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+--- Thread: Will banks close your account? (/Thread-Will-banks-close-your-account)
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RE: Will banks close your account? - ruonis55 - 09-09-2023
(09-09-2023, 07:34 AM)EquitableEngineer Wrote:(09-09-2023, 06:40 AM)ruonis55 Wrote: It depends on the bank and its rules, like some banks see refunding as illegal activity and highly aware of it. Even if something happens, you first you should get a warning, that's what I got and then I had to promise the bank I would not do that activity again and not abuse their system.You got a warning for only refunds? How many were you doing ?
(09-07-2023, 06:39 AM)prekrasnoyemirai Wrote: Will banks close your account for having too many purchase reversals?Use multiple accounts to spread out them out
This was the warning
" we need your declaration that you will not abuse our services in the future. Especially generating a large number of cards, a receiving large number of refunds from amazon etc."
It is from the bank Zen if you wondering, you can create 10 VCC at one time, but it costs 5 euro/each. So yeah, for some months I had all 10 VCC busy with refunds. If we do the math, so on every VCC there was an order that was worth about 150 euro so 10x 150 euro = 1500 euro, every week I would order 5x items. So in the end of the month there would be like ~3000 euro of reversals I don't mention how much you can spend on the VCC if you get an AVS for them from Amazon, 5 euros everytime gets into not a small loss.
RE: Will banks close your account? - EquitableEngineer - 09-09-2023
(09-09-2023, 07:43 AM)prekrasnoyemirai Wrote: I was thinking of using VISA gift cards or something similar.Where are you based because you cannot get these over certain small amounts in some places to prevent things exactly like this or money laundering.
(09-09-2023, 08:43 AM)ruonis55 Wrote: This was the warningTBF 1500 isn't a massive amount i think the quantity of refunds is what fucked you. Just guessing here but I bet you would have gotten away with 2 single 1500 refunds a month or more.
" we need your declaration that you will not abuse our services in the future. Especially generating a large number of cards, a receiving large number of refunds from amazon etc."
It is from the bank Zen if you wondering, you can create 10 VCC at one time, but it costs 5 euro/each. So yeah, for some months I had all 10 VCC busy with refunds. If we do the math, so on every VCC there was an order that was worth about 150 euro so 10x 150 euro = 1500 euro, every week I would order 5x items. So in the end of the month there would be like ~3000 euro of reversals I don't mention how much you can spend on the VCC if you get an AVS for them from Amazon, 5 euros everytime gets into not a small loss.
RE: Will banks close your account? - prekrasnoyemirai - 09-10-2023
(09-09-2023, 06:29 PM)EquitableEngineer Wrote:(09-09-2023, 07:43 AM)prekrasnoyemirai Wrote: I was thinking of using VISA gift cards or something similar.Where are you based because you cannot get these over certain small amounts in some places to prevent things exactly like this or money laundering.
Canada. I was actually worried about that.
RE: Will banks close your account? - EquitableEngineer - 09-10-2023
(09-10-2023, 01:26 AM)prekrasnoyemirai Wrote: Canada. I was actually worried about that.Just open multiple bank accounts and rotate through them for each ref but make sure you also rotate them for your general expenses so no account has only refund transactions on it.
RE: Will banks close your account? - sinisterlee - 09-20-2023
(09-09-2023, 08:43 AM)ruonis55 Wrote:(09-09-2023, 07:34 AM)EquitableEngineer Wrote:(09-09-2023, 06:40 AM)ruonis55 Wrote: It depends on the bank and its rules, like some banks see refunding as illegal activity and highly aware of it. Even if something happens, you first you should get a warning, that's what I got and then I had to promise the bank I would not do that activity again and not abuse their system.You got a warning for only refunds? How many were you doing ?
(09-07-2023, 06:39 AM)prekrasnoyemirai Wrote: Will banks close your account for having too many purchase reversals?Use multiple accounts to spread out them out
This was the warning
" we need your declaration that you will not abuse our services in the future. Especially generating a large number of cards, a receiving large number of refunds from amazon etc."
It is from the bank Zen if you wondering, you can create 10 VCC at one time, but it costs 5 euro/each. So yeah, for some months I had all 10 VCC busy with refunds. If we do the math, so on every VCC there was an order that was worth about 150 euro so 10x 150 euro = 1500 euro, every week I would order 5x items. So in the end of the month there would be like ~3000 euro of reversals I don't mention how much you can spend on the VCC if you get an AVS for them from Amazon, 5 euros everytime gets into not a small loss.
Did you have any legitimate spending as well or only refunding?
RE: Will banks close your account? - HeadxHunter - 09-20-2023
They definitely know what you're up to. Not sure why they would care, it's not their money.