The Money Mustache Community

Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: purple monkey on August 14, 2016, 08:14:30 PM

Title: Manufacture Spend depositing money orders
Post by: purple monkey on August 14, 2016, 08:14:30 PM
Does the bank flag an account that deposits a lot of money orders?

Thinking of depositing 5-10 a month.

TIA.
Title: Re: Manufacture Spend depositing money orders
Post by: plog on August 14, 2016, 08:48:42 PM
What are you asking exactly?  I mean, banks keep records so technically they "flag" everything:. You have a mortgage thru them?  Flag.  Your average daily balance over $1000? Flag.  You call customer service 4 times in may 2006?  Flag.

Banks keep records--so yes that data is probably kept.  Now if you are afraid of a certain action on their part, please be specific and ask that question.
Title: Re: Manufacture Spend depositing money orders
Post by: boarder42 on August 15, 2016, 07:36:59 AM
i do at least that many and have yet to have any issues.
Title: Re: Manufacture Spend depositing money orders
Post by: johnny847 on August 15, 2016, 09:32:20 AM
Whatever you do, be aware of structuring.

http://milestomemories.boardingarea.com/money-orders-manufactured-spend/
Title: Re: Manufacture Spend depositing money orders
Post by: Rubic on August 15, 2016, 02:39:38 PM
It depends on the bank, but the general consensus is that you shouldn't MS with money orders with your primary bank.  I'm moving away from manufactured spending for a variety of reasons, but when I did MS, I first opened up a new bank account with a $200 sign-on bonus.  You can just do ACH transfers from your "MS bank" to your primary bank.