I don't see a problem with opening accounts for the bank bonuses. It probably costs financial institutions at least $25 in advertising to get a customer signing up for their services, so why not use free word of mouth advertising and actually spend the $25 by giving to the customer?
There is got to be at least a percentage of the bank bonus customers who end up using their accounts, and thus the financial institution ends up making money in the long term.
In addition to that most companies that offer cash bonuses for opening accounts with them make their rules difficult to follow, so that not every customer gets the bank bonus. Others have different rules that require customers going through several steps, which at the end exposes them to the product. This is similar to test driving a new car at the auto dealership.
I for example opened an E-Trade savings account back in 2008 with one dollar, and got a cool $25 dollar bonus on it. I did however move some of my savings over at E-Trade, and I am still a customer there. I even opened a ROTH IRA with them eventually. I can tell you that the $25 E-Trade gave me for opening a savings account was a win win for both parties.
5 comments:
If you were to consider one of the major ways banks make their money, offering a bonus is by all accounts a WIN for the bank.
Often times you are required a deposit of 100-250 dollars to open. Unlike the E*trade account (which I did too).
Banks have a big incentive to get your money on deposit, because with leverage, they can increase the amount they can loan. The multiple should be arund 9:1, but before this crisis it was way high, like 20:1 in some places. So imagine, your 100 bucks allows them to loan 2000 against it. I'd say $25 is a small price to pay.
It's a great way to earn a little extra cash! I've been doing it for almost a year and made around $1500.00. Plus, it's perfectly legal. The banks will send your 1099 and you just have to claim it as income.
If you are organized and don't mind keeping up with several accounts, go for it!
Legal is Ethical!!
It's ethical. Never feel sorry about taking money from a bank. There is a reason why banks give money away. They literally have a monopoly when it comes to printing money. In order to be able to do this they have to attract capital (deposit). banks pay very little interest and turn around and lend the money for 6%.
Don't feel sorry at all. Take everything they offer.
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this past week, i found out the banks are keeping track of people who open numerous accounts thru Chexsystems! in one week, i have been denied checking accounts due reports from Chexsystems citing 'number of recent inquiries'. not that it is anyone's business how many checking accounts I have. some people make their livlihood from businesses that require a separate account for any given project/venture. my brother is a building contractor and every house he works on has a separate checking account. he needs to open hundreds of accounts a year! wait til he runs into this brick wall!
i am thinking this has to be illegal. Chexsystems has always been an agency reporting yes or no if you are listed with them for having bounced checks or overdrafts. keeping track of account applications is not reflective upon one's reliability.
i am going to be doing some research into this new activity just to see how legal it is. has anybody else had this experience?
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