{"id":10881,"date":"2024-12-20T04:00:00","date_gmt":"2024-12-20T11:00:00","guid":{"rendered":"https:\/\/milesearnandburn.com\/?p=10881"},"modified":"2024-12-19T14:41:24","modified_gmt":"2024-12-19T21:41:24","slug":"weekend-wisdom-chase-shutdowns-anti-money-laundering-and-deposit-accounts-redux","status":"publish","type":"post","link":"https:\/\/milesearnandburn.com\/index.php\/2024\/12\/20\/weekend-wisdom-chase-shutdowns-anti-money-laundering-and-deposit-accounts-redux\/","title":{"rendered":"Weekend Wisdom: Chase Shutdowns, Anti Money Laundering, and Deposit Accounts Redux"},"content":{"rendered":"\n

EDITOR\u2019S NOTE: I\u2019m on an annual blogging vacation for the last two weeks of the year. To make sure you still have content, some of the smartest members of the community have stepped up with guest posts in my absence. Special thanks to today\u2019s author who is infamous enough to not need an introduction but get one anyway, SideShowBob233<\/a>. I\u2019ll see you on January 1! \u00a0If you\u2019re interested in writing a guest post,\u00a0please reach out!<\/strong><\/em><\/p>\n\n\n\n

So it’s been about a year since my Chase pos<\/a>t, which has been mostly well received.\u00a0\u00a0I’m a year older, a year wiser (really you’re thinking, are you wiser SideShowBob233 – and yes you\u2019re still saying the 233 part), have a lot more rakes behind me (but still too many in front of me) so do you still think Chase deposit accounts are a bad idea?\u00a0\u00a0<\/p>\n\n\n\n

The answer is yes.\u00a0\u00a0After my post I continued to hear many people report shutdowns with deposit accounts, including quite a few shutdown within a couple of weeks of opening the account for a bonus.\u00a0\u00a0Each one makes me want to put a rake in front of them and watch gleefully (which is how I do all my watching, sometimes with only my clown shoes on \u2013 get that image out of your head!) as they step on it.\u00a0\u00a0Why people risk their Chase relationship over less than $1,000 is a mystery to me, as is how to walk past a rake without stepping on it.\u00a0\u00a0<\/p>\n\n\n\n

What really gets me mad (about this – I’m not talking about my anger over Bart and definitely not about my anger over people who spell “lose” as “loose”) are the people who argue with me that it’s fine and that I’m making a big deal over nothing.\u00a0\u00a0Some people took issue with my characterization that you are more likely to get shut or that you\u00a0will<\/em>\u00a0get shutdown, which is a fair argument if you take my posts as fully serious, which is something only a clown would do.\u00a0\u00a0<\/p>\n\n\n\n

When I say you will get shutdown I\u2019m talking odds, but with odds there\u2019s never a guarantee.\u00a0\u00a0However, my trusty buddy Chad ran the numbers for me and there is a 420.6969000000000012% increased chance of being shutdown by Chase when you have a deposit account (I believe Chad had some assistance with his calculations from the Fluz interns).\u00a0\u00a0Now that doesn\u2019t mean you will be shutdown, but I don\u2019t like those odds (OK maybe I like parts of the odds, but not all together).\u00a0\u00a0And again $1,000 is nice (I could get a gold-plated rake!) but you can get that from a single Ink card bonus so why risk it?\u00a0\u00a0Not to mention Chase deposit accounts report every penny to Early Warning System (EWS)<\/a>.\u00a0\u00a0<\/p>\n\n\n\n

“So SideShowBob233” you\u2019re thinking (let\u2019s face it you\u2019re not thinking that you\u2019re saying it out loud and your family is wondering whether your meds have worn off and you\u2019re talking to your imaginary friends again), what if I haven\u2019t heard of a single Chase shutdown ever caused by this?\u00a0\u00a0To that I say you need to get out more, especially out of the rubber room they keep you in because it happens often, both to people who know better and to people who don\u2019t know better but should (and even to random people who don\u2019t churn at all, because Chase really doesn\u2019t care if they screw you over for no reason).\u00a0\u00a0Even if you don’t hear about them, I hear about them, and if you dig enough you will too (or they\u2019ll restrain you for trying to dig in your rubber room, if that happens definitely don\u2019t mention the clown with the orange hair and rakes, it won\u2019t help your case).\u00a0\u00a0<\/p>\n\n\n\n

I\u2019d like to end this by pointing out there are tons of banks and credit unions (and I weighed them all to confirm there are in fact tons, <\/em><\/strong>not just <\/em><\/strong>metric tons) all of which are not Chase, do not report to EWS, and also have bank bonuses.  So please stay away from Chase (and Citi) bank bonuses.  There are even some lovely fintechs that are not banks and for a fee (but often for free!) will lose your money for good.  <\/p>\n\n\n\n

Now I\u2019d really like to end this (and I can hear you muttering SideShowBob are you ever going to really end this, but you left off the 233 this time because the elf on the shelf told you to stop saying it because it makes you sound crazy) by suggesting you use a business bank account for anything you can, especially one that does not report to\u00a0EWS (some do, like BOA business checking for some sole prop businesses). Stay tuned for more.<\/p>\n\n\n\n

– SideShowBob233<\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

SideShowBob233 (pictured) dictating this article to MEAB (pictured?)<\/p>\n","protected":false},"excerpt":{"rendered":"

EDITOR\u2019S NOTE: I\u2019m on an annual blogging vacation for the last two weeks of the year. To make sure you still have content, some of<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[178,56],"tags":[],"class_list":["post-10881","post","type-post","status-publish","format-standard","hentry","category-guest","category-wisdom"],"_links":{"self":[{"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/posts\/10881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/comments?post=10881"}],"version-history":[{"count":3,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/posts\/10881\/revisions"}],"predecessor-version":[{"id":10885,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/posts\/10881\/revisions\/10885"}],"wp:attachment":[{"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/media?parent=10881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/categories?post=10881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/tags?post=10881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}