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Earn 1% Rebate With PerkStreet Checking

PerkStreet Financial is an odd little newcomer that does one thing, and one thing only: checking accounts.

You can open an account with as little as $25 and pay no monthly fees as long as you use your account once a month.

Earn 1% rebate

There’s also no charge for using any of the 37,000 ATMs in the STAR network to make cash withdrawals.

A $50 bonus for opening an account is credited to your balance after you’ve kept it in good standing for three months.

You also earn a 1% rebate for all debit card purchases in which you sign your name (as you would for a credit card) rather than entering your personal identification number.

That rebate can be loaded onto a Visa gift card or gift cards from lots of merchants including Best Buy, Amazon.com, Ticketmaster, Gap and more.

The checking account is administered and insured by Bancorp Bank of Wilmington, Del., an on-line bank that specializes in providing FDIC-insured services to non-bank partners such as Boston-based PerkStreet.

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Comments (3)
1 Star2 Stars3 Stars4 Stars5 Stars (11 votes, average: 4.27 out of 5)
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3 Existing Comments
  1. Dave said:
    on December 4th at 10:10 am

    Watch out for these people.

    You more then likely will not get the bonus.

    There system is junk. Bonus does not get applied to every account because of software glitches.

    “Thanks for your email; I apologize for the trouble. Please provide your full name or account number and I will reset your information. I think that there was a processing error in our New Accounts department as several other customers were affected as well.

    Best Regards,
    Steve
    Customer Correspondence
    The Bancorp Bank
    409 Silverside Rd
    Suite 105
    Wilmington, DE 19809
    302-385-5000″

  2. AV said:
    on August 9th at 04:28 pm

    There are several problems with this bank, so I would warn potential customers to be aware of the fine print. Although PerkStreet’s website has the appearance of being clear about their policies, I found that not to be the case. These “fine print” policies seem designed to (1) make it difficult to move money out of the account, and (2) to limit the cashback that you can earn. Below are examples.

    (1) They have a limit of $1500 on incoming online transfers in an entire *month*! They don’t tell you about this anywhere except when you actually try to move money into your account. When I called them about it, they said that they have this restriction for new customers and I was still in my first month. After a couple more calls, I realized that they will increase this limit to $2500 after six months.

    Stated reason: Security.
    Suspected motive: To limit the amount of money you can spend to get cashback.

    (2) They have a limit of $500 on outgoing online transfers. So, say you move $5000 into your account to get 2% cashback. You are stuck with that money with them for the rest of the month (unless you adopt a slower paper check route).

    (3) They have a limit of $1500 on daily expenses and explicitly say on their website that it can be waived simply by making a phone call. I had to book two one-way international flight tickets that cost a total of over $1500. I booked these and called them to waive the limit. They refused to do so because I was still in my first month. There is no notice about waivers not being allowed in the first month anywhere. As a result, I have to now spend much more money re-booking that ticket just because PerkStreet does not allow me to spend my own money.

    Stated reason: Security for new customers. They claim that all banks have spending limits on debit cards. Really? Bank of America did not.

    Suspected motive: Limiting spending => limiting cashback.

    (4) When I tried to circumvent the limitation in (1) above to move more money into my account using FedEx, there was another surprise! The first FedEx check takes not 1 day as stated, but about 9 days for some reason. Again, some vague security reason that is incomprehensible to rational beings is given as an explanation.

    Bottomline: It is not easy to get much cashback because of their restrictive policies on what you can do with your money. And they make it harder to move money out of the account while not giving any interest on it. As for the 5% cashback, they are on such specific and tiny items that I have never been able to get 5% cashback so far.

  3. Jason Henrichs said:
    on August 17th at 07:31 pm

    My name is Jason Henrichs and I work for PerkStreet. I’ve corresponded with AV since his experience and also worked with our customer service team to improve the information he was delivered. We are always working to improve the experience and any customer’s feedback is appreciated. We are taking action on the areas of AV’s experience that can be corrected, but there are several parts of his claim that I’d like to better explain.
    Unfortunately fighting fraud is a tremendous burden that has several impacts not just for the bank but for the customers as we establish a relationship. For AV’s first point, the limit does go up over time and with the deeper relationship. There are several ways you can get money in the account besides our free online transfer- by pushing the money from the other account, setting up direct deposit or sending a check. We recognized that this would limit a new customer’s ability to meet the $5,000 threshold which is why we put in a 90 day grace period where you earn 2% no matter what. If we were looking to bait and switch to keep your balance captive we certainly wouldn’t have done that. We keep a small share of the interchange earned when a customer uses the card and give most of it back to the customer. It is in our best interest to make sure customers can spend as much as they want while balancing the fraud exposure to us and to the customer.
    On the daily limit, I’ve worked with the customer service agent on how to better handle the situation and apologize that it was not a stellar experience.
    For your last point on the check, it is clearly stated in FAQs what the hold times are but let’s face it, wading through FAQs is a pain so you naturally picked up the phone where the representative was not clear in her explanation. Again, I’ve worked on the education that she should have inquired whether you were a new customer because their is an extra hold time for the first 30 days.
    Unfortunately banks have done little to engender trust so we’re fighting little by little to do better and earn that back.

    Any customer or potential customer can contact me directly if they have questions or suggestions: jhenrichs -at- perkstreet.com