@BarefootBliss wrote:
....so if the MSC isn't going to do shield you and Wells Fargo hassles you - you might consider letting them know you were only opening the account as a shopper..
@MsJudi wrote:
This action does not surprise me at all. Banks do a check when you open an account that shows your account activity with many if not all banks. {The Chex system or whatever it's called) Why would you think you could continually open and close accounts with no repercussions? All five of my checking and most savings have been done on shops, but I've kept them open. All have ways to avoid fees. Some are still shopped for tellers, some I just use and are no longer shopped. I pay no monthly fees. I did do one at Bank of America and got totally screwed when the banker told me there would be no fees for the savings account that would be linked to an existing checking. Well, I let it sit there for months foolishly thinking I had a few hundred in savings only to find out, the banker lied and I was accruing monthly fees to the point where the account was overdrawn.I surprisingly never checked online for that account and just assumed it was still there. I don't know why I was not sent any notices or anything. The banker was no longer at the branch when I called them (ha), but I promptly got most of the fees reversed and closed the account and will never do another BOA shop again. I detest that bank.
@LisaSTL wrote:
Where do you get The Bank Secrecy Act somehow protects consumers? I did not read everything pertaining to the act, but this seems to be the main focus. As happens too much with most bills, laws and acts, there could be many subcategories which do or do not directly relate to the main subject matter.
The Bank Secrecy Act requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. ..........and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
@Angela_DW wrote:
Oh my goodness and I am glad you mentioned that because I didn't know about the banks will block the individual from opening too many accounts. Now I know the warning now with those banks. I am just going to call the bank first to see if they charge fees before I take on a shop.
@Mushgetmoney wrote:
@kenasch was right, start with Chex Systems website or call 800-428-9623. They are similiar to credit reports; But they are for checks, banks, financial institutions etc. Maybe you can see if they show up on that report, then you will have some basis to contact the MSC, if its negatively effecting you. Good luck!
@SoCalMama wrote:
I can't say that I am surprised that this happened. Opening and closing accounts over and over is suspicious. Most people have one or two checking accounts in their whole life. Same with credit cards. It's really hard to get people to open up new ones, since they tend to stick to a few favorites their whole life.
The MSC is going to protect their relationship with the client, not the shopper. Common sense.
I don't do these unless I am keeping the account. I have done exactly one "open a new account" job in 20 years. I really like the bank, so I have kept the account. They did call the BSA (or BSA people called them) when I had a very large international wire go into my account. I thought that they were going to freeze all of my assets for awhile there. Super scary.
@Fidobaxter wrote:
Hi there, I actually thought I was the only one! I was doing these bank shops for about a year now, one every 3 months, and this past November, I went to the bank and applied like usual, and as soon as they input my social security number, some type of alert popped up, and the employee handed me the phone to speak with their accounts security department, where they flat out said there were too many flags on my information and wasn't able to open any type of account. That was it. They said a letter would be mailed out to me with the reasons, but I never got one.
@MsJudi wrote:
nycrocks, thanks for sharing your story. Feel free to do whatever type of shops you want. No one blamed you for your situation. I'm not judging you, but I think it's naive for any shopper to not think banks keep tabs on their customers or potential customers. It's banking, it's a huge business and it involves money. Personally, I would be wary of doing more than an occasional bank account opening and close. I would certainly not rely on the MSC to remove the records, although it would be good if they did. Just my opinion here.
@nycrocks wrote:
I was certainly naive. I admit it. But I’m not the only one, and there will be others. Live and learn is all I can do. And try to warn other shoppers.
People do need to know they’re vulnerable to bank shutouts for account openings and closings. The MSC could easily tell shoppers they have a 2 or 3 shop limit on these shops to avoid shoppers being blacklisted by banks. They can limit these shops in the Sassie system. THEY KNOW shoppers are being harmed but they’re not telling or trying to help their shoppers avoid this situation. I am getting paid and I’m very thankful for that. Perhaps the MSCs can’t ask banks to intervene but they can and should do a better job of limiting these shops, We’re on our own here.
@MsJudi wrote:
nycrocks, thanks for sharing your story. Feel free to do whatever type of shops you want. No one blamed you for your situation. I'm not judging you, but I think it's naive for any shopper to not think banks keep tabs on their customers or potential customers. It's banking, it's a huge business and it involves money. Personally, I would be wary of doing more than an occasional bank account opening and close. I would certainly not rely on the MSC to remove the records, although it would be good if they did. Just my opinion here.