I've been shopping for about 7 years, but I've never done a bank shop. I have seen many of them in my area recently, but I'm nervous about doing them. I'm talking about the ones where you are actually opening a new account. The pay seems awesome, but what am I missing? I've done some research and it doesn't appear that this affects a credit score. Am I missing something else before I jump in? Is there a guideline for when you can close the account? I would assume that this is only a one-shot deal....I mean, once I have a checking account at a certain bank, I wouldn't think I could go do another shop and open another one for the same bank, right?

Sorry if these seem like newbie questions. Just want to be careful when financial information is involved. Thanks for your wisdom

They are all different, you have to read the details so you don't get burned. Some will shut it down for you as soon as the shop is complete. For others you are on your own, and some banks have an early shut down charge in the fine print. If it's not clear and you don't intend to stay with the bank, ask the scheduler directly about your exit before you take the job. The pay is good compared to the walk in/walk out bank jobs, but there is frequently some additional work, like gathering information and brochures, waiting for and reporting follow up calls, or applying for a linked credit card.

Thanks for the information. When I'm signing up for the shop, the information is just general. I don't want to get myself in a situation where I sign up, THEN get access to all of the important information and find that I'm not comfortable with the scenario. Great idea to email the scheduler directly.

Banks can see other accounts you have, and it might look strange to them if you have a lot of checking accounts or have opened and closed a lot of accounts. As far as I know it doesn't affect your credit to open or close a checking account.

Bank shops are fairly common. I don't think you should have any special hesitation about doing them. There is no con involved, including for the significantly more lucrative open account shops.

You are right there is no credit check involved. The negative is that bank fees can get involved. Each bank's requirements are different. So are the shop requirements. You may have to keep it open a specific time. Also there are additional commitments such as paperwork, personal record keeping, and checks and any fees for them that a new checking account necessarily involves (unless you stand out by saying no checks).

Also, you are usually limited to opening one account at a particular bank for shopping purposes. The flip side is that by having an account you can make available other shops like member/account holder teller shops at that bank - check what is available for that client.

If opening an account bothers you - maybe you could stick to the non-customer shops. I find these fairly easy. Teller shops like where you have to try to cash a check at a bank/credit union when you have no account there. Platform shops were you ask a representative about a product - often a new checking/savings account. I do both versions - customer and non-customer. But I usually play a non-customer - even at a credit union I am a member.

Good luck!

I really like bank shops. They are my favorite. I opened a new account last month so that I could do teller accounts this month. Next week, yet another bank, so that I can do teller shops the following month.

I have found some really good banks. I am youth-challenged, so I often qualify for a free account. Or a low balance savings account will also often work. Just keep track of requirements. I have never come across a bank which has an early termination fee for a checking or savings account. I am sure that they exist somewhere, because banks have become very creative about charging fees. Not quite as good as airlines, but getting close.

I don't think that banks can see other banks where you have accounts. If a bank has closed an account for cause (frequent overdrafts, for instance) and they are a member of ChexSystems (I think that is the name), then other banks who belong to ChexSystems will know and not want to open an account for you. IF banks can see other banks where I have accounts, then they simply don't care in my case.

@myst4au wrote:

I don't think that banks can see other banks where you have accounts. If a bank has closed an account for cause (frequent overdrafts, for instance) and they are a member of ChexSystems (I think that is the name), then other banks who belong to ChexSystems will know and not want to open an account for you. IF banks can see other banks where I have accounts, then they simply don't care in my case.

yes you got the name right