PerkStreet Checking Account $50 Bonus

PerkStreet Checking Account $50 BonusThis is a new free online checking account offer with $50 new account bonus.

PerkStreet Financial is offering a PerkStreet Online Checking Account that allows account owners to earn cash back with their Visa Debit Card. Every time you use the debit card in non-PIN transactions, you can earn 1% cash back. Right now PerkStreet Financial is promoting the new checking account by giving each new customer who opens an account with $25 deposit a $50 bonus.

Online Checking Account

In order to receive the $50 bonus, you will have to make a deposit of at least $25 when opening the account. However, the checking account itself doesn’t have a minimum balance requirement. In addition, the free checking account also offers a free book of checks and free online banking and bill pay. The account does charge a monthly account maintenance fee of $4.50 if you don’t use your debit card even once in the month. If you use debit card more often than cash or credit card, this shouldn’t be a big problem. The monthly inactivity fee can be avoided if you do any of the following: making a transaction with your debit card, writing a check that clears the account, using online bill pay, initiating a withdrawal or making a deposit to the account.

You can also use the debit card to withdraw cash within STARsf network without paying a fee. If you use out-of-network ATMs, there will be a $2 fee for each cash withdrawal.

The Perks

With the PerkStreet Financial Visa® Debit Card, you can earn 1% cash back for every dollar spent in non-PIN transactions. The cash back you earned can be redeemed for gift cards, free music or coffee. How’s how the cash back program works:

1% Cash Back

  • Every $100 in non-PIN purchases earns you a dollar in perks.
  • Every dollar perk you redeem gets you $1 on a PerkStreet Financial Visa Gift Card or a gift card from Target, Best Buy, Amazon.com, GAP or Ticketmaster.

Music

  • Every $100 in non-PIN purchases earns you a song.
  • Every song you redeem gets you $1 in credit at iTunes, Rhapsody or Amazon.com Gift Cards for MP3s or millions of other items at Amazon.com.

Coffee

  • Every $200 in non-PIN purchase earns you a cup of coffee.
  • Every cup you redeem gets you $2 in credit on a reloadable gift card from Starbucks, Dunkin Donuts, Peet’s Coffee and Tea and Bruegger’s Bagels.

About PerkStreet Financial

The PerkStreet Financial Debit Card is issued by The Bancorp Bank. According to the FDIC, The Bankcorp Bank is established on July 28, 2000 and has been a member of FDIC since July 28, 2000 (FDIC Cert: 35444). The bank is headquartered in Wilmington, Delaware and operates only one branch.

The bonus offer expires on December 31, 2009 February 28, 2010. To receive the bonus, in addition to the $25 deposit, you will also keep the account active for three straight months. The bonus will be deposited into your account within 15 business days of the end of the third month.

Open an account

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Author Info

This post was written by Sun You can find out more about Sun and his activities on Facebook , or follow him on Twitter .

9 Responses to “PerkStreet Checking Account $50 Bonus”

  1. SavingEverything |  Nov 16, 2009 at 11:59 pm

    PerkStreet is currently offering $100 Free Cash by just going to Perkstreet direct via yahoo or google. Offer expired Dec. 31, 2009; it requires account to be open and active for at least 4 months (3 straight months of active account, and you get free bonus within 15 business days of the end of the third month). Problem: any deposit you make earns no interest! Instead of using your credit card (which may be 1, 1.5, 2, 3, or even 5% cashback) AND you dont have to pay right away (credit cards give you ~25 grace days for purchases), you now have the amount auto debited from your account. You only get 1% cashback no matter where you go. Must use card like credit card (no-pin) to get “the perks”. Steep fees for overdrafting. The $4.50 per month if you have no activity. Granted there’s no PerkStreet fee when use a STARsf network ATM; but I’ seen that the owners of those ATMs charge a fee (not Perkstreet; but the bank owner of the ATM)? THE GOOD: on your birthday, non-pin purchases earn 25% more perks!

  2. Dave |  Dec 04, 2009 at 11:13 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″

  3. Sun |  Dec 05, 2009 at 12:38 pm

    Dave: Thanks for sharing your experience. I didn’t apply for the card, so I don’t know the trouble, but it does seem that the system is not very reliable. Maybe it’s the problem of a new comer?

  4. Curt |  Dec 11, 2009 at 6:09 pm

    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.

  5. AV |  Aug 09, 2010 at 5:54 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.

  6. Jason Henrichs |  Aug 17, 2010 at 8:30 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