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 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. :/