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$50 Checking Account Bonus with No DD at Perkstreet Financial - Available Nationwide

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PerkStreet Financial
PerkStreet Financial is offering a $50 bonus for opening a checking account with a $25 minimum deposit and keeping it open for three straight months. Details of the offer are located in the bank's checking account page. No direct deposit is required. However, according to the bank's fee page, the account has a $4.50 fee if there is no activity in the account for a month. The fee can be avoided by initiating a withdrawal or making a deposit. Some important details of this promotion include:
  • Promotion is scheduled to end on 12/31/2009
  • $25 minimum deposit
  • Bank will deposit $50 bonus into your account within 15 business days of the end of the third month
  • Valid for first-time PerkStreet Financial checking account customers
Some other details about the checking account include:
  • $4.50 monthly fee can be avoided by using the account (debit card usage, writing a check that clears the account, using Online Bill Pay, initiating a withdrawal or making a deposit to the account)
  • No minimum balance requirement
  • First book of checks is free
  • No fees for ATMs within the STARsf network
  • 1% cash back for all non-PIN debit card purchases
Update 11/07/09: This 1% cash back is something to note for debit cards. Debit card cash back rewards are typically much less than credit card rewards. The BestCashCow review of PerkStreet Financial has a good discussion of this.

There's an online application. Here's what I received from the bank in reply to my question about availability:
All US residents are eligible to receive the free $50. To get the $50 free cash, go to www.perkstreet.com and click on 'The Checking Account' and then the $50 free cash promotional box; the offer will automatically be submitted with your application.

Credit for this find goes to the reader who emailed me info on this and to FW member peteron who mentioned it in this FW thread. FW members have reported that there is no hard credit pull in the application.

According to the Perkstreet Financial website, banking services are provided by The Bancorp Bank which is FDIC insured. The Bancorp Bank has a been a FDIC member since 2000 (FDIC Certificate # 35444). Only the web address www.thebancorp.com is listed at the FDIC. So I called the customer service number at The Bancorp website, and the CSR was able to confirm that Perkstreet Financial was affiliated with them.

Other Bank Bonus Deals:

  Tags: PerkStreet Financial, checking account

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Comments
12 Comments.
Comment #1 by Anonymous posted on
Anonymous
Just to clarify STARsf is a subset of the STAR ATM network. Not all STAR ATMs are STARsf ATMs. This often confuses people, including bank CSRs.

STARsf ATMs are mainly bank ATMs located in Illinois (544 ATMs) and South Carolina (379 ATMs) with a scattering of locations in other states.

However, STARsf has an agreement with Allpoint. All STARsf ATM cards can be used surcharge-free at Allpoint ATMs (but not vice versa). That is where they are coming up with the 37,000 free ATMs they are advertising -- they are including the Allpoint ATMs.

1
Comment #2 by Anonymous posted on
Anonymous
Any info about how long the account must remain open in order not to forfeit the bonus?

1
Comment #3 by Anonymous posted on
Anonymous
To Anonymous, at 6:23 AM, November 05, 2009, I would think 6 months will be sufficient and save bet.

1
Comment #4 by Anonymous posted on
Anonymous
This Bank is a joke, you can only ACH in or out using their web site a maximum of $500 per month total.

1
Comment #5 by Anonymous posted on
Anonymous
They let you fund the account with a credit card without a cash advance. Simply use your credit card to fund $500 per month, then transfer it out, and you can endlessly reap the rewards of your credit card rewards. Unless there's something I'm missing...

1
Comment #6 by Anonymous posted on
Anonymous
I don't think you can fund through credit cards after you opened the account.

1
Comment #7 by Anonymous posted on
Anonymous
According to their FAQ, yes you can fund through a credit card at any time. You're only limited to $500 per month. They treat your credit card like any bank for transfers. I opened an account, so will try it out.

1
Comment #8 by Anonymous posted on
Anonymous
They charge you 2.5% of the funds transferred via credit card.

1
Comment #9 by henry (anonymous) posted on
henry
I opened my account and funded through a credit card. For some reason, the funding never went through even though there was an initial authorization hold on my account. I called CSR to resolve. He initiated funding over the phone from same credit card. He said the system kept charging me a transfer fee of 2.5%. Asked me if it was ok to have the 512.50 transfered from my credit card. Then said the $12.50 will appear as a credit to my account as against a fee. So there is a fee after the initial funding with a credit card except if a banker personally waves it. This is my understanding.

1
Comment #10 by henry (anonymous) posted on
henry
I found this under their FAQ: Incoming wire transfer fee / Credit card funding fee
...Should you transfer money from a credit card line into your checking account, the card company charges us a fee that we pass on to you. 2.5% of funds loaded

1
Comment #11 by Anonymous posted on
Anonymous
Yep, the initial funding is free, but after that, they charge 2.5% for credit card transfers. Mine funding showed in my account and my card was only charged that amount. So chose the $500 option when you fund it and you get an extra $10 in returns, assuming you have a 2% cash rewards credit card.

1
Comment #12 by Anonymous posted on
Anonymous
I made a typo in typing my credit card number in my application and it was rejected. I called and the CSR took my info. I funded the account with $500. She said my card would be charged $512.50, but that $12.50 would be credited to my checking account. That is exactly what happened.

1