{"id":9287,"date":"2024-03-08T04:00:00","date_gmt":"2024-03-08T11:00:00","guid":{"rendered":"https:\/\/milesearnandburn.com\/?p=9287"},"modified":"2024-03-08T00:07:11","modified_gmt":"2024-03-08T07:07:11","slug":"counterintuitive-banking-lesson-account-funding-quick-tip","status":"publish","type":"post","link":"https:\/\/milesearnandburn.com\/index.php\/2024\/03\/08\/counterintuitive-banking-lesson-account-funding-quick-tip\/","title":{"rendered":"Counterintuitive Banking Lesson: Account Funding Quick Tip"},"content":{"rendered":"\n<p>Up until <a href=\"https:\/\/milesearnandburn.com\/index.php\/2024\/02\/15\/thursday-ripples\/\" class=\"ek-link\">the implosion of PayPal Bill Pay a few weeks ago<\/a>, funding new deposit accounts was a favorite side-effect for certain types of manufactured spend, partially because it was one of the main quick-hit arising when you opened new target accounts. All of those new funding data points and subsequent shenanigans lead to a counterintuitive principle:<\/p>\n\n\n\n<p class=\"has-ek-indent\" style=\"--ek-indent:20px\">Banks and credit unions prefer old school hand-written checks for initial deposits over just about everything else.<\/p>\n\n\n\n<p>Why is this? Frankly I have no idea, but I can tell you that one of the fastest ways to get compliance looking into your activities is to ACH, wire, or bring cash into a new deposit account right out of the gate. For some reason though, those hand-written checks side-skirt initial &#8220;stolen funds&#8221; and other fraud concerns because reasons known only to the depths of KYC.<\/p>\n\n\n\n<p>Have a nice weekend!<\/p>\n\n\n<div class=\"wp-block-image is-style-editorskit-rounded\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/milesearnandburn.com\/wp-content\/uploads\/2024\/02\/image-15-1024x576.png\" alt=\"\" class=\"wp-image-9288\" style=\"width:420px;height:auto\" srcset=\"https:\/\/milesearnandburn.com\/wp-content\/uploads\/2024\/02\/image-15-1024x576.png 1024w, https:\/\/milesearnandburn.com\/wp-content\/uploads\/2024\/02\/image-15-300x169.png 300w, https:\/\/milesearnandburn.com\/wp-content\/uploads\/2024\/02\/image-15-768x432.png 768w, https:\/\/milesearnandburn.com\/wp-content\/uploads\/2024\/02\/image-15.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"has-text-align-center\" style=\"font-size:14px\">The bank&#8217;s &#8220;Know Your Customer&#8221; team cubicle.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Up until the implosion of PayPal Bill Pay a few weeks ago, funding new deposit accounts was a favorite side-effect for certain types of manufactured<\/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":[56],"tags":[],"class_list":["post-9287","post","type-post","status-publish","format-standard","hentry","category-wisdom"],"_links":{"self":[{"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/posts\/9287","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=9287"}],"version-history":[{"count":3,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/posts\/9287\/revisions"}],"predecessor-version":[{"id":9333,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/posts\/9287\/revisions\/9333"}],"wp:attachment":[{"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/media?parent=9287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/categories?post=9287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/milesearnandburn.com\/index.php\/wp-json\/wp\/v2\/tags?post=9287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}