I did open one of these accounts in June. I agree that $40 is not enough, BUT the bank branch recently opened a block from my home. I needed to open a new account with direct deposit to share with my son. I had almost opened the account two months earlier but put it off ...... for no reason other than busy with other things. When I saw the shops, I figured I would grab $40 for what I was going to do anyway. I will probably open a second account but not right now. If the MSC bonuses the shops, it might make me open the account sooner rather than later.
I opened this account not planning to keep it open the minimum time and close it - I opened it as an account I will keep and use. There are no bank fees if you have direct deposit, regardless of how small the direct deposit is. and there is no minimum balance, so the direct deposit can immediately be spent or transferred out. I can view my statements and transactions online so I can keep a daily tab on my accounts. There is a 90-day grace period before the fees start, giving you 90 days to either get a direct deposit or close the account without fees. I got a free chipped debit card, enabling me to do the "chip mystery shops" with another MSC (although the amount I will use it is limited because I do not trust debit cards, ANY debit cards). I got a no-yearly fee, high points American Express credit card.
I agree with Flash. The problems that are now being reported are based on the suffering of past depositors and past actions. With people fired and a massive investigation, I don't see a risk for those who have opened accounts within the past few months or who open them in the future. As a current bank customer, I am no more worried than I am about the accounts I currently hold with Chase and Woodforest or with my credit union.
Everyone should go with their gut feeling. If you are not comfortable with the shop, cancel. I personally would not. I am not concerned with having performed the shop and I will probably do another one. Actually, please cancel. The MSC is already a little desperate because they need a lot of shoppers - cancel and help make them more desperate so they'll offer me more money. If they offer me a bunch more money, I'll immediately do another shop. Shoot, I might open two more accounts.