shopper could be banned, as a result of doing many shops, OR the MSC should negotiate with the client to put into place a method of reversing the ban on the "back end".
Thanks for for the info! Maybe I should check with EWS to see if there’s anything negative reported there.
I don’t think it’s considered fraud to open accounts you don’t use and then close them though. The banks simply don’t want to be bothered with customers they’re not making any money on.
Often, it's a better deal to open the bank accounts for the bonuses, not for shop payments. Bonuses range from $100 to $500 usually.
<<BoA simply wasn’t making any money on me as a customer. It’s pretty simple>>
can vouch.....big amounts, certain patterns of transactions, turnover, there's an algorithm.