I deposited $50 to open an account to use at a later time and I checked back after some months later and almost all of it was gone! $4.50/mo. for inactivity fee! Could not believe it. All they had to do was hold my money. guess they couldn't resist taking it from me while I was not looking. Will never bank here again.
Perkstreet account holders, beware! Make sure that when you contact the bank to close your account, you also tell them to close your debit card and cancel overdraft protection.
Failure to do so in my case resulted in a debit card transaction being honored after I requested closure of my Perkstreet checking account because the overdraft protection was still in force and the debit card was still active - despite my checking account being "closed"!! I had called Perkstreet's customer service to close my checking account. During the course of this telephone conversation, Perkstreet's rep did not tell me I needed to close the debit card and cancel overdraft protection as well. I didn't know any better, and assumed that a closed account meant everything pertaining to the checking account was closed, including debit card and overdraft protection.
After I requested closure of my checking account, Perkstreet paid an online purchase transaction of -$75.00, then hit my account for a -$32.00 non-sufficient funds fee which put my checking account a total of -$107.00 in the hole. Somehow, my Perkstreet debit card had become the default payment method for my health insurance company's mail-order prescription service. It had not been the default previously, and I have no idea how the change occurred. Or maybe I did change it awhile back to earn more Perks and I just plain forgot. I'm not sure.
So now Perkstreet wants me to send them $107.00 to put the account balance back to zero. I'm not inclined to do so, seeing as how I lost $97.00 in Perks Rewards when they announced the bank's closure. However, I was told today by Perkstreet customer service that if I do not deposit the $107.00 then my account will remain open and future purchases would be honored. There's nothing quite like feeling your credit score is being held hostage by a dishonest bank. :/
I got spoiled on the reward points systems. I had been with USAA for years, but when they canceled their rewards, I began to shop around.
I found that PerkStreet (PS) was the only debit card that still offered rewards. I have a large family with a lot of monthly expenses, so I figured we'd give 'em a try.
Worst 6 months of banking in my life. Everything they have is online, but their website is horrible. It is about as advanced as AOL in '99. Their site has like 3 tabs, and most of the links don't work because PS is just a marketing arm for an actual bank. They piggyback off the bank, but have almost nothing to offer. You can't make deposits online, and transfers into and out of your account are a nightmare.
The perks suck too. When I first looked at PS, they were offering 2-3%. Now it's 1%, and even that is worthless. It takes weeks before the points are credited to your account, and they charge a fee to get your points in cash. You can get a gift card instead, but most of the gift cards are for $100 minimum ($10,000 in spending!).
I also had unauthorized charges to my account, a problem I have never had anywhere else. When I immediately called PS to stop the charges, they told me it was between me and the retailer (WM.com). They couldn't care less and they weren't the least bit interested in investigating or reporting the theft.
I got awful customer service every time I called. The people were unfriendly, unknowledgeable, and unhelpful. Which brings me to the final insult.
After the last unauthorized charge to my card, I decided to close my account. No hard feelings (yet). As soon as I closed my account, they revoked my user name and login. This is an exclusively online bank (they don't send paper statements), and I no longer had access to my statements. Fortunately, I print and balance my statement each month, but this meant that I never got my last 2 statements. Now they want my credit card so they can charge me $3 for each statement!
Overall, their support staff is friendly, however woefully incompetent when it comes to any of their "services". It took about 4 CS reps before one of them told me the correct way to fill out a form. They wanted me to write in the margins of the form what I wanted (a second debit card for my wife) rather than creating a form with actual lines and boxes with the information they wanted. Long story short, never got my wife on the account as a cosigner or a debit card. They are horrible about informing the customers when a change will happen and how the change will impact you and your hard earned money. Today, (August 12, 2013 as of writing), I had almost 100 points in rewards that I was waiting to use, when I received an email stating this: "Consistent with the terms of our Rewards Program Agreement, we have discontinued our perks program and cancelled all perks balances as of today, August 12, 2013. Redemption requested prior to August 12, 2013 will process in accordance with your request. We are incredibly sad to share this news with you. You helped us create a company that we believed would change banking for the better and we have worked tirelessly to accomplish that mission. Ultimately, however, we could not find the financial success required to continue building the business." This is one of the original accounts with debit card #5519, not #5507. I called them up and the "representative" put me on hold for several minutes while she looked up the information I told her. It was as if she were reading the notice, that I would think would be passed around in some kind of interoffice memo at a minimum, for the first time! She was literally reading something back to me and said " the program can no longer be sustained " If this happened to the original accounts, do we think that because the changed banks (which is what they did) is somehow going to fix their stupidity? I don't think so. Stay away!
When I signed up I filled out the application in my married name which was my legal name and what I had been using for the previous 9 years. I finally received my checks and found they were printed in my maiden name! This was not my name nor was it anywhere on the application I filled out! I then called customer service who couldn't tell me where they got this information or why they were printed out like this. So they said they would send new checks...which now delays me using my account even longer and when I finally received those the d..n things were printed with my maiden name again! When I called customer service again she said that supposedly it was changed from her end yet my checks were the same and the system online was the same. I couldn't do anything because it wasn't even my legal name! After going back and forth with them a couple times and no one could seem to fix whatever screw up they had created, I just told them to cancel my account. So I never even got to experience all the so called "perks" because they couldn't even get my name right! Would definitely not recommend this place to anyone!
PerkStreet was advertising on the radio just as my old bank, Washington Mutual, was being assimilated in to Chase. I hate Chase. The shift to PerkStreet was quite smooth. When I call them, a human is are always there and is always helpful. I was not happy when they dropped the debit card rebate from 2% to 1% but even at 1% it is better than any local bank. Online access and bill pay are excellent.
My new banking experience with Perkstreet has been a bit bumpy. Difficultly has arisen due to my ignorance, misunderstanding of their system & misdirection. I believe Perkstreet has promise but I am not making them my main bank yet. I think we will date for a wile. They have always been courteous on the phone and I have found them informative even if my problems were not always resolved or not as I thought the situation should roll. They work with two issuing banks apparently, The Bancorp Bank and Provident Bank. The later is for newer accounts I believe. I transferred $50 from my CU to open up an account June 6, 2013 without a hitch. A few days later I made a small transaction, again no problem. I then had the idea to try their ATM deposit feature as I had some extra cash. I used their ATM finder Money Pass ap and went to a couple of ATMs on different days. Not one would let me do a deposit even though they are listed as having this feature.. So I next thought was to try out Wal-Martâ??s MoneyGram as I read that was a neat Perk feature on line some review. Long Story short they no longer have that feature. So since I was at Wal-Mart for over an hour I thought I will buy a money order and mail it. I USPS expressed it to the address I googled on my smart phone, bad plan never Google, only ask them direct or find the info on their site you log into. They still have old page bank info on servers across the web that is out of date. The old bank was kind to FedEx it to the new bank for me. I also express mailed a business check to deposit the next day. Perkstreet received them both and deposited them officially on 6-28. I scheduled a couple of bills to this account thinking I would have money available in a few days, 2-5 day hold would be expected but no they put a 12 day hold (w/a holiday) on both the check and the money order, thatâ??s business days â?? spans 3 weeks. After several days of hassle and returned bills with $60 fees from them all I got from Perkstreet was 3 perk
My account was hacked and I asked to close my current account and open a new account.My new account never happened,so I had to open an account with USAA .My direct deposit was still with perkstreet,so I sent in all the proper paperwork to wire transfer my money from perkstreet to USAA..Still perkstreet refuses to wire my money after all the paperwork,6 calls and a written request. Do not use this bank. They will hold your money hostage.
I opened this account to take advantage of the cash back on purchases. I wish i had saved my time and money. I transferred from my citibank account, which no longer earns airline miles, and deposited into my perks street account. Little did i know that my funds would be on hold for over 5 business days. When i called to see my funds were not available, after they had been debited from my citi account, i was told perk street had the funds but could not release the hold for two more days. They basically held my funds hostage. I assume that was to earn interest. When i logged in and saw on the sixth business day that my available balance was still zero i had my husband call and he was finally able to get the funds released. It took emails and threats to get my own money that was clearly in their hands. I am closing this account asap! Run don't walk!
Please accept my apologies that the transfer time caught you by surprise. We are continually improving our messaging to make the transfer time more clear.
We do not make interest on the funds while they are in transit. After the funds are deducted from your other account, they travel through the Automated Clearing House (ACH) run by the Fed and then are deposited at PerkStreet 2-3 business days from when you started. The funds are held for 2 days after receipt to reduce fraud losses. Aggressively managing fraud losses is one of the ways we can afford to give so much back in our rewards program. We believe good customers should get the cash back, not fraudsters. We are working on a solution to reduce the amount of time it takes without impacting our ability to give so much back but will still be limited by the amount of time it takes to move through the banking system which is not instantaneous.
Thanks for sharing your feedback and allowing us to explain why the system works this way.
Perkstreet website is easy to navigate and very easy to see your current balance and any outstanding debits on your account. The 1% cash back and perkstreet points are easy to redeem.
Tried them briefly. They sent me debit cards & checks to the wrong address (than what I used to start the account). After hours on the phone with their customer service they finally found out that that is in fact what they did. They did apologize but I really couldn't believe it. Needless to say I didn't reorder anything just canceled the account. I really can't do business with an incompetent bank. Stupid like this was not worth the cash back. Overall the bank has a "based out of a rusty trailer in backwoods Georgia" feel to it to me. Very unprofessional feeling I got with them. Glad to be gone.
Basically, i moved, and perkstreet received a piece of returned mail and decided to freeze my account without notifying me in any way. I found out the hard way, by having bounced checks and and incurring fees due to the fact that i used them for bill pay. Very embarrassing! Customer service has been terrible in so many ways, and they won't let you speak to a supervisor! Do not bank with this institution.
When I originally signed up I thought it was going to be great! Apparently I missed the fine print that PIN purchases are worthless... Anyways, I stopped using the card because my credit card rewards are MUCH better. About a month ago I got charged an inactivity fee... I called to cancel and the rep convinced me to keep the account because I could pay credit card bills with it...not true! They refunded the fee, but when I tried to use the card later to avoid another fee...IT WAS LOCKED DUE TO INACTIVITY!!! Would've been nice to know. So I was charged another fee for inactivity, but couldn't use my card to avoid the inactivity fee because it was locked due to inactivity!!! SO WRONG PERKSTREET!
I signed up for Perkstreet after all the rave from Dave Ramsey. They need to have the initial deposit of $25 transferred in order to sign up. So after I did, I find it very hard to use the website with waiting for pins and getting online access to the account So I unfortunately did not get on it until recently. I tried to access the account three months ago and the customer service said she will email me a temporary password but it never arrived. So I let it go and now I decided it is too much hassle so I called to cancel the account and found out i have a $0 balance. I asked what happened to my initial deposit. She said that it has an inactivity charge every month of $4 something and that ate up all my $25 dollars. I am really pissed as I wasn't informed of such fee. She said it is written on the letter when I first signed up. I guess that is all the perks I get from this Perkstreet. I feel like a sucker but at least, it is $25 and not more. Horrible experience and they can't do anything about it. I will take credit cards anytime, they would reimburse the fee if you made a late payment or try to make me a happy customer. Perkstreet - BEWARE!
At first, I found Perk Street to be wonderful, even though there is no brick and mortar structure, and depositing money takes days to transfer.
On December 8, I noticed there were two checks withdrawn from my account in the amount of $30 each and called Perk Street. They told me that the checks were drawn on two different payday advance companies, which was a surprise to me because I had not applied anywhere.
I called Perk Street on December 9 and was told I needed to complete an ACH dispute form, have it notarized and fax it back, which I did within 24 hours. When I hadn't heard anything from Perk Street, I call them in 5 days and was told they never received the form, so I refaxed it and called back to CONFIRM they received it. They did, and I was told that there would be a resolution within 30 days.
January 13, 2013 (30 days) I called Perk Street to inquire about the resolution to getting my $60 back. I was told that I needed to fill out an ACH dispute form . . . which I had already done. After being on hold for 20 minutes, I was told I now had to fill out an Affidavit of Forgery, have it notarized and fax it back, which I did, within 24 hours. I was told to fax it back to the fax number on the cover sheet.
January 23, 2013 I called Perk Street and was told they had never received THAT form, and after giving them the fax number I was told to send it to, they found it . . . in the loan department! I was given another number and told to refax it, which I did, asking the young woman to CALL ME to confirm receipt. No phone call.
January 24, 2013 I called Perk Street and was on hold for another 10 minutes at which time I was told that the time for this dispute had expired and it had to be taken through another department and could take up to 90 days, at which time I would be informed of the outcome in a letter.
Basically, I have little to no faith that Perk Street will resolve this issue and I am out $60 bucks.
My advice is to stay away from perk street. They will take your money and put it on hold. I did an electronic transfer from their website for $1500. They cleared it from my bank very quickly and then held on to it for 10 days. They put it in my balance just not my available. I will be reversing the transaction (lets see how long it takes them to do that) and will probably be closing my account. After searching the internet i have found numerous complaints about this exact problem. I have done bank to bank transfers between bbva and wells fargo and they are very quick. Perk street speaks of integrity and trust but they have none. I was so excited to sign up because i really trust dave ramsey but what a disappointement. Dave should really re-think his relationship with them. I will not be trusting his advice so quickly next time. I am canceling my direct deposit after seeing the issues here and on other sites.
I'm sorry it took longer than expected for you to receive access to your funds. New accounts and account that have unexpected activity are subject to longer hold times in order to prevent fraud. Combined with the holiday weekend, this resulted in a hold of 6 calendar days / 3 business days for the deposit to be processed.
I understand your frustration and apologize for the experience. We have several initiatives underway to resolve issues with the amount of time it takes to deposit money that don't increase fraud rates and undermine our ability to give so much cash back as as result. I hope you will stick with us as the perks begin to roll in after the initial set up process. ~Jason
I have been with Perkstreet for over a year now. We recently moved to a new house and decided to have new debit cards shipped to the new address since our magnetic strips were failing. I told the customer service agent that we need to change the address on the account to the new address. I received a new card but my wife never received her card.
About a week after I received my new card I called Perkstreet and was told that my account was frozen. Two documents were needed to be faxed to have the account unfrozen. When asked if I could email the documents I was told that they are not able to accept the documents by email. The agent's general demeanor was rude.
A couple days later I called again to verify the documents that needed to be faxed. The agent was very pleasant and worked with his supervisor to cut through the red tape so I thought. He told me that because Perkstreet made the error I will not need to supply the documents and he will call me back by Tuesday to make sure the account was unfrozen.
Wednesday comes with no call so I decided to call them back for the fourth time. Once again the agent was very pleasant but told me that my account was still frozen. After explaining what the other agent told me she said that they still need documents faxed. I asked her if I can email the documents to which she said "of course, we have these emailed all the time". I scanned and emailed the required documents to the address she gave me. I asked her if I could speak with a supervisor. She told me that the supervisors are in meetings but she can have a supervisor contact me within 24 hours. My issues are:
1. Perkstreet did not change our address correctly
2. The second agent was rude and refused to accept email
3. The third agent misled me and never followed up
4. A supervisor did not contact me
5. My account is still frozen... I have no issue with security procedures but the level of customer service is very poor. Once unfrozen I will be closing my account.
I recently opened an account with perkstreet financial, a division of the bancorp bank, because i was enticed by their cash back on debit card transactions offer. After a couple of weeks, i inquired with them why i had not yet received by account information or debit card, and that's when i found out they were not using my correct address. They had left off my apartment number. I asked them to correct it, and they made me email them copies of all my personal identifying documents including my driver's license and passport, along with proof of my address. It was their mistake, but i went through the steps to correct it anyway. I finally received my debit card and checks, and wire transferred money from my other bank to start utilizing the cash back program. My second transaction, on my first day using the card, was declined while i was trying to pay for dinner i just ate at a restaurant. I called and they told me my account had been frozen, because they received returned mail from the address i told them was incorrect in the first place since they left off the apartment number. I asked to speak with a supervisor to have the hold removed, so i could pay for my transaction and was told it was not possible to remove the hold or speak with a supervisor. If the restaurant had not allowed me time to get funds from my other bank, i would have been arrested for theft of services. Is it legal for bancorp to hold a customer's money hostage without a legal order? I don't mean a check, i mean cash that was wired into the account through the federal reserve wire system and was received and applied to the account. And is it best practice to demand customers send private information through unsecured email? At this point i want my money sent back to my other bank, so i can close my perkstreet/bancorp account, and i would like their actions investigated to determine if they are within the law and are acting ethically.
Ever since I joined Perkstreet, I've made over $100 dollars in cash back. I lost my debit card and was able to get a new one within 3 days! I love Perkstreet. I've walked away from the brick and mortar banks and don't regret it one bit!
I use my debit card for EVERYTHING, so naturally a cash-back debit card was something that caught my eye. I began the sign-up process and it wasn't as convenient as some other online-only banks, but it's all for the sake of MY security so they get a pass on that. After getting signed up and set up with my account, it's been WONDERFUL. Any money that I make is a total bonus, since I wouldn't have gotten anything at all if I hadn't used PerkStreet, so nearly $200 in just over a year is a pretty sweet bonus! I highly recommend PerkStreet! The features that I have used include: online banking, cash-back giftcards, online bill pay, automated transfers, etc.
I cannot say enough good things about Perkstreet. It was an adjustment moving from a traditional brick and mortar bank, but I have had such a great first year with Perkstreet, it has definitely been worth it. I'm loving the rewards and and following those Dave Ramsey baby steps and paying off my student loans! I get rewards on everything from my rent (I live in DC, so there's lots of perks back from that!), to laundry (still DC, so I have to use the laundry room!), to groceries!
I'm planning on using my Perks this coming year to send my boyfriend care packages while he's in Afghanistan!
The fantastic customer service is really what sets this bank apart from any other - when I have a problem or a question, they really go above and beyond to make sure that you have all of your questions answered, and even have answers to questions you didn't know you had! Keep it up Perkstreet!
I have been with PerkStreet for 4 months now & my account has had fraud activity twice in the past 30 days. Getting this matter handled was like pulling teeth with the customer service. Here I am going through Round 2 and it's worse than the first time. My cards were cancelled, new ones issued & fraud again. After 2 police reports, the PD seems to think it is a bank insider (way too big of a coincidence) and they will investigate. I should have listened to my instincts when I had to submit my signature card 8 times before they processed it to open my account. Now I have to wait for them to figure out the fraud...which I was told can take 45 days (SERIOUSLY?!?!?) just so I can close my account as fast as humanly possible!
Christy - I'm sorry you're having such a bad experience and we'll do everything we can to help. In most cases, the disputed charges are refunded much faster than 45 days but the representative was correct that it can take up to that long. I've checked with our operations department and will reach out to you privately with an update.
I am happy to discuss this with the police department but it is very unlikely to be a bank insider because our reps do not have access to the full card number. The unique ID that links your card transactions with your account is useless to start a transaction at a merchant. Two incidents within 30 days is highly suspicious but the most likely cause is "skimming" at an ATM or gas pump. I highly recommend reading this article and taking the extra time to inspect card readers for tampering. http://lifehacker.com/5221255/know-how-to-spot-an-atm-skimmer
Best, Jason Henrichs
I set up my account for direct deposit (mistake #1) and my company followed their procedure of sending out a test deposit to make sure that it would work when they sent in my actual deposit. Well perkstreet got my deposit and when i checked my account no money, then when i called i got alot of bank talk and not resolution. I had to go 4 days over the holiday weekend with them holding my money and me without it. Well i finally informed my them it was an error in my account number and my company did not receive any word from them of this and they gave the best answer of "we dont let them know" (mistake #2). I called 4 days prior to my next payday to inform them that my company had sent in my direct deposit before i could cancel it. They said i would not get paid this friday because their processing team need to manually change it and then pass it on to another team to enter the deposit so now i will get paid monday. Well my wonderful customer service person named katie maxwell took it upon herself to talk to me like i was ignorant to banking then kept saying it was my company fault because they should have known it was wrong. Then she passed me on to dan who was suppose to be the supervisor and guess what he started the conversation with "yes you guess it the bank policy" (mistake #3) now i am being treated like i am calling because i am holding their money. Bottom line to the story if you want rude customer service and confusion this is the place for you.
Took too long to set up and fund the account, customer service hold times are long and with the whole bait and switch with the cash back offer make this not even worth using. The worst with this bank is the customer service and the amount of time it takes for someone to get back to you. Did not feel like I was a valued customer here.
I'm sorry you're aggravated with us. We changed our rewards program several months ago to adopt to the current economic conditions. It was a tough decision to make, but we challenged ourselves to come up with a solution that would continue to allow us to grow a sustainable business and give the majority of our customers more cash back. Over 90% of our customers have the opportunity to earn more cash back under this program. Many will earn hundreds of dollars every year just for swiping their debit card.
In regards to our customer service, over 90% of our calls are answered in 30 seconds or less. I'm sorry if you experienced longer holds and slow call backs.
We try to provide the best customer experience in the business. I'm sorry we failed with you.
Bait and switch is what it's called I believe
I have overdraft protection but that doesn`t mean anything to Perkstreet they will bounce your check. I am an 82 year old senior and conditions are hard for people living on Social Security. Because of Perkstreet we don`t have any money for food or gasoline to take my spouse to Dialysis for the coming week. I am closing the account.
I'm sorry you're upset with us. We offer overdraft protection because we realize mistakes occasionally happen. This service is limited to a certain dollar and instance amount to help our customers avoid repeated fees. It was not designed to be used as a line of credit.
I'm sorry you're going through tough times though. We genuinely want the very best financially for all our customers. I suggest consulting with a financial adviser or taking one of our free StreetSense Courses-http://www.perkstreet.com/streetsense.aspx to help you budget.
I changed my address on their secure website. They placed a hold on my account. No one contacted me that they were doing this. I contacted their customer service department, and apparently they have no manager or team leads available. I spoke with a Jeremy, who placed me on hold for 10 minutes. After 2 days, finally got a Team lead named Neil Craven who used a smoke screen of fraud and statements like, "we are protecting you", but we will continue to keep your account on hold until we feel like taking it off. Their compliance department, according to Neil is so backlogged that they can't speak with anyone. So I informed him that if it's that backlogged then maybe they need to change their policy. Either way, this back is at the bottom of the barrel. Definitely a bait and switch company.
I'm sorry you're upset with us. It definitely sounds like we could of done a better job communicating with you. When we receive a piece of returned mail, we temporarily put a hold on your account for your protection. We do not want to send sensitive mail to an address that isn't verified. This hold helps us combat fraud. One of the reasons we can afford to offer a generous rewards program is by keeping our fraud costs low.
I know you've spoken to a customer service supervisor already, but if you have any other questions or feedback, please don't hesitate to contact me personally.
It took me a month to open an account. For some reason my bank would not let me transfer money to them. Thank god that after 3 months perkstreet did not receive any funds. It was an enormous hassle, and customer service never knew what was going on when i would call. They would put me on hold for 10-20 minutes. I really believed in this company at first, and then i got an email about a month into the fiasco saying that they are basically not going to offer the same 'perks' anymore. This company started to make me suspicious after that. Today when i called on my account to close it and delete any information about me they told me that i can't close it because i owe them $11 for an inactivity charge. Inactivity due to them being a retarded company and my bank refusing to send them money (probably because there are so many complaints). I have never been this pissed off about a bank before - i guess part of it is my fault falling for a scam that seemed too good to be true. Telling me i owe them $11 really got me. Telling me that they will not close my account until i pay them for this horrible experience makes me mad. I could easily pay it, but i will not give in to these scammers. Beware - don't do it
Well, this bank had the state-of-the-art bait and switch strategy, from how it changed the perks.
The claim that you get 1% cash back is not true, it is in fact 0.9% because for every 20 dollars you cash, you lose $ 2. So, 10% to these greedy bankers.
Their claim that they changed the rebate program to help 90% customers is not true; banks are for profit not philantrophy.
I started the process to remove my over $ 5K, which i had deposited to benefit from 2% rebate program, but i rather take to my HSBC which gives some interest. Now i started using Fidelity Rewards Card, which gives me 2% cash back for any purchases, and this is put into retirement savings account - opportunity to grow. I also got the PenFed card that gives 5% rebate on gas and 3% rebate on groceries.
To customers, dont believe on what they are advertising. I wonder why this bank is advertized on Dave Ramsey's website; and i am guessing Dave is going crazy for this to be advertised there.
Good buy perkstreet. Bad experience
We're sorry you feel this way and would like to provide more data behind the switch. The 2% for $5k balance product, which we offered for over 18 months, was no longer sustainable in the current economic environment. When we looked at how we could best serve our customers, we realized very few met the balance requirement and we didn't want to make our primary benefit even more exclusive. Looking at where most customers shopped and how they redeemed their perks, we found we could give most customers more back by offering 2% at the largest internet retailers and by expanding the number of rewards partners. To keep the flexibility of an option that could be used anywhere, we needed to make the cost of providing statement credits equal to the discount we get from these retailers.
If you are looking to use a credit card, the Fidelity program is a good one. We built this company to serve debit card users, however, and needed to make sure we made changes to ensure we served that market the best we could. Dave and his team understand and approve of changes that allow us to sustainably build a business that benefits the greatest number of customers. ~Jason
I opened an account with Perkstreet thinking I could electronically transfer some money each month to them as a way to keep the money somewhat out of reach from my local credit union.
I was able to ACH the initial $25 out of my credit union account to open the Perkstreet account.
The problems started right away when their system constantly declined my credit union's Visa card to transfer money. After NUMEROUS calls and several hours on the phone with both my credit union and Perkstreet, we were NEVER ABLE TO GET IT TO WORK.
So, this month, I decided that I was through messing with it and would close my Perkstreet account and get my $25 back. WRONG! Discovered it was all gone due to Perkstreet nibbling $2.50 a month away in "inactivity fees". Nice.
Yes, I'm sure it was in the agreement. But not exactly a pleasant discovery after the problems I had to find out that they had chipped away at my money.
I'm sorry things didn't work out with us. Your situation definitely isn't the norm, and I apologize our customer service team and your local credit union could not work our the situation.
We do offer several other easy and free deposit methods besides credit/debit cards- http://www.perkstreet.com/answer.aspx?questionID=18.
In regards to our fees, we list them on several different sections of the site. We need to charge an inactivity fee because it cost us money to keep each account on the books. We tried making that fee as easy as possible to avoid. Any type of transaction, once a month, will waive that fee.
I'm sorry things didn't work out and hope you find an institution that works best for you.
I don't so much have a problem with the fee as I do the TRANSPARENCY of the fee. After the first month of inactivity went by, an email sent would have reminded me that I need to get on it again. The way it disappeared just feels stealthy and underhanded. Remember, people not only don't like the fees, but don't trust the banks. More communication in this situation would have gone a long way in keeping me a customer.
Transparency is extremely important to us and is built into our core values.
There are several touch-points regarding our fees. If you were charged a fee, it will be listed on your monthly statement. We send an email out at the beginning of every month with a link to access your statement. We also send you one email with an offer to help bring you active to avoid future fees. In addition to your monthly statement and offer email, we also list our fees in the following places:
http://www.perkstreet.com/ask-a-question.aspx - select fees section
I'll bring your suggestion up at our next team meeting.
Switching from a traditional brick-and-mortar bank to PerkStreet was different at first, but now that it's been about a year and a half... I wish I had known sooner!
We earned more than $400 in Perks last year, compared to the 0.01 return with the "big bank" made us so much happier.
I wondered what the customer service experience would be like - and we've called them a few times for various reasons. Each time I felt like the employee TRULY cared about helping us and appreciated our business. That's the first time I felt that with our personal banking. PerkStreet is OUTSTANDING!
Thanks for being part of PerkStreet! We do truly care about all our customers. If you ever have any questions or feedback, please don't hesitate to contact me personally.