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.
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. :/