Bank Account Shops

I am a new shopper and I have a question about the shops where you can open a bank account and receive $60. I have heard this are quick and easy and profitable shops. My question is - what happens then with the bank account? Will they let you close it once you open it? Does it affect your credit score anyway? If someone could give me a break down of how these work and if they are worth it, I would appreciate any guidance. Thank you.

Edited 1 time(s). Last edit at 05/25/2023 04:52PM by HowardJuice23.

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They can be profitable!
To answer your questions - some of them, you can keep open, or close after 4 weeks or 30 days, it all depends on the shop.
Some companies might have an account opening shop, and if you keep it open, then you might also be eligible for things like teller shops.
They generally do not impact your score, but they may check your credit, or a system called ChexSystems. This is more of a system to look for someone who bounces checks vs. a credit score.

That said, I have opened accounts and received a bonus from the bank (you can google "bank account bonuses"

and see if there may be some that are available, no report necessary. Some of them might be more lucrative than a mystery shop bank opening.

It will depend on the company and the bank what is required of you, but hopefully that helped answer some questions. Good luck!

I am basing all of this on the fee you mentioned. You should wait until this shop gets to at least double the current fee. It will take a few more months to reach that level.

The shop will take a little over an hour of your time which is part reporting and the other on site at the branch. The MSC gives you the option to keep it open or close the account. They provide steps on how to close it after you submit your initial report.

Like @joanna81 mentioned If you keep the account open, you are eligible to do teller shops.

Bank account opening and closing don't affect your credit as long as the account is in good standing.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

Account can be closed a few weeks after opening. Report entails downloading photos of a lot of account documents such as account opening statement, various forms presented in an account opening packet perhaps 10 to 12 items which is time consuming. If not done perfectly editors require retakes. Time in bank varies last time I had a-clueless new employee so time in bank was 75 minutes! You can do one every 6 months so need to go to a different branch obviously.

That must be a different bank/company.

There is a wells fargo shop that can be done every 30 days with NO more than 4 open accts. I now have 3, and will close a couple soon. I do these for more than $100.

the other major bank performed by a Sassie MSC only pays like $60 and I don't do those. Rather take the over $100 payment for the other bank.

@OldmanJames wrote:

Account can be closed a few weeks after opening. Report entails downloading photos of a lot of account documents such as account opening statement, various forms presented in an account opening packet perhaps 10 to 12 items which is time consuming. If not done perfectly editors require retakes. Time in bank varies last time I had a-clueless new employee so time in bank was 75 minutes! You can do one every 6 months so need to go to a different branch obviously.

This sounds like Bank of America. there are multiple scans, but they are easy to scan and it is clear what needs to be scanned. I do them whenever I can.

Even more lucrative are the credit card opening shops. I did one a few months ago. $150 shop fee plus $250 from BofA for opening the credit card and spending $2000 within 3 months, plus I got another $60 back (3% of $2000). So, $460 in total. Not bad for making a few scans and answering some questions. Yes, there was a hard pull on my credit score.

@hbbigdaddy wrote:

That must be a different bank/company.

There is a wells fargo shop that can be done every 30 days with NO more than 4 open accts. I now have 3, and will close a couple soon. I do these for more than $100.

the other major bank performed by a Sassie MSC only pays like $60 and I don't do those. Rather take the over $100 payment for the other bank.

@OldmanJames wrote:

Account can be closed a few weeks after opening. Report entails downloading photos of a lot of account documents such as account opening statement, various forms presented in an account opening packet perhaps 10 to 12 items which is time consuming. If not done perfectly editors require retakes. Time in bank varies last time I had a-clueless new employee so time in bank was 75 minutes! You can do one every 6 months so need to go to a different branch obviously.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008

Yes, I'm familiar with the Bank of America on the "A" msc with Sassie. I prefer the Wells Fargo shops with the "I" company on shopmetrics. I can do those more frequently. I get over $100 each time too. Plus I do the phone call complaints as well.

$60 is too low for an account-opening shop. I know that fee looks amazing compared to fees for other shops but it is not compared to similar shops offered by other MSCs.

Different shops have different rules. There are also projects where you open an account (and get paid a fee) and then have to keep those accounts open for months or even years (for additional fees).

Remember to check for bonuses offered to new bank customers and any account requirements and fees.

I have seen some Regions Bank account opening shops.. I think those are $60. I'm currently holding out for some credit union shops. I liked dealing with credit unions so much better than banks when I was in CA. I'm hoping they are similar here.

I like the CU shops also, but for different reasons. My credit union is crappy.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

Edited 1 time(s). Last edit at 05/30/2023 04:38AM by HonnyBrown.

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