JamesBond007.5

Bank Investment Shops

In an attempt to become one stop financial service stops, banks have expanded beyond their traditional checking/saving/CD’s and have expanded into stocks/bonds/mutual funds and other investment vehicles. It’s this second group that are the focus of Bank Investment Shops.

Banks are extensively regulated while stocks, bonds, mutual funds, etc. are subject to many fewer regulations. The main focus of these shops is to assure that no false representations are being made when it comes to talking about stocks, bonds, and securities. If you’re shopping a banker who also handles securities, your instructions will likely include a phrase similar to, “Was the FDIC sign covered/turned over/removed during the discussion of securities.” The FDIC [Federal Deposit Insurance Corporation] insures most bank accounts up to $250,000 in the event of a bank’s failure. They do not cover securities, therefore it is important that no FDIC signage be visible during these discussions.

The other option is you may be meeting with a person who only deals with investment vehicles. In these instances, you’ll be looking and listening for statements such as, “These products have a certain degree of risk and may be subject to loss over time, including loss of principal.” There is also certain SIPC [Security Investor Protection Corporation] signage that must be present although the wording can vary between banks.

These shops can take between 15 minutes and an hour and the pay varies form $10 to $25 plus occasional bonuses. With the longer shops you will need a good backstory. Be thorough in your preparation so you don’t hesitate when asked a question.

MSC’s that do these shops include ath Power Consulting and Kinesis.

Questions about this article? Email the editor: james@mysteryshoppermagazine.com

Comments are closed.