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Churning exclusively with new checking/saving accounts. Good idea ?
I wanted to know what were the risks involved with this. Does opening/closing accounts with high amount ($5000) rises red flag ? Has anyone gotten into any issues doing this ?
Also I have successfully completed my requirements for the citi aa advantage and got approved for the prestige today. Can I open a savings account with citi and fund it with my new prestige ?
Thanks for your help !
If Citi deems you to have earned more than what they consider the equivalent of $600 in rewards per year from bank accounts (not including credit cards) they will report it to the IRS and you will owe taxes on those rewards.
Not to mention repeatedly opening and/or closing checking accounts will get you flagged with ChexSystems which could prevent you from being able to get even legitimate bank accounts for years and years. Heard the term “unbanked” before? They’re unbanked because of their bad ChexSystems reports.
To put it simply: [B]do not do it.[/B]