I have been wanting to do a review on PerkStreet Financial for a while now and so here it is.
- Free personal Checking (no minimum requirement)
- No monthly fees
- Free online Bill Pay
- Two free checkbooks
- Free mail deposit envelopes
- FDIC insured (Bancorp Bank) up to $250,000
- 1% cash back on all debit card purchases (swiped as credit)
- 2% cash back on all debit card purchases if you have $5,000 or more in your checking (swiped as credit)
- No limit on cash back/perks you can earn
- 24/7 Customer Service via phone
A well designed banking website: This is very important to me, and something that US Bank, Chase, etc. just can’t seem to get right. I banked with Chase for a couple years and had numerous problems with their website, either being offline, or changing addresses didn’t work. PerkStreet’s website is layed out very well, easy to use and actually looks nice.
Very active Facebook community: I had some questions when I was starting out with PerkStreet and I visited their Facebook page, posted some questions and received my answers within a few hours. It’s also fun to see the PerkStreet employees interacting with the consumers.
Cash Back on your debit card: This is just an amazing feature and one of the main reasons I originally signed up. I don’t like using credit cards and so to get cash back on things I would normally buy with my debit card is awesome! I earned $31 in the first month of being signed up with them. It’s literally free money people!!
Depositing Money without a branch: I have to admit this was a little weird at first, but thankfully PerkStreet offers several options. My personal favorite is depositing money via MoneyGram. MoneyGram is a money transfer service that can be found at many locations including Wal-Marts, Albertsons, etc. Since I shop at Albertsons for my groceries anyways, it was very convenient to also deposit money there. Two birds with one stone. The MoneyGram service does charge a fee, but being a PerkStreet customer you aren’t charged that fee, they pick it up. PerkStreet also offers UPS overnight deposits and free mail deposit envelopes.
Withdrawing Money: This is another area where PerkStreet is far superior to that of normal banks. They have a surcharge-free network of over 37,000 ATMs nationwide. Just in my small city alone, there is about 25 places I could withdraw money for free; including gas stations, supermarkets, etc.
Opening your account: There aren’t very many cons to mention about PerkStreet. The only one for me was that it took about 30 days to actually get my VISA debit card in the mail. However, this was not PerkStreet’s fault. Over the holidays, USPS actually lost my mail and so PerkStreet had to cancel my card and send a new one.
If you are still having some doubts, feel free to post a question or comment and I will do my best to answer it. In all I think anyone would be crazy not to give PerkStreet a try. I originally found them after reading that Dave Ramsey recommended Perkstreet.
Update as of 04.23.11
I have now earned over $100 in perks and can’t say enough great things about PerkStreet!
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