Author Topic: Misc Credit Card Questions  (Read 539702 times)

Offline PETERP

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Re: Misc Credit Card Questions
« Reply #2160 on: January 05, 2016, 01:14:11 PM »

Offline Marko Rubio

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Re: Misc Credit Card Questions
« Reply #2161 on: January 05, 2016, 02:03:53 PM »
with all respect i think pillan is misinformed on this, i am paying for years every month all my chase credit cards with cash  even huge amounts i just go in to a chase branch and i pay at window with cash never had any problems, i know plenty of ppl doing that and never had problems
im confused with this, its ok to pay a chase cc with cash or it can cause problems? Pillansyme or anyone can chime in? TIA
Do u have any different idea for a signature?

Offline Mplace

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Re: Misc Credit Card Questions
« Reply #2162 on: January 05, 2016, 02:13:51 PM »
They can do anything, except close the account,(or ask for retention), IME.
Yes, in some regard. Can add au's, make payments, change information on the account. They basically don't need the actual primary person on the line like they usually would for a lot. For f/r purposes I don't know if that holds up.

Thanks
What's your plan for yud shvat?

Offline yochiek93

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Re: Misc Credit Card Questions
« Reply #2163 on: January 05, 2016, 02:18:23 PM »
im confused with this, its ok to pay a chase cc with cash or it can cause problems? Pillansyme or anyone can chime in? TIA
It can cause problems

Offline Marko Rubio

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Re: Misc Credit Card Questions
« Reply #2164 on: January 05, 2016, 02:26:56 PM »
It can cause problems
can u elaborate pls? what problems? And why?
Do u have any different idea for a signature?

Offline emjee

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Re: Misc Credit Card Questions
« Reply #2165 on: January 05, 2016, 02:54:27 PM »
can u elaborate pls? what problems? And why?
Elaborating the problem and why:
To banks & loaning institutions cash means money laundering. If they have any suspicions of any sort, they will say that they have the right without any proof whatsoever to close you down. Whether it be a checking, savings or credit card account - whether it be personal or business. They don't need proof. All they need is a transaction which will give them an excuse to say that there is a suspicion and thereby foreclose the account/s .
Does this happen rarely ?- I think so. However it could and does happen to people who are innocent as well.

Offline Marko Rubio

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Re: Misc Credit Card Questions
« Reply #2166 on: January 05, 2016, 03:00:30 PM »
Elaborating the problem and why:
To banks & loaning institutions cash means money laundering. If they have any suspicions of any sort, they will say that they have the right without any proof whatsoever to close you down. Whether it be a checking, savings or credit card account - whether it be personal or business. They don't need proof. All they need is a transaction which will give them an excuse to say that there is a suspicion and thereby foreclose the account/s .
Does this happen rarely ?- I think so. However it could and does happen to people who are innocent as well.
so i guess this can only happen if u do that with large numbers of cash, like paying huge cc balances with thousands of dollars, a few hundred $ a month to pay your cc bill can be a problem? I dont think they will consider it as money laundering CMIIW 
Do u have any different idea for a signature?

Offline emjee

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Re: Misc Credit Card Questions
« Reply #2167 on: January 05, 2016, 03:09:51 PM »


so i guess this can only happen if u do that with large numbers of cash, like paying huge cc balances with thousands of dollars, a few hundred $ a month to pay your cc bill can be a problem?

I didn't say it would. I said that they as a financial institution can use any excuse they want
[/quote] I dont think they will consider it as money laundering CMIIW
[/quote]
Never know . Do what ur comfortable with.


Offline foseph

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Re: Misc Credit Card Questions
« Reply #2168 on: January 05, 2016, 03:11:18 PM »

I didn't say it would. I said that they as a financial institution can use any excuse they want
 I dont think they will consider it as money laundering CMIIW

Never know . Do what ur comfortable with.
u could always do an "actual" cash load onto serve or sometihing at RA/Walmart?

Offline emjee

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Re: Misc Credit Card Questions
« Reply #2169 on: January 05, 2016, 03:21:46 PM »
True. Though , those products are "specifically" for that purpose. They are supposed to be used that way.

Offline TimT

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Re: Misc Credit Card Questions
« Reply #2170 on: January 05, 2016, 10:09:23 PM »
Elaborating the problem and why:
To banks & loaning institutions cash means money laundering. If they have any suspicions of any sort, they will say that they have the right without any proof whatsoever to close you down. Whether it be a checking, savings or credit card account - whether it be personal or business. They don't need proof. All they need is a transaction which will give them an excuse to say that there is a suspicion and thereby foreclose the account/s .
Does this happen rarely ?- I think so. However it could and does happen to people who are innocent as well.
The part I don't understand about that is a business account. Any store owner has lots of cash coming in daily. Why does that look suspicious ? What else are they supposed to do with it ?

Offline yochiek93

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Re: Misc Credit Card Questions
« Reply #2171 on: January 05, 2016, 10:12:17 PM »
The part I don't understand about that is a business account. Any store owner has lots of cash coming in daily. Why does that look suspicious ? What else are they supposed to do with it ?
I thought this was only an issue for personal accounts

Offline TimT

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Re: Misc Credit Card Questions
« Reply #2172 on: January 05, 2016, 10:15:03 PM »
I thought this was only an issue for personal accounts
He seems to say otherwise.

Offline emjee

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Re: Misc Credit Card Questions
« Reply #2173 on: January 06, 2016, 03:26:55 AM »
Chase's cash curbs have been on mortgages, auto loans, credit cards etc.  Primarily consumer products, not business products.  Completely negating your statement.

Chase hates cash.  They want to charge you negative interests on your deposits.  Cash makes this more difficult.

The part I don't understand about that is a business account. Any store owner has lots of cash coming in daily. Why does that look suspicious ? What else are they supposed to do with it ?
Business accounts are not necessarily as big of concern as personal. However if a business is ONLY bringing in cash (which happened to a relative of mine) with chase , it can be just as worrisome.
I thought this was only an issue for personal accounts
Not ONLY an issue for personal, but as acc to pillansyme it seems to be so. I have heard concerns for biz as well though.
He seems to say otherwise.
The original statement and concern is not mine. I have written before THIS IS NOT SOMETHING WHICH WORRIES ME. PillanSmye holds there is a concern. I understood where he came from being that I have heard stories before first hand from people i know and was explaining his point.

If someone would to ask me I would tell them not to worry. I personally have deposited thousands in cash to my personal account in chase many times without ever having issue BH . - in terms of business ; (as I wrote before) I have been told from the person it happened to that he was shut down for suspicion of ML because he always deposited cash - never did money come to his biz accnt through merchant processing accounts or checks. Purely cash.
So go ahead a deposit cash as much as you want . PillanSmye says otherwise.

Offline TimT

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Re: Misc Credit Card Questions
« Reply #2174 on: January 06, 2016, 06:43:14 AM »
The teller refused to take a cash deposit yesterday because I didn't have a photo ID with me. She was happy to take checks though. I'll have to start using the ATM's more often.