I see LOTS AND LOTS of bank inquiry shops. Some are $15-20 to just go inside and ask some questions. Other are $40-100 to open a checking account (I'm excluding the ones that require a foreign language shop).

These shops are at many of the MSC's and seem to be always open. I get that it's sort of a pita to close the account in 28 days. But otherwise, what's wrong with these shops? If it's just heavy narrative, I do (and kinda enjoy) auto dealership sales shops so the narrative isn't that big a deal.

And if anyone has tips or suggestions for the better MSC's for these bank shops, I'd sure appreciate it. They are very heavily shopped in my area.

Edited 1 time(s). Last edit at 08/30/2016 05:46PM by jkmystery.

There are lots and lots of bank shops and the theme and variations are enormous. I used to have them as a mainstay of my practice, but I need to be careful because I do see the same bankers sometimes at the same bank and some times having moved to a different branch or entirely different bank. In my area there is almost never a wait to see a banker unless they are on the phone. They are so delighted to have somebody to talk to that it is virtually impossible for them to not recognize you and wave at places like the grocery store, no matter how unmemorable you try to make yourself. So I have been pretty much on a self imposed exile from banks for the past year or so and when I return and they remember me, I will be "wondering if you have some new products." I usually try to let them call me by name because I have no idea what name I gave last time I met this person. (And I don't live in a small town or a town with few banks.)

There indeed are many different types of bank shops. With some, once you open an account you are eligible to do teller shops on a regular basis with or without a visit with a personal banker. With some they want to see all the paperwork and contacts you get from the bank with your new account. With some you are just making inquiries. I have had MSCs pay a fee plus reimburse part or all my initial deposit to open the account. I have had MSCs pay a fee but I must come up with the cash for the initial deposit. Most of the time you can close the account within a month or two if you wish. This is why it is so important to know what the bank charges as monthly or quarterly fees if you don't have the qualifications for a free account and at what point there is no closing fee to close the account.

BOA I believe you must keep the account open 90 days or there is a closing fee, SunTrust I think it is has an $8/mo fee if you don't keep at least a minimum balance of I think it is $500, another bank the account is free if you use your debit card a dozen times a month, while still another the account is free only with a direct deposit of at least $500 per month. And remember, rules can change. I had a 5th/3rd savings account that was supposed to be free and about a year later the changed the rules to $5 per month without a direct deposit. I set up to send $5 per month from my PayPal account, which the banker told me would handle the issue. Then I got a quarterly statement showing they had sucked out $5 per month because what the banker told me was wrong, the direct deposit had to be from my employer or social security.

Bank inquiries work well for a time and are nice because there is no out of pocket expense. You do have to work with different MSCs and their various pay offerings because the vast majority of banks are shopped by only one MSC. Account opening can work if the pay or future usefulness make them worthwhile, but you must do your homework so that it doesn't cost you more than you earned.

I enjoy doing bank shops, particularly the inquiry ones and the ones where I get paid to open an account and then the make deposits. I am youth challenged, so in many cases I qualify for free accounts, or I find a way to avoid fees. Even the most narrative intense ones are pretty easy to do.

I love bank shops!

When doing an account open, have your ID and cash to fund the account.

Personally, I never use my SSN on shops, including bank shops, so I have three or four forms of ID to open the account.

If I open a savings account, I fund it with the minimum required to avoid the fees, and I keep it open to do other shops. I had one account open for six months. I closed it because I wanted to use that money to fund another account opening shop.

If I open a checking account, I bring the minimum amount of cash to open the account ($25-50). I ask how long before the fees hit. It's usually 60-90 days. That's how long I keep the account open. I do other shops for that bank in the meantime, and I avoid the maintenance fees for the account.

For the account open shops that I do, the narratives aren't bad at all. One MSC just requires that you upload paperwork.

Read the guidelines to see if you have to sing up for anything: overdraft, debit card, online banking, opt out, etc. If you don't have to sign up for anything, don't, unless you plan on keeping the account.

I have nothing bad to say about bank shops, whether they are inquiry, audits or openings.

I just got an email to open a checking account putting in (I believe) 50.00 and leaving it there for 6 months.
I'm not sure about it,don't need two checking accounts, so why tie up my money that long. Think I'll pass, 40.00 doesn't seem enough for the hassle.



Edited 1 time(s). Last edit at 09/01/2016 08:06PM by Irene_L.A..

I agree, Irene, not for 6 months. You would have to have a higher minimum balance, X amount of card uses, or a minimal direct deposit.