Is there any reason not to take the banks up on these offers to open an account and get money? I have like $1500 in these offers right now and could use the cash. All of them just want a direct deposit (payroll) within 90 days of opening. I see they also have "service fees" of $10-15 per month so I'll just close the account as soon as I get the money from them.I'm assuming the trick is they hope people open the account then forget about it and get raped by service fees for a year before realizing? What's the scam here?
>>34915972Obviously, read the small print carefully. You might, for example, find that you have to give the money back if you don't keep the account open for a set length of time, or that you need to pay in a certain amount each month, or keep the balance above a certain level. But if you've read right the way through the terms and conditions and there's nothing, go for it.
>>34915972In the UK this is very common and almost every bank offers some version of this deal. Read the terms carefully, and be aware that constant switchinjg MIGHT affect your credit rating. But yes, you can make a small side income doing this, until you run out of banks.
>>34915972You have to sign up for direct deposit and have enough money designated to each account from that direct deposit to qualify. That chase one only needs a thousand dollars within 90 days but some require more than that. If you have a big enough paycheck, then you could have your direct deposit split between a couple accounts and then they’ll all be getting their ACH requirement at once. They usually don’t specify how long you have to hold the money but many accounts require you to carry a minimum balance to keep it open.Whether you close out the accounts or just leave them open, getting a bunch of bank accounts in one or two years can probably negatively affect your credit.I have done this before, though, and the money was helpful to me.
