Fee for opening a checking account

September 29, 2014 11:05PM

I recently received a shop offer to open a checking account at a local bank. I rarely see shop offers like this in my local area. The shop fee for this assignment is $50.

I really need some feedback from seasoned shoppers on whether this seems an acceptable amount. I honestly have no idea if this is even in the ballpark.

Any input would be very appreciated.

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September 29, 2014 11:18PM

I am willing to perform shops for $50 that require opening a new checking account. Very reasonable.

September 29, 2014 11:20PM

I have done these. Would the bank be either Woodforest or 5th Third? They are legitimate shops. Both, in my area, regularly end up being bonused, $10-$25/each. Subsequent to being paid to open an account, mystery shops are then available to shoppers who have accounts. Inquire about a purchase, make a deposit, etc., then report.

September 30, 2014 12:05AM

I did a number of them and XYZ company is very decent about it and pays on time.

Her Serene Majesty, Cettie - Goat Queen of Zoltar, Sublime Empress of Her Caprine Domain

September 30, 2014 12:17AM

I did one, and it was fine. Just make sure you can meet the minimum balance to avoid any monthly service charges.

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Thanks to all the forum members!

September 30, 2014 12:31AM

They're fine. Go ahead and take it!

September 30, 2014 01:38AM

I did one of these for the W bank, and was paid $50.00 for what I felt was a very fair report to fill out. BUT GET THIS: The BANK had an offer whereby if I, as a new customer, went online and completed a brief "lesson" about banking, that they would open a SAVINGS account for me with a $25.00 interest payment!! Had to get it done within 30 days of opening the account, and print out a form showing I completed the lesson. But I got an additional $25.00!! Plus, I like the bank too!

September 30, 2014 02:01AM

The shop would be to open up an account with a national patriotic bank. I used to perform bank shops all the time for this particular MSC up until last year. My local bank that I deal with unfortunately ended their mystery shopping program. I have really missed the extra income from monthly bank shops.

I think I will open up a checking account at this bank.

Thank you everyone for the awesome feedback as always.

September 30, 2014 02:46AM

The MSC has the client reverse the account opening fees, in addition to paying you the $50.

I incurred an account opening fee and a one-time debit card fee of $15. I paid a $25 deposit, and after fees, there was only $3 in my account out of that $25. Both charges were reversed after my shop, the fees were reversed back into the account, to bring my account back up to $25.

I was then paid the $50 shop fee. It's essentially a free account, plus $50 payment.

If you perform teller or account-holder phone shops for the MSC at least once a month , they reverse your monthly account charges as well.

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Plan the work. Work the plan.

September 30, 2014 03:05AM

I found in my area they only had about 2 shops per year. I have 2 locations near me though so I got 4 per year. I didn't actually use the account though and keeping up with it wasn't worth the $40 a year I was making so I closed it.

There are reasons that a body stays in motion
At the moment only demons come to mind

September 30, 2014 12:36PM

You might want to put enough in the account to avoid monthly service fees and then keep the account as this company has ongoing assignments if you have an account with this bank.

September 30, 2014 04:00PM

If this is the bank I think it is, the minimum to avoid monthly service fees is $1,500 unless you have a qualifying direct deposit.

September 30, 2014 05:24PM

I opened one for $250 plus a monthly fee, but that is highly unusual. I was lucky as this was not a customer service shop, so no report.

Not my circus - Not my monkeys @(*.*)@

~Polish Proverb~

September 30, 2014 08:03PM

I have done account opening shops at 3 different banks. Woodforest, BOA, and Huntington ( last week). 2 paid 50 and one $25. They were all worth the fee.

Shopping Western NY, Northeast and Central PA, and parts of Ohio and West Virginia. Have car will travel anywhere if the monies right.

September 30, 2014 08:10PM

I just open savings accounts, no fees and you can still do teller shops.

October 01, 2014 04:38AM

I did this last Nov.. it paid I think $50, reimbursed for the REQUIRED checks I HAD to buy too.

Funny you mention this, b/c I have ignored this acct since opening. Haven't use the checks or
the bank. Today, I did.

October 01, 2014 04:44AM

Warning: I learned the hard way that some banks charge fees for *closing* the account if it's been open less than 6 months. I've had $2000 tied up in that bank for five months now. But this week I am going to empty the accounts and demand they close them anyway because they just hit me with a monthly fee because the $25,000 I had to deposit for the shop was shielding me from fees and they didn't bother to tell me that there was a different "minimum" to avoid the fee when I withdrew it after the shop scenario was over.

And it was a competitor shop, so there was no "the client would reverse the fees" for me. I did get the CS agent to reverse the fee they took but I will make sure they can't try to take another one. There won't be anything to take it from.

Time to build a bigger bridge.

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