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PerkStreet Financial Raises New Account Bonus to $100 - Available Nationwide

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PerkStreet Financial
Update 12/05/09: The $100 bonus appears to be gone. The link now points to a $50 bonus page. If you find another link with a $100 bonus, please leave a comment.

PerkStreet Financial has increased its new-account bonus from $50 to $100. Update: The $100 bonus is available at this promotions page (see note at bottom). All other details appear to be the same as I posted early this month:
  • Promotion is scheduled to end on 12/31/2009
  • $25 minimum deposit
  • Bank will deposit $100 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
For those who like cash back credit cards, but would prefer to use a debit card, this checking account is a good option. The account offers 1% cash back, and you can get a little more back if you redeem for music or coffee.

There's an online application link available when you click on the $100 bonus image on the checking account page. I contacted the bank for my last post, and I was told all US residents are eligible to apply.

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.

Thanks to the reader who notified me of this bonus increase.

Update Note: A reader emailed me this promotion page link for the $100 bonus. After you visit this page, PerkStreet's regular checking account page will then show this same $100 bonus (they must use cookies). That's why I didn't include the promotion link in the original post. I've updated this post after readers commented about not seeing the $100 bonus.

Other Bank Bonus Deals:

ING Direct is offering a $121 bonus for opening its Electric Orange Checking account (see post). This is a Black Friday promotion that is only available today (11/27/09). For other bank bonuses, please refer to the following page:

  Tags: PerkStreet Financial, checking account

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Comments
27 Comments.
Comment #1 by Anonymous posted on
Anonymous
I clicked on the link from the post and it says $50 bonus. Anyone else the same thing?

1
Comment #2 by Jon (anonymous) posted on
Jon
Yes, I only see $50 too. I'd still do it for $50 because the customer service told me it's a soft pull. Plus, I can load up $500 via credit card for $10 cash back. But $100 would be hot.

1
Comment #3 by Anonymous posted on
Anonymous
Me, too. Only $50.

1
Comment #4 by Yuriy (anonymous) posted on
Yuriy
Here's the link to the $100 offer. I talked to a rep and she said you had to link directly to the $100 offer and that it wasn't reachable from their front website.
$100 offer

1
Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. I've updated the post with this promotions link. It must add a cookie, since after you visit that promo page, the $100 bonus shows up at the regular pages. This is what had me confused.

1
Comment #6 by Anonymous posted on
Anonymous
hard or soft?

1
Comment #7 by Anonymous posted on
Anonymous
Their ACH system is a joke. You can only transfer $500 per month maximum using their ACH.

1
Comment #8 by Anonymous posted on
Anonymous
Do you have to use their ACH system with its $500 limit, or can you link from another FI such as Ally, which many of us use as a transfer hub? There is usually no limit when using another FI's ACH system.

1
Comment #9 by Anonymous posted on
Anonymous
to 4:41pm

according to fatwallet discussion, checking plus account will lead to a hard pull, but the checking account is a soft

1
Comment #10 by Anonymous posted on
Anonymous
it seems one can fund the account with credit card, which is free for the first time, and later funding with credit card will be charged 2.5%

1
Comment #11 by Anonymous posted on
Anonymous
Is Perkstreet Financial a promoter for The Bancorp Bank products? Or, is Bancorp Bank providing services and a product to Perkstreet Financial??? Do the checks say Perkstreet Financial or The Bancorp Bank? Why is Perkstreet' website registered in Boston, MA? Has anyone seen that there are actually 3 different promotional bonuses from them for opening a new account (try it with Google, yahoo, or bing and see the offers). Also, I'm under impression all banks do hard credit pulls for checking accounts? Definitely with the Plus or overdraft protection? Can you really make additional deposits using a credit card? how about a prepaid visa card? There's no info under the FAQ "How do I deposit money?", but yet they say near bottom "Fees" that they charge 2.5% of loaded credit card funding.? NOt sure.

1
Comment #12 by gaelicwench (anonymous) posted on
gaelicwench
Well, that figures that they upped it to $100, AFTER I applied for the $50 promo. Wonder if they would make a concession to let me have the $100. I've yet to receive the debit card and checks. So......

Having an aversion for credit cards, since I don't "trust" myself to pay in full each month, this is ideal for me.

1
Comment #13 by Anonymous posted on
Anonymous
HI gaelicwen, they did not up it. They have always had the $50 and the $100 account opening bonus for the past 30 days. You just had to do what Anonymous @7:07pm said.

1
Comment #14 by j (anonymous) posted on
j
For those who funded with a credit card: which were accepted?
purchase or cash advance?
Max amount for funding?
thx

1
Comment #15 by j (anonymous) posted on
j
any Reference Code to use?

1
Comment #16 by j (anonymous) posted on
j
where is the Schedule of Fees?
1per person or 1 per household?

1
Comment #17 by j (anonymous) posted on
j
account closure fee?

from app: MC or VISA only

Make a transfer from your credit card to your account without incurring cash advance fees.

Initial deposits are limited to $500

1
Comment #18 by Data Is Gold (anonymous) posted on
Data Is Gold
Question: Funding by Credit Card does not incur a Cash Advance?

If so, does anyone see this as an alternative way for people to do a balance transfer?

1
Comment #19 by dhoffman (anonymous) posted on
dhoffman
I applied when the bonus was only $50, but I got an email today saying I can get another $25 by using my checkcard for 1 non-pin purchase ($5), and set up a direct deposit ($20).

First time funding with a credit card is free ($500 max), and it is NOT a cash advance. All credit card transfers are treated like a purchase, but after the initial transfer there is a 2.5% fee.

1
Comment #20 by Anonymous posted on
Anonymous
Jon: can you tell me which credit card you are using to earn 2% cash back. I only use Chase for 1% cash bank and 3% for grocery. thanks!

1
Comment #21 by Anonymous posted on
Anonymous
I use the Schwab credit card. 2% cash back on every purchase.

1
Comment #22 by test (anonymous) posted on
test
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?

What More info email me wallyhts@gmail.com

1
Comment #23 by Anonymous posted on
Anonymous
I still see only $50 even though clicking the link that is supposed to take me to $100 bonus page. I have already tried clearing all cookies. Anyone actually getting to the $100 bonus page from the link in the posting?

1
Comment #24 by Anonymous posted on
Anonymous
Full disclosure here: I work for PerkStreet Financial and wanted to respond to Dave’s post above. The correct bonus was applied to his account but there is a slight lag between when an account is first opened and when the offer details appear in our customer service system. This caused some confusion, but we have reached out to Dave and resolved his issues.

-1
Comment #25 by Anonymous posted on
Anonymous
Apparently Perkstreet is very picky about ChexSystems I been told if you have opened more then two bank accounts recently your application will be declined as mine was which is stupid. I can see if you were bouncing checks or had accounts in negative or dormant accounts but just because I opened other bank accounts I shouldn't be denied for that.

2
Comment #26 by AV (anonymous) posted on
AV
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
Comment #27 by AV (anonymous) posted on
AV
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