Perkstreet Financial Review

Perkstreet Financial Review December 16, 2011

You’ve probably seen a few ads and articles about Perkstreet Financial.  Even Dave Ramsey recommends Perkstreet.  So what’s all the hype about?  Well I did a little research and even opened my own account so that I could find out myself that Perkstreet is legit.

If you’re just finding out about Perkstreet, you might have all kinds of questions.

  • Is Perkstreet Financial a scam?  (No, I use the account myself.)
  • Why are they just online?
  • How do the perks work?
  • How can I access my money?

Don’t worry – I’ll answer all of these. But first, here’s a brief summary of Perkstreet and a few quick facts about it.

Just The Facts about Perkstreet

Perkstreet Financial is an online bank that rewards its customers with ‘perks’ they can redeem for gift cards, cash, or even donate to charity.  The cool part about Perkstreet is that you earn perks by using your debit card.  That’s right, no credit card needed here.  As long as you use your debit card in non-pin transactions, you get perks (i.e. don’t use your pin, hit ‘cancel’ or ‘credit’ just like you would for any other debit card).

Perkstreet is a regular bank with out the regular problems we’ve been hearing about in the news. If you’re tired of hearing about outrageous bank fees and charges, you’ll be glad to see these features over at Perkstreet:

  • Free Checks
  • No account maintenance fees
  • Nation’s largest free-ATM network (over 37,000)
  • Free online banking and bill-pay
  • No minimum balance required
  • Ability to transfer money electronically
  • Set up automatic deposits from your employer
  • 24/7 customer support
  • Fraud protection

The Perks

Remember those perks I mentioned earlier?  Here’s how you earn them:

  • 1% cash back on all non-PIN purchases as long as your checking balance is less than $5,000 at the start of the day.
  • 2% cash back on all non-PIN purchases if your checking balance is $5,000 or more at the start of the day.
  • 5% cash back on all non-PIN purchases when you shop at select retailers announced on PerkStreet’s blog, Facebook and Twitter accounts.

Redeeming Your Perks

You can choose from a number of different options when you redeem your rewards.  If you want cash, select the MasterCard gift card.  If you’re a coffee addict, choose the Starbucks gift cards.  They even have an Amazon.com gift card option that you get via email.

Most perks will come in the mail as gift cards for you to use as you choose.  Pretty sweet if you ask me!

So how much can you earn in perks?

Perkstreet estimates that the average family can see about $600 a year in perks.  That’s like getting a free $50 gift card every month.  Now that’s a nice bonus just for using your own money.

Why can Perkstreet Give These Perks?

Perkstreet doesn’t have branch offices, which means they have very limited overhead expenses.  They money they save by being an online bank gets translated into perks for us.  With their overhead being so low, they can afford to treat their customers well – a win for us and a win for them.

Since Perkstreet is a Bank, Is My Money Insured?

Yes, FDIC insures your account up to $250,000.

How Do You Make Deposits?

You ‘re able to mail the checks with a postage paid envelope to Perkstreet via standard mail.

You can also use their free overnight delivery option.  UPS Stores® or Mailboxes Etc.® will allow you to send your checks overnight.

If you want to deposit cash, you can use MoneyGram® ExpressPaymentor you can fund it from outside accounts via ACH.

How to Open a Perkstreet Financial Account

If you have 5 minutes, you can open up an account right away.  That’s all it took me and I was able to set everything up online.

I know a lot of people who use Perkstreet as their primary checking account.  This is definitely a good way to build up perks quickly!  We use it as a secondary checking account, which is nice because it allows us to keep our finances organized.

Whether you’re a college student looking for a way to earn few extra bucks each month or a family that could use a few extra perks to the tune of an average $600 per month, check out Perkstreet.  Don’t just take my word (or Dave Ramsey’s for that matter), check it out for yourself.

Are you earning rewards for debit card purchases already?  What would you do with an extra $600 a year?

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  • korin sanders

    Alot of my bills are paid with direct withdrawls from my bank account. I’m wondering if that would that count as Debit Card usage? Would I receive “perks” for those expeditures? Any advice on how I could change over to a Perkstreet Financial account would be appreciated.

  • korin sanders

    Alot of my bills are paid with direct withdrawls from my bank account. I’m wondering if that would that count as Debit Card usage? Would I receive “perks” for those expeditures? Any advice on how I could change over to a Perkstreet Financial account would be appreciated.

  • Tommy

    @ Korin, with the bill pay option of your PerkStreet account you do not earn “perks” only when you use your debit card and select “credit” hence not entering your pin to complete the transaction. Online bill pay transactions do not earn perks however they are free. Also, some places allow you to pay at their website with your debit card and in most of those cases you would earn perks. I’m just a customer and do not work for the bank so I’m just speaking from experience. Hope that helps!

  • Tommy

    @ Korin, with the bill pay option of your PerkStreet account you do not earn “perks” only when you use your debit card and select “credit” hence not entering your pin to complete the transaction. Online bill pay transactions do not earn perks however they are free. Also, some places allow you to pay at their website with your debit card and in most of those cases you would earn perks. I’m just a customer and do not work for the bank so I’m just speaking from experience. Hope that helps!

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  • Mark A. Johnson

    PerkStreet advertises the appealing thought that you’ll earn hundreds of dollars yearly in “perks”.

    It’s quite misleading, in my opinion. If you are considering this institution, I’d be sure to invest a fair amount of time to read through the account information thoroughly. The devil is in the details.

    In order to recieve full value of “perks” you are going to have to select from merchants you are given credit to use them at. What about cash credit to your account???

    Yes. However, it isn’t the identical value that you would be recieving in equivalent totals to the merchants you can choose from. Rather than, having cash directly deposited into your account for the credit you’ve earned.

    In my area the ATM cash withdrawl fees were clearly unacceptable. So, I’d be sure to verify what the fees will be at ATM’s you regularly use on a regular basis.

    I used this financial institution for a few months having invested considerable efforts funding my account. Personally, I found using PerkStreet inconvenient and the benefits nowhere near what is publicized.

    Also, be aware that adjustments may be changed in their policies while you have an account with them. When closing my account, I still have a few perk credits yet never was reimbursed for these I had earned. Perk policies changed some while I had an account. Since I do not shop at the merchants from theirs listed, I chose the cash option to my account.

    I think that once you’ve gathered all the facts, the numbers won’t quite add up to what is advertised.

    If you are one of the select few who should fund your account with $5,000.00 making it available to use at their discretion, use the account exactly as stated to recieve the maximum perks, spend your so called perks at the places they designate your using them at not chosing the cash option and are ever so lucky to not incur outrageous ATM withdrawl fees…..PerkStreet Financial (might) be an option that may be as benefitial for you personally as their advertising suggests.

    ATM fees and the fact that I could not recieve full value of the perks I had earned chosing the cash option as well as the non-PIN issues are the three reasons I closed my account.

    I prefer to have my money working for me where I can use it with the freedom of my chosing or simply saving it and not donating my funds to outrageous ATM fees. In addition, it should be noted that a PIN is required for many trasations as well.

    Do your homework. Test their system to see if it is a fit for you! Ask questions getting the answers before opening an account. It isn’t as promising as it sounds.

    Oh David, whatever will we do!!!

  • Mark A. Johnson

    PerkStreet advertises the appealing thought that you’ll earn hundreds of dollars yearly in “perks”.

    It’s quite misleading, in my opinion. If you are considering this institution, I’d be sure to invest a fair amount of time to read through the account information thoroughly. The devil is in the details.

    In order to recieve full value of “perks” you are going to have to select from merchants you are given credit to use them at. What about cash credit to your account???

    Yes. However, it isn’t the identical value that you would be recieving in equivalent totals to the merchants you can choose from. Rather than, having cash directly deposited into your account for the credit you’ve earned.

    In my area the ATM cash withdrawl fees were clearly unacceptable. So, I’d be sure to verify what the fees will be at ATM’s you regularly use on a regular basis.

    I used this financial institution for a few months having invested considerable efforts funding my account. Personally, I found using PerkStreet inconvenient and the benefits nowhere near what is publicized.

    Also, be aware that adjustments may be changed in their policies while you have an account with them. When closing my account, I still have a few perk credits yet never was reimbursed for these I had earned. Perk policies changed some while I had an account. Since I do not shop at the merchants from theirs listed, I chose the cash option to my account.

    I think that once you’ve gathered all the facts, the numbers won’t quite add up to what is advertised.

    If you are one of the select few who should fund your account with $5,000.00 making it available to use at their discretion, use the account exactly as stated to recieve the maximum perks, spend your so called perks at the places they designate your using them at not chosing the cash option and are ever so lucky to not incur outrageous ATM withdrawl fees…..PerkStreet Financial (might) be an option that may be as benefitial for you personally as their advertising suggests.

    ATM fees and the fact that I could not recieve full value of the perks I had earned chosing the cash option as well as the non-PIN issues are the three reasons I closed my account.

    I prefer to have my money working for me where I can use it with the freedom of my chosing or simply saving it and not donating my funds to outrageous ATM fees. In addition, it should be noted that a PIN is required for many trasations as well.

    Do your homework. Test their system to see if it is a fit for you! Ask questions getting the answers before opening an account. It isn’t as promising as it sounds.

    Oh David, whatever will we do!!!

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  • Brian

    I don’t really like their customer service. I’m not sure whether or not it’s an isolated incident. But several days ago, I went online and opened an account along with cash deposit info. Two days past I have gotten no reply. On the third day I emailed them and no reply. On the fifth day, I’d noticed that the bank transaction for the money transfer is no longer processing – it was cancelled. I contacted them again by email but no reply. The funny thing is that one week ago when I first emailed them and asked about their services, I got a reply the same day. Really strange!!!

  • Brian

    I don’t really like their customer service. I’m not sure whether or not it’s an isolated incident. But several days ago, I went online and opened an account along with cash deposit info. Two days past I have gotten no reply. On the third day I emailed them and no reply. On the fifth day, I’d noticed that the bank transaction for the money transfer is no longer processing – it was cancelled. I contacted them again by email but no reply. The funny thing is that one week ago when I first emailed them and asked about their services, I got a reply the same day. Really strange!!!