I just opened a non shop account with a new bank in town. Just closer to home for me. They resisted since they looked up and could see a variety of open/close. I had to get above the top approval to override with the reason as they are new in town and I can walk to this bank. So they DO check. For sure.

I guess the potential to ruin shoppers’ banking relationships must be why these account opening shops pay well, and why they are made to look so attractive to shoppers. I feel deceived by the banks who use shoppers for employee compliance purposes and by the MSCs. i did make some nice money for a few years, but really was completely unaware that opening and closing accounts with no activity would cause problems. I can see why you’d be put into a banking database if you closed accounts owing fees, but no harm is caused to a bank by opening and closing an account. They just don’t make money from you except to use your initial deposit for whatever investment they want. That’s got to be partly why there’s a minimum to open an account at most banks.

Wondering if via the "Know Your Customer" regulations, you will also have been reported to government financial agencies.

ny, thank you for sharing your eye-opening experiences.

There's something about all of this that just smells fishy to me.
(1) The BofA accounts were opened in connection with your work for the MSC, not as a consumer trying to get one over on the bank. The MSC should clear that with BOA, *their client* to make sure this does not reflect poorly on the shopper's record.
(2) In the guidelines for the Wells Fargo shops, it specifically states that you can close the account within X days, based on the preference of Wells Fargo....so if the MSC isn't going to do shield you and Wells Fargo hassles you - you might consider letting them know you were only opening the account as a shopper. I would think losing the relationship with that particular MSC is far less important than losing your relationship with one of the biggest banks in America - particularly given that banks share info on consumers.

Again, the MSCs should be running interference on this. Shame on them if they are not.

@BarefootBliss wrote:

....so if the MSC isn't going to do shield you and Wells Fargo hassles you - you might consider letting them know you were only opening the account as a shopper..

Tempting as that may be, I would be concerned about them assuming I had fallen victim to a check cashing scam, as this seems to be the only thing most bankers know about MSing. Knowing my luck, I would wind up making things worse.

My current bank actually will not directly cash MSing checks unless my account shows past cleared checks from that company. All others must be deposited and wait to clear. I asked why. He apologized and said until I started banking there they all thought that ALL MSing was a scam, and it was their company policy to treat all such checks as suspect.

I am beginning to think that MSing and banking just don't mix. Too much risk for tiny rewards. Better off sticking with shopping for Buffalo wings

Edited 1 time(s). Last edit at 01/06/2018 02:18AM by BarefootBliss.

nycrocks, thanks for sharing your story. Feel free to do whatever type of shops you want. No one blamed you for your situation. I'm not judging you, but I think it's naive for any shopper to not think banks keep tabs on their customers or potential customers. It's banking, it's a huge business and it involves money. Personally, I would be wary of doing more than an occasional bank account opening and close. I would certainly not rely on the MSC to remove the records, although it would be good if they did. Just my opinion here.

Chex Systems shows derogatory history with banks. No bank is going to share customer information with outside parties. The Bank Secrecy Act prevents this.

@MsJudi wrote:

This action does not surprise me at all. Banks do a check when you open an account that shows your account activity with many if not all banks. {The Chex system or whatever it's called) Why would you think you could continually open and close accounts with no repercussions? All five of my checking and most savings have been done on shops, but I've kept them open. All have ways to avoid fees. Some are still shopped for tellers, some I just use and are no longer shopped. I pay no monthly fees. I did do one at Bank of America and got totally screwed when the banker told me there would be no fees for the savings account that would be linked to an existing checking. Well, I let it sit there for months foolishly thinking I had a few hundred in savings only to find out, the banker lied and I was accruing monthly fees to the point where the account was overdrawn.I surprisingly never checked online for that account and just assumed it was still there. I don't know why I was not sent any notices or anything. The banker was no longer at the branch when I called them (ha), but I promptly got most of the fees reversed and closed the account and will never do another BOA shop again. I detest that bank.

Regardless of the Chex system, which is real, and credit monitoring by the bureaus, which is also real....lol
I think the original post is an excellent example and word to the wise - to consider whether the compensation involved in MSing for banking services is really worth the potential downside - particularly given that bank bonuses for opening new accounts and cards are much more lucrative....but there again, too much, too soon can come back to bite you. We live in an age of data sharing and bank consolidation...IMO, better to play the long game here.

Edited 2 time(s). Last edit at 01/06/2018 12:29PM by BarefootBliss.

Oh my goodness and I am glad you mentioned that because I didn't know about the banks will block the individual from opening too many accounts. Now I know the warning now with those banks. I am just going to call the bank first to see if they charge fees before I take on a shop.

not true honey brown, not true. they DO SHARE

Where do you get The Bank Secrecy Act somehow protects consumers? I did not read everything pertaining to the act, but this seems to be the main focus. As happens too much with most bills, laws and acts, there could be many subcategories which do or do not directly relate to the main subject matter.

The Bank Secrecy Act requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. ..........and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

Hi there, I actually thought I was the only one! I was doing these bank shops for about a year now, one every 3 months, and this past November, I went to the bank and applied like usual, and as soon as they input my social security number, some type of alert popped up, and the employee handed me the phone to speak with their accounts security department, where they flat out said there were too many flags on my information and wasn't able to open any type of account. That was it. They said a letter would be mailed out to me with the reasons, but I never got one.

You are absolutely correct Lisa. The consumer privacy laws are under the Bank Secrecy Act. I don't know which statute; I learned it when I was in training at Wells Fargo.

@LisaSTL wrote:

Where do you get The Bank Secrecy Act somehow protects consumers? I did not read everything pertaining to the act, but this seems to be the main focus. As happens too much with most bills, laws and acts, there could be many subcategories which do or do not directly relate to the main subject matter.

The Bank Secrecy Act requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. ..........and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

Thanks. Heaven forbid these things be simple and concise.

I can't say that I am surprised that this happened. Opening and closing accounts over and over is suspicious. Most people have one or two checking accounts in their whole life. Same with credit cards. It's really hard to get people to open up new ones, since they tend to stick to a few favorites their whole life.

The MSC is going to protect their relationship with the client, not the shopper. Common sense.

I don't do these unless I am keeping the account. I have done exactly one "open a new account" job in 20 years. I really like the bank, so I have kept the account. They did call the BSA (or BSA people called them) when I had a very large international wire go into my account. I thought that they were going to freeze all of my assets for awhile there. Super scary.

@kenasch was right, start with Chex Systems website or call 800-428-9623. They are similiar to credit reports; But they are for checks, banks, financial institutions etc. Maybe you can see if they show up on that report, then you will have some basis to contact the MSC, if its negatively effecting you. Good luck!

Hi Angela,

Almost all banks charge fees unless you are willing to keep high balances or use their bank for direct deposits, and those minimum direct deposits are $500 a month for a lot of banks. BoA has a minimum $250 monthly direct deposit. You can assume all banks that use mystery shoppers will charge fees.

@Angela_DW wrote:

Oh my goodness and I am glad you mentioned that because I didn't know about the banks will block the individual from opening too many accounts. Now I know the warning now with those banks. I am just going to call the bank first to see if they charge fees before I take on a shop.

I will probably contact ChexSystems but I have already asked the MSC and was told they would do nothing to help. Pressing the issue could potentially be harmful to my relationship with the MSC in the future. I’m not going to make a big issue of it.

@Mushgetmoney wrote:

@kenasch was right, start with Chex Systems website or call 800-428-9623. They are similiar to credit reports; But they are for checks, banks, financial institutions etc. Maybe you can see if they show up on that report, then you will have some basis to contact the MSC, if its negatively effecting you. Good luck!

The MSC allows shoppers to do new account opening shops at BoA every 6 months for savings and checking accounts. Same with credit card application shops.

I understand the MSC wants to protect their client relationship more than their shopper relationship. But in cases like these, where ahoppers are helping the banks evaluate employee compliance as well as helping the MSCs keep their relationship with banks, neither would be hurt if banks and MSCs worked out an arrangement to delete account openings attached to mystery shops if the shopper doesn’t need the account. It isn’t fair, but I accept that’s the way it is, now that I had to find out the hard way. I will still work with this MSC for other banking shops, but I will stick to inquiry shops or other shops where I don’t need to reveal my identity or give any personal information.

@SoCalMama wrote:

I can't say that I am surprised that this happened. Opening and closing accounts over and over is suspicious. Most people have one or two checking accounts in their whole life. Same with credit cards. It's really hard to get people to open up new ones, since they tend to stick to a few favorites their whole life.

The MSC is going to protect their relationship with the client, not the shopper. Common sense.

I don't do these unless I am keeping the account. I have done exactly one "open a new account" job in 20 years. I really like the bank, so I have kept the account. They did call the BSA (or BSA people called them) when I had a very large international wire go into my account. I thought that they were going to freeze all of my assets for awhile there. Super scary.

I’m sorry to hear you had this happen to you as well and that they only took a year to block you. I wasn’t doing them every 3 months. Based on both our experiences, I think BoA must have just begun cracking down on account openings and closings in the past year.

@Fidobaxter wrote:

Hi there, I actually thought I was the only one! I was doing these bank shops for about a year now, one every 3 months, and this past November, I went to the bank and applied like usual, and as soon as they input my social security number, some type of alert popped up, and the employee handed me the phone to speak with their accounts security department, where they flat out said there were too many flags on my information and wasn't able to open any type of account. That was it. They said a letter would be mailed out to me with the reasons, but I never got one.

Without going into detail, banks keep your info. forever, so how can one open all these accounts, they track you and will/should catch you...who needs multi accounts, it's a sure giveaway or they want your fees. Customers in a life time have maybe two accounts. I just did my first no more......

I was certainly naive. I admit it. But I’m not the only one, and there will be others. Live and learn is all I can do. And try to warn other shoppers.

People do need to know they’re vulnerable to bank shutouts for account openings and closings. The MSC could easily tell shoppers they have a 2 or 3 shop limit on these shops to avoid shoppers being blacklisted by banks. They can limit these shops in the Sassie system. THEY KNOW shoppers are being harmed but they’re not telling or trying to help their shoppers avoid this situation. I am getting paid and I’m very thankful for that. Perhaps the MSCs can’t ask banks to intervene but they can and should do a better job of limiting these shops, We’re on our own here.

@MsJudi wrote:

nycrocks, thanks for sharing your story. Feel free to do whatever type of shops you want. No one blamed you for your situation. I'm not judging you, but I think it's naive for any shopper to not think banks keep tabs on their customers or potential customers. It's banking, it's a huge business and it involves money. Personally, I would be wary of doing more than an occasional bank account opening and close. I would certainly not rely on the MSC to remove the records, although it would be good if they did. Just my opinion here.

Edited 3 time(s). Last edit at 01/08/2018 09:55PM by nycrocks.

I have only done one account opening shop online while user testing the app process. Never again. I closed it after two days. The fee was not worth it. Thank you for sharing your experience.

I do the account inquiry shops when bonused sometimes. My instincts tell me they know they are being shopped, so unless I am in the mood or the timing is right, I ignore them.

Yes, we are on our own, and I would very much appreciate it if other shoppers didn't try to interfere with my ability to do the shops I chose.

As a mystery shopper, I have opened and closed accounts for over a decade, at more than a dozen banks and credit unions, sometimes repeatedly. Just at BoA alone, I have opened and closed at least a dozen accounts over the years, and that does not even include my personal accounts at BoA.

As a shopper, I have also opened and closed accounts at Wells Fargo, Bank of the West, and other banks and credit unions. I have even opened and closed accounts at brokerages.

I have never been denied an account or barred from any financial institution due to my shop activities.

This is not to say a shopper can't be harmed by doing too many account opening shops. Who knows? I may run into the same problem nycrocks encountered.

What I am saying is there are many ways to minimize the risks. It is up to each shopper to figure out some of those ways and protect himself/herself. It is NOT a given that a shopper will be harmed by these shops.

@nycrocks wrote:

I was certainly naive. I admit it. But I’m not the only one, and there will be others. Live and learn is all I can do. And try to warn other shoppers.

People do need to know they’re vulnerable to bank shutouts for account openings and closings. The MSC could easily tell shoppers they have a 2 or 3 shop limit on these shops to avoid shoppers being blacklisted by banks. They can limit these shops in the Sassie system. THEY KNOW shoppers are being harmed but they’re not telling or trying to help their shoppers avoid this situation. I am getting paid and I’m very thankful for that. Perhaps the MSCs can’t ask banks to intervene but they can and should do a better job of limiting these shops, We’re on our own here.

@MsJudi wrote:

nycrocks, thanks for sharing your story. Feel free to do whatever type of shops you want. No one blamed you for your situation. I'm not judging you, but I think it's naive for any shopper to not think banks keep tabs on their customers or potential customers. It's banking, it's a huge business and it involves money. Personally, I would be wary of doing more than an occasional bank account opening and close. I would certainly not rely on the MSC to remove the records, although it would be good if they did. Just my opinion here.

nycrocks, I appreciate that you shared your data point here. It's valuable. Things are changing in the banking industy, it's good to know the latest trends.

The part I don't get is that yes, MSCs have to first protect their relationships with the clients and yet, when they sit down to iron out the details of the shops and what the clients are looking for, they could very easily make arrangements, on a post-shop basis, to make sure that no data from the shop impacts the shopper negatively/ personally. That is a no brainer.
oh well. good to know anyway.
There is a lot more money to be made via bank bonuses than via MSing, so it's risk vs. reward.

I may have a healthy dose of paranoia, but I'm betting those folks who repeatedly open new accounts are flagged by Homeland. With data collection so rampant, I don't think there's enough money to be offered to do these - for me.

Barefoot, ITA about the bonuses. I regularly get Chase offers for $500 account opening here. Those are in the monthly coupons mailing that goes to every household, not a targeted promotion.

Chase isn’t the only bank that sends out the promotion mailings. TD had one last fall. I’ve got a Chase account already.

Ishop123, whatever makes you think Homeland security would get involved with people who open checking and savings accounts with $25 deposits? I seriously doubt our national security agency, whose purpose is to protect us from terrorist activities, is actually interested in the banking activity of American citizens when it’s of such a tiny magnitude. I certainly hope they have more important things to do.

SueGraftonFan,

Nobody is interfering with your ability to do shops. And I appreciate that you’ve been able to open and close many accounts at BoA with no consequences. That was me too, until it wasn’t.

Thanks for the info that PayPal transfers can be used as direct deposits. The problem there is most of the MSCs I work with don’t pay via PayPal anymore. They almost all pay via direct deposits but it’s rare that I receive any that are over $250. You can’t send money to yourself in PayPal to transfer later. I tried it and I didn’t work.

There is another shopper who posted on this thread that they opened 4 accounts at BoA in the past year and that’s the total of these shops the shopper ever did, and they were blacklisted.

I just looked and I only opened 2 BoA accounts last year. I overestimated the total number of accounts I opened and closed in the OP.

I don’t know what’s going on with BoA but the account opening shops we have done with them successfully in the past may not guarantee immunity from blacklisting in the future. Just keeping one account open and then opening and closing other new accounts might not be something they are willing to accept. I guess you’ll find out.

If a lot of shoppers start getting blacklisted by BoA for account openings and the MSC decides to pay the shopper the fees they can’t recoup from the bank out of good faith to the shopper, it’s going to cost the MSC a fair amount of money. The last thing an MSC wants is to pay a shopper and not get paid. Don’t be surprised if some changes occur.

Edited 1 time(s). Last edit at 01/09/2018 01:50AM by nycrocks.