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A Review of PerkStreet’s 5% Cash Back Debit Card and Checking Account

PerkStreet Financial [1], a company that launched just over a year ago has decided to kick things up a notch by offering something new in addition to their online checking account.

Previously, PerkStreet enticed customers with a $50 cash bonus for signing up a new account, then 2% cash back on all non-PIN debit card purchases for 6 months and 1% on all purchases thereafter. Then they offered new PerkStreet customers up to 5% cash back using their debit card. This is a debit card offering better rewards than almost every credit card I know of, but now they’ve outdone themselves with a new structure to earn cash back.

PerkStreet Checking Account [2]All PerkStreet debit cardholders are entitled to 1% unlimited cash back for all non-PIN debit card purchases*, and 2% cash back on online purchases at: Amazon.com®, iTunes®, Target.com, Apple.com, Walmart.com and Bestbuy.com.* The online purchase bonus perks are limited to $2,500 in spend every calendar year. Customers can earn 2% cash back in-store, with a current account balance of $5,000 or more at: Walmart, Target®, Best Buy® & Apple® stores.* The offline purchase bonus perks are limited to $2,500 in spend every calendar year. Earn 2% unlimited cash back when you and a friend use your cards together at the same restaurant, bar or coffee shop, however, these transactions must occur within 60 minutes of each other.* You may be familiar with cash back credit cards [3] that offer 5% cash back on rotating categories like the Chase Freedom℠ Visa and Discover® More® Card but PerkStreet offers 5% cash back on special categories and merchants that they announce every month via Twitter (@perkstreet), their Facebook page or other company communications.* And PowerPerks bonus perks are limited to $5,000 in spend every calendar year.

New customers will earn the new cash back program stating March 5, 2012 while current PerkStreet account holders will be upgraded to this new cash back offer on April 4, 2012 and while most cash back offers are promotional, this offer has no expiration date. The profitability of PerkStreet rests in their ability to save millions of dollars by focusing specifically online, rather than at brick and mortar institutions. The money you keep in your Perkstreet checking account is loaned out by The Bancorp Bank and the interest earned is shared with PerkStreet. So the more money you deposit, the more money they can loan out and the more money they make.

In addition to a world class cash back debit card offer, PerkStreet also provides the following for all checking account holders:

If you haven’t heard of PerkStreet before this offer, you’re not alone. PerkStreet is an up-and-coming consumer banking company, along with the likes of SmartyPig that you’ll see and hear a lot more of as time progresses. For now, PerkStreet has solidified themselves as the top option for opening an online checking account. With their current cash back offer, PerkStreet will continue to attract a lot of new attention.

To open up a PerkStreet checking account and take advantage of this amazing cash back offer, visit www.PerkStreet.com [1] or sign up here [1].

PerkStreet Checking Account [4]

55 Comments (Open | Close)

55 Comments To "A Review of PerkStreet’s 5% Cash Back Debit Card and Checking Account"

#1 Comment By Anonymous On June 29, 2010 @ 6:59 am


You said “while most cash back offers are promotional, this offer has no expiration date.”

At the bottom of the PerkStreet “Click here for details” page, it states “This offer expires September 15, 2010.” I guess the 5% is only for a few months. Still, 1 to 2 percent cash back is a good deal, and that perk will likely continue beyond this one (else they completely dissociate from their perky name).

#2 Comment By Anonymous On June 30, 2010 @ 11:47 pm

Excellent post. I like how you put it: “… the more money you deposit, the more money they can loan out and the more money they make.” In other words, as we deposit our money in this account, we get nothing above -and-beyond what we get by depositing our money in a savings account earning ~1-2% and spending using our 1% cash back credit card with opportunities for 5% cash backs.

#3 Comment By Anonymous On August 9, 2010 @ 5:04 pm

There are several problems with this bank, so I would warn potential customers to be aware of the fine print. Although PerkStreet’s website has the appearance of being clear about their policies, I found that not to be the case. These “fine print” policies seem designed to (1) make it difficult to move money out of the account, and (2) to limit the cashback that you can earn. Below are examples.

(1) They have a limit of $1500 on incoming online transfers in an entire *month*! They don’t tell you about this anywhere except when you actually try to move money into your account. When I called them about it, they said that they have this restriction for new customers and I was still in my first month. After a couple more calls, I realized that they will increase this limit to $2500 after six months.

Stated reason: Security.
Suspected motive: To limit the amount of money you can spend to get cashback.

(2) They have a limit of $500 on outgoing online transfers. So, say you move $5000 into your account to get 2% cashback. You are stuck with that money with them for the rest of the month (unless you adopt a slower paper check route).

(3) They have a limit of $1500 on daily expenses and explicitly say on their website that it can be waived simply by making a phone call. I had to book two one-way international flight tickets that cost a total of over $1500. I booked these and called them to waive the limit. They refused to do so because I was still in my first month. There is no notice about waivers not being allowed in the first month anywhere. As a result, I have to now spend much more money re-booking that ticket just because PerkStreet does not allow me to spend my own money.

Stated reason: Security for new customers. They claim that all banks have spending limits on debit cards. Really? Bank of America did not.

Suspected motive: Limiting spending => limiting cashback.

(4) When I tried to circumvent the limitation in (1) above to move more money into my account using FedEx, there was another surprise! The first FedEx check takes not 1 day as stated, but about 9 days for some reason. Again, some vague security reason that is incomprehensible to rational beings is given as an explanation.

Bottomline: It is not easy to get much cashback because of their restrictive policies on what you can do with your money. And they make it harder to move money out of the account while not giving any interest on it. As for the 5% cashback, they are on such specific and tiny items that I have never been able to get 5% cashback so far.

#4 Comment By Anonymous On December 4, 2010 @ 7:49 am

Thanks for that level of detail. I will not open an account at Perstreet.

#5 Comment By Anonymous On September 30, 2011 @ 4:23 pm

As many of these reviews have stated, Perkstreet has some serious customer service and fulfillment issues to resolve. A few highlights I experienced:

-Call center is a 3rd party, and information they provide varies from the actual staff at Perkstreet.
-No response to customer service email for several days. Had to ask their twitter account for help.
-Very cumbersome documentation process. And sorry, “bank fraud” isn’t an excuse. Chase, USAA and Wells Fargo all worked just fine. Perkstreet asked for the same documents I already submitted on multiple occasions. Makes me wonder how secure they are.
-Have had literally 10+ emails and 3 phone conversations with customer service just to confirm an address change. It has taken 2-3 hours of time just to get through the sign-up process.

Perkstreet is a great concept, unfortunately they fall short on the delivery.

*Once I got a hold of their customer service person via email he was cordial in trying to resolve problems which is the only positive I can say. Unfortunately he had no decision making ability and everything had to be checked with a supervisor.

#6 Comment By Anonymous On August 17, 2010 @ 11:59 pm

My name is Jason Henrichs and I work for PerkStreet. I’ve corresponded with AV since his experience and also worked with our customer service team to improve the information he was delivered. We are always working to improve the experience and any customer’s feedback is appreciated. We are taking action on the areas of AV’s experience that can be corrected, but there are several parts of his claim that I’d like to better explain.
Unfortunately fighting fraud is a tremendous burden that has several impacts not just for the bank but for the customers as we establish a relationship. For AV’s first point, the limit does go up over time and with the deeper relationship. There are several ways you can get money in the account besides our free online transfer- by pushing the money from the other account, setting up direct deposit or sending a check. We recognized that this would limit a new customer’s ability to meet the $5,000 threshold which is why we put in a 90 day grace period where you earn 2% no matter what. If we were looking to bait and switch to keep your balance captive we certainly wouldn’t have done that. We keep a small share of the interchange earned when a customer uses the card and give most of it back to the customer. It is in our best interest to make sure customers can spend as much as they want while balancing the fraud exposure to us and to the customer.
On the daily limit, I’ve worked with the customer service agent on how to better handle the situation and apologize that it was not a stellar experience.
For your last point on the check, it is clearly stated in FAQs what the hold times are but let’s face it, wading through FAQs is a pain so you naturally picked up the phone where the representative was not clear in her explanation. Again, I’ve worked on the education that she should have inquired whether you were a new customer because their is an extra hold time for the first 30 days.
Unfortunately banks have done little to engender trust so we’re fighting little by little to do better and earn that back. IM- I hope you’ll give us a shot. We aren’t perfect but I can assure we have many customers who love us. And I don’t know many other banks that have their COO writing a lengthy reply to an irate customer on a Saturday because he genuinely cares about making banking better.
Any customer or potential customer can contact me directly if they have questions or suggestions: jhenrichs -at- perkstreet.com

#7 Comment By Anonymous On December 10, 2011 @ 2:26 pm

After reading the COO’s reply. I think I am going to get an account with perkstreet.

#8 Comment By Anonymous On March 20, 2012 @ 9:53 pm

If you buy this, you’ll buy anything. Perkstreet has the worst customer service out there and you have to submit form after form to get anything done. I had to sic the Consumer Financial Protection Agency on them.

#9 Comment By Anonymous On August 17, 2010 @ 11:59 pm

Jeff- September 15, 2010 refers to the deadline for new customers to subscribe to this offer, not to when the program expires. And, unlike other banks, we don’t limit how much you can earn per year. Even better, we calculate the 2% based on your daily balance rather than some abstract average daily balance or intra-day balance which is another excuse for banks to hide behind a system that is less than transparent. If you have questions, email me at jhenrichs-at-perkstreet.com

#10 Comment By Anonymous On August 18, 2010 @ 1:42 am

I have not had a positive experience with Perkstreet and I have barely had my account a full month. I did the original $25 to open the account as a transfer from an account to the Perkstreet account. That went well. When I sent in a NEXT DAY UPS deposit of $500 a week later, I found out that the funds would not be available for 8 days (six business days). What good is it to allow a free NEXT DAY UPS if funds are going to take six days to clear? When I called to find out where the heck was my funds,I was told that because of where I was sending the deposit from, it would take six business days. When I asked where was that stated on their website, the representative was evasive about an answer, and I have yet to find a real answer on their website about deposit times. I have had another bank that I have sent deposits to from California to Viriginia, and I never encountered this problem with funds being available with the other bank. I sent a legitimate money order and the representative kept referring to the money order as a check that was sent from somewhere where they cannnot immediately clear funds. The rep told me he could have someone call me back. I gave him my phone number and it’s been more than 48 business hours with no response. This has me a skeptic of this bank now and considering closing the account. I recommended this to my mom and have told her to avoid opening an account at this time. If I’m going through this as a new account, then what other surprises can I expect?

#11 Comment By Anonymous On September 9, 2010 @ 6:56 pm

I had a negative experience with perkstreet when trying to open an account. I was opening a joint checking account (not credit account REAL cash) with me, the wife, as primary, and my husband as secondary. Two days ago I pulled our credit scores and mine is 734 and my husband’s is 769 (which is considered great). I got a call from perkstreet that if I want to open the account I have to take my husband with a much higher credit score off the application and “they are not at liberty to discuss why.” So I withdrew my application and I am going down the road. Afterall, Cash is King! I can understand being picky about applicants if it were a credit card, but we are talking about depositing cold hard cash and then using a debit card to withdraw the cash.

#12 Comment By Anonymous On December 31, 2010 @ 8:53 pm

I am all about rewards and online anything. Perkstreet is a big NO in my books. From what I understand they have good customer service (24/7 etc). But that has not been my experience. I tried opening a bank account and since I recently moved don’t have any paperwork to show the address except for shipped items (invoices) to that address. They never contacted me about sending any address verification documents. I contacted them after two weeks and it took them 2 days to get back (not a good sign for an online only bank). In the end I was told to call them at their 800 number (approx 1 month has passed). The customer ‘service’ agent actually laughed over the phone when I mentioned those are the only documents I had. I understand they need to verify the address but I actually was insulted over the phone for not providing proof. In any case, I politely asked them to close the account.

#13 Comment By Anonymous On June 4, 2011 @ 11:49 pm

Banks still need to verify your identity…you can chalk this one up to all you fault.

#14 Comment By Anonymous On August 16, 2011 @ 4:36 pm

Hmm, my 2nd email from them said they were going to send me my ID in the mail, not e-mail. That says to me they need to verify my address….

#15 Comment By Anonymous On January 5, 2011 @ 5:50 pm

I LOVE PerkStreet and have had an awesome experience with it. I signed up close to a month ago and already have gotten $20.00 cash back. I now have have direct deposit and signed up to have all of my other expenditures come out of my account directly (loans, phone bill etc.) It’s nice that I am actually getting cash back on my Verizon bill as well since I was able to enter my PerkStreet card number as opposed to my account number. Transferring money has also been very easy. I am definitely making PerkStreet my primary bank account and would recommend it to anyone who uses their debit card most often. I am pumped for the savings account that should be coming soon!

#16 Comment By Anonymous On January 10, 2011 @ 4:31 pm

I opened a Perkstreet account in Oct. 2010 and I love it. Since then with out even trying we have earned about $50 cash back…..Every new bank account comes with new rules and regulations and there is an adjustment period, we have had ABSOLUTELY NO PROBLEMS and when I have had questions they werte answered quickly and efficiently. Our credit scores are not the greatest and it was not a problem I have my checks direct deposited and I transfer money from another acount into Perkstreet for FREE every month. We are now using it to pay most of our bills and earning cash back, we are also notified of 5% cash back offers on a regular basis and used our card at Christmas at some of the sugested retailers to earn some of those higher rewards. I am also very excited for the new savings accounts to open. I have not encountered any trouble with spending limits with Perkstreet but have had them with Banks in the past….including Bank of America. To all you Nay-sayers and Negative nellies out there……lighten up no bank is perfect and Perkstreet seems more than willing to listen to concerns and try to work out issues.

#17 Comment By Anonymous On February 22, 2011 @ 4:08 pm

I opened an account with a $25 deposit on 2-7-11. They sent me an email telling me to contact them. When I contacted them I waited 10 minutes on hold and they told me they had a problem identifying my SS# because I used an initial for my first name. They were going to correct it and everything should be fine in a day or so. A week went by with no contact from them so I called back.

I waited on hold for 15 minutes. No action had been taken in 7 days and they claimed they had indicated I needed to verify my SS#. I asked to speak to someone who could correct this with me now and got dumped back into the regular que as a new caller another 10 minutes on hold and arrived at the same level of CSR.

I talked with the new CSR and she was going to have the right department contact me the next day because it was presidents day and they were not in. They gave me a confirmation number and took my info. I actually got a call back the same day – despite the problem with the holiday. They needed me to verify my SS# after depositing from an account in my name as submitted for the new account with them. I found out the hold on my $25 had been dropped after 10 days and decided the events eluded to potential trouble with service looming ahead. I cut my losses and will find a new bank to move my accounts to away from Wells Fargo

#18 Comment By Anonymous On February 23, 2011 @ 1:28 pm


I work for PerkStreet and apologize for the poor experience. With bank fraud prevalent in today’s world, we need to be 100% certain of every customers identity. Not only do we do this to prevent fraud, the federal government requires us to validate identities to ensure funds are not being used by known or suspected terrorists. Your full name, social security number, and address are required under the US Patriot Act.

Your hold times were unusually long. Any further information on the date and time of your call would be great, and I can investigate what the issue was. Please send that info to [5].

Best Regards,


#19 Comment By Ceecee On February 26, 2011 @ 9:44 am

Wow, never heard of this company. I’m on my way to check it out. Thanks for the heads up.

#20 Comment By Anonymous On March 28, 2011 @ 8:27 pm

Signed up with them 3/4/11. Such an awesome experience. The fraud aspect is completely understandable, by keeping policies tight they are able to greatly limit their COST and loses to fraud. This in turn help them to give such a remarkable customer offer and experience. I have dealt with their customer service team (Thanks Valarie!) on a few transfer problems and initial account setup, I received timely calls back, follow up and even a reminder call, I’ mean wow!

Granted, as a new customer your will be a bit limited in a few minor ways all of which will disappear after a few months. My suggestion? I transfered my initial x-fer of $500 using my liquid savings and steadily built up my balance and transfer relationship history with regular interval transfers. This allowed me to not have to RELY on Perkstreet for every day transactions until everything was situated and settled (About 3 weeks later) I have recommended this bank to my co-workers and family many of which have signed up and are ecstatic. It’s the best kept secret in baking right now.

-M Luchini

#21 Comment By Anonymous On May 4, 2011 @ 11:52 am

WARNING ON PERKSTREET: If you take the “cash” rewards option they send you a visa check card. If you never receive or lose your check card YOUR MONEY IS GONE AND THEY CANNOT REPLACE IT. I just got off the phone with a PerkStreet customer service rep because this happened to me. A $50 card never arrived (although I did receive two $100 cards prior to this). I was apologetically told there was nothing they could do. Effectively, someone in their shipping department can take the cards, list them as shipped and you are S.O.L.

I’m quite pissed.

If I keep my account i may try the amazon gift card instead. Those codes are emailed instead of snail mailed.

#22 Comment By Anonymous On May 4, 2011 @ 2:29 pm

Hi Carl,

I am sorry you did not receive your perks. This is definitely a rare situation and sounds like it could be a mix up on USPS’s end. Occasionally, perks get sent back to our PO Box and we reach out to the customer immediately for address confirmation. If you shoot a message to [6] I will investigate.

I completely understand your concern over shipping theft. We regularly audit our shipping department, and have strict limitations on who has access to perks. We take security very seriously.

I hope to hear from you soon and get to the bottom of this.

All the best,

Brendan Carroll
Customer Advocate Manager
PerkStreet Financial

#23 Comment By Anonymous On July 19, 2011 @ 11:16 am

Lot of negative reviews with the few positives sounding more like canned advertisements.

“If it sounds too good to be true, it probably is.”


“Buyer Beware”

come to mind.

#24 Comment By Anonymous On August 16, 2011 @ 4:43 pm

I must say, people are much more likely to report bad news than good. How often have you called the manager over in a restaurant to tell them your server was great or your food was great. I bet it is far more likely you call them over when something is wrong.

I’m actually encouraged by the attempt to address these negative experiences by Perk Street.

#25 Comment By Anonymous On August 2, 2011 @ 11:50 pm

The Bank Of Georgia offers me real cashback with there checking & it’s 2 percent on debit card as well. With no ATM fees. & anyone can apply Nationwide! Im glad I discovered it Since Perkstreet is so picky in who they approve! At least The Bank of Georgia let me explain why I had so many inquiries and submit a letter from my other bank showing my stability. And no gift cards to mess with. Earn 2% cash back on check card purchases (up to $25 per month)
Unlimited ATM fee refunds nationwide
No monthly service charges
No minimum balance requirement
Earn interest on your rebates with CASHBack Saver account
Unlimited checking transactions
Free Visa® check card
Free Georgia Express Online Banking with Bill Pay
Free Express e-Statements
Overdraft Privilege (must opt in to receive coverage)
For personal accounts only
$100 minimum deposit to open
FDIC insured & I believe it doesnt matter if its pin or signature based.

#26 Comment By Anonymous On October 26, 2011 @ 10:32 pm

Sounds like a good card but as a customer at Perkstreet I average $50 to $60 in ‘perks’ a month. Beats the $25.

#27 Comment By Anonymous On February 21, 2012 @ 8:17 pm

Your lucky Perkstreet hasn’t cancelled you for making that many perks. They just cancelled me claiming I am running a business. Perkstreet is awful! They took 15 days to post my deposit. It took them over 2 months to issue my sister a passwaord for her login. I requested a 20K donation be sent from my account & they never sent it. Now it is in la la land. I also requested a spending limit increase & they emailed me stating it was granted & I only found out it wasn’t when I was declined. How embarrassing! Avoid Perkstreet!

#28 Comment By Anonymous On August 11, 2011 @ 10:59 pm

I love Perkstreet. They have always been extremely nice people. It is a shame that some of yall have had trouble with them. As many of you know, people will get on here to complain about something than say something positive, it’s just human nature. So please don’t compare the number of negatives to positives.

#29 Comment By Anonymous On August 23, 2011 @ 5:17 pm

I have had a Perkstreet account for about three months now. I like them very much. I have had checking account issues in the past and it has been difficult to open an account. I was happy they were willing to give me a chance..

Not all banks are perfect. Everyone has flaws, just like I do. They have not been around long but I believe they will be a force to be reckoned with. Never before have I gotten anything back from a bank. I get emails at least once a week telling me my cash back amount. I even get perks when I pay my bills. How sweet is that?

This is the first site I have seen anything negative about Perkstreet. The fact that the bank themselves are on here explaining issues back to the bloggers is great. To some that might look weak, but to me, no other bank cares what their customers think. Its all about the dollar.

It’s good to have a bank you feel is on your side.

#30 Comment By Anonymous On November 1, 2011 @ 7:53 pm

I am disgusted with Perkstreet and their customer service. I heard about Perkstreet on the Dave Ramsey show and I couldn’t resist the 2% cash back. Little did I know that I would spend an entire month calling them in order to fix my mistake. So here is my story: I applied to Perkstreet in June. Once I signed up, the mail started coming one after another after another. I felt overwhelmed with everything, so I put it aside. About a month later I felt a renewed energy to resume my application paperwork. I felt confused so I called up customer service to find out how to proceed (which led to the worst of my problems.) The representative told me that my account had been canceled and that I would need to reapply. So, I reapplied and not more than two days later I received a letter in the mail concerning my first account (which according to customer service had been canceled). I called Perkstreet again to ask them why they had sent me the mail. They told me that my original account was still active and that my second account application had been canceled. I was upset because the guy who I had called had told me the wrong information (but at least I still had an account). Then, less than a week later I got my application papers for my second application. Now, if you are confused reading this, I don’t blame you, I am still confused how a company can have a customer service department that is so incapable of knowing the status of their accounts. So I called up Perkstreet AGAIN to resolve the issue. The customer service agent confirmed that I had two accounts in my name and that in order to cancel one of them I would have to write a letter, scan it and send it to their email support team (why on earth she couldn’t close an account is beyond me.) So I did as she told me. I received an e-mail stating that they would close one of the accounts. Now, it has been 2 weeks since then and the only thing that they have done is move all of the funds from one account to the other. So, today I called again asking them to close my accounts. I hope that I can at least get out of the terrible mess and not lose all of my money trying to do it.
Perkstreet has led me on a wild goose chase, wasted my time and withdrew (Stole) $20 of my hard earned cash for apparently having an inactive account even though I didn’t have access to my account. If you are thinking about Perkstreet, DON’T! If you do you will regret it. I wish that I had read the other comments before I had applied.

#31 Comment By Anonymous On November 14, 2011 @ 2:13 pm

I heard about the PerkStreet banking from Dave Ramsey. Thanks Dave and thanks to Perkstreet for the checking accounts with cash back. I used to own several credit cards and they also had a cash back rewards program. Very useful and we used them at Olive Garden all the time. The only problem with the credit cards is the fact of borrowing money. “The borrower is slave to the lender” to quote the proverbs. Perkstreet offers a very good alternative to credit cards. I have never had any problems with the terms that they have on the accounts. I thank them for the security measures that help protect from identity theft. Their online banking is very good and is exactly the same as my local credit union. Another ‘perk’ that I am going to be able to take advantage of is the ease of keeping all my banking with them when I move to another state. I would highly recommend PerkStreet to anyone – just keep in mind that there are a few limitations, not unreasonable, that you have to deal with.

#32 Comment By Anonymous On December 5, 2011 @ 11:52 am

I have had an account for 1.5 months
Pro: I have accumulated $420 in perks (that includes 5% for 1st 30 days) We were able to increase credit limits for daily spending over $1500 (that is per card and I have a joint account so it is $3000 per day).

Con: Can’t get money into this account. They hold money for a ridiculouse amount of time I deposited a $5000 check on 11/22 it is 12/5 and still not available. If you deposit Cash at a local moneygram they hold it for 4 days. Transfers in take alot of time. Their transfers from their site are extremely limited but you can use your other bank to transfer in. It has been very obnoxious to say the least. Someone always answers the phone but I am not that impressed with customer service.

If you can handle the cons it is the only debit card that I could find that gives rewards… I would have stayed with Citibanks Thank you rewards but they no longer give rewards for Debit purchase even if used like a credit card. So I am giving it more time.

#33 Comment By Anonymous On March 5, 2012 @ 8:30 pm

As my previous posts states I was willing to deal with all of the issues getting money into the account to get the 2%. in 5 months I accumulated $877 in perks so it was worth it. Just got word that there is no more 2%. This is a portion of an email I received from perk street today:
“I want to share some changes we are launching this year that will allow more of our customers to earn more cash back. And that’s what we’re all about at PerkStreet. These changes will start on April 4th, 2012 (unless otherwise noted). We thought we’d let you know well in advance.
More Perks for More People
Many of you have told us that reaching a $5,000 balance to earn 2% cash back isn’t possible. In fact, over 90% of our customers aren’t earning 2% cash back. We believe in building a business where everyone has access to the best benefits, so we’re making some changes. Starting April 4th, you’ll earn:
• Unlimited 1% cash back for non-PIN purchases
• 2% for online purchases at some of your favorite retailers
• 2% for in-store purchases at those retailers when your balance is above $5,000
• 2% cash back when you and a friend both pay with your PerkStreet cards together at the same restaurant, bar, or coffee shop
• 5% PowerPerks at places you choose every month
• You can read “The Details” below to understand some of the fine print
You can also find an easy to read graphic of the new rewards program on our blog.
These changes will result in over 90% of our customers earning more. It also means that some customers will earn less and we apologize for that. As a 2% customer myself, I’ll be earning less. But I remain excited about the earning power that PerkStreet provides for spending my own money.”

I can get 1% elsewhere….. This is not worth the hassel.

#34 Comment By Anonymous On December 31, 2011 @ 12:11 pm

It has been my experience that you can’t fool financial professionals. I am one of those financial professionals. I have checked on Perkstreet, and after amount of investigation, it is my opinon that Perkstreet is a solid financial institution. Do that have some issues? Sure every bank does, from the mortgage mess to the desire to take money from you in any way they can, i.e. transaction fee, overdraft charges and the like.

Recently they even wanted to charge customer a month fee for just using their debit card to get at their own money. Amazing! Recently one banks CEO stated that “banks have the right to make a profit…” my response to that is sure and they would if you were to take a pay cut!
What a rip!

Thanks Perkstreet for giving consumers an alternative to Wells Fargo, Bank of America, Chase, and all of the other institutions that are out to take your hard earned money.

As of this writing, my experience with them has been great!


#35 Comment By Anonymous On January 1, 2012 @ 5:02 am

I have had a PerkStreet account for about a month now and am favorably impresses. I used to use a 2% cash back credit card. However, I found myself spending more than I should because I was using credit. Studies of consumer habits have shown that buyers using credit spend much more than those that pay with cash or debit. Now I don’t have to give up cash back to pay with cash. Thanks PerkStreet!

#36 Comment By Anonymous On January 5, 2012 @ 10:48 am

I had terrible experience with this bank.

My mistake: I was lured by the 2% rewards on debit card spending and assumed everything else my other banks offer will be same or similar.

The biggest issue is how quickly you can deposit your funds with them.

From what they advertise you would think the online transfer that they offer will be a pretty convenient thing: well it turns out it is limited to $1,500 per month and it takes up to 4 business days = 6 calendar days or more with some holidays.

Checks by mail usually hit the bank about 5 working days = 7 calendars days and will take another 5 business days – 7 days to clear the account. Notice: the funds will be deducted from your originating bank much earlier. About 3 – 4 days earlier. Makes you wonder what they do with these funds. Also makes you wonder why the customer service reps and the supervisors will tell you they have not received clearance on these fund form the corresponding bank yet. Hello, my funds were deducted from the other bank, what further clearance do you expect?

This bank is no for people depositing $5,000 or more. If this is the case even if these are separate checks the bank will put an additional hold on your fund even though the funds already cleared the originating bank account.

The bank may work perfectly for someone who does not have a credit card (i.e. is not taking advantage of the numerous 20% (Discover), 5% (Discover, Amex, else), 2% (Discover, Amex, Chase, Citi) and 1% (everyone else) rewards programs, and 30 to 60 days no interest (if paying charges every month), and for someone who 15 calendar days of clearing a check is not in issue, and is earning less than $5,000.

Customer service is no empowered to do anything but to tell you to read the disclosures you apparently signed when you opened the account.

The phone system, before you get to customer service will ask you for your identification information and then the customer service rep will do the same.

#37 Comment By Anonymous On January 5, 2012 @ 2:02 pm

Adding to my previous comments, this bank will stop payments of amount grater than 1500 made from account with them even if it is a check payment or electronic (routing number and account number type of payment I do with many companies like my mortgage company). The explanation that you will get is that they do not approve purchases over the web of 1500 or more. This was not a purchase over the web. So if you have payments above 1500 you want to make this bank is clearly not for you.

#38 Comment By Anonymous On January 31, 2012 @ 8:21 pm

I just got off the phone with perkstreet. I have had nothing but headaches in the month I have been with them. My latest is I sent a check to them for $300 through UPS store. It got there the next day like promised. They received it on the 24th of January. It is now January 31st and they tell me it will clear Friday but they think sooner. What a Joke! In this day and age that check should have cleared by the 3rd day! No excuses. It should not take up to 8 business days!

#39 Comment By Anonymous On January 31, 2012 @ 10:35 pm

If you had read the disclosures you would know that in the 1st 30 days after opening your account it takes 9 business days to clear a check deposit. But why read the details before you open an account?

#40 Comment By Anonymous On February 1, 2012 @ 3:47 pm

It is actually 1 month and 4 days. Did read it.

#41 Comment By Anonymous On January 31, 2012 @ 11:26 pm

Make sure you don’t get Perkstreet’s 3rd party customer service if you call. I was told I could keep my account open with the initial $25 deposit and come back and use the money whenever I was ready. 6 months later I’m ready to deposit $5k and make them my main bank only to find an inactivity fee I had not been informed of had whittled my $25 down to almost nothing. When I called to confront they denied my request to refund all the fees stating it was in the disclosure. I understand it was in the terms and disclosures that I checked but does that make it alright that a customer service rep told me that money would be available in 6 months without reference to an inactivity fee? Very disappointed in what I thought would be a great way to bank. I would rather have good customer service and an understanding bank rather than fee Nazis.

#42 Comment By Anonymous On February 15, 2012 @ 10:17 pm

Perkstreet decided to refund the inactivity fees so I no longer have any complaint with them…thankful they decided to reverse their decision on it.

#43 Comment By Luke Landes On February 15, 2012 @ 10:25 pm

Glad to hear that worked out!

#44 Comment By Anonymous On February 2, 2012 @ 4:58 pm

Sure would be nice if these comments showed the date/time of when they were posted. Just sayin…

#45 Comment By Anonymous On December 18, 2012 @ 11:10 am

They do post the date and times these posts are posted.Look beside the name.

#46 Comment By Anonymous On February 5, 2012 @ 12:12 am

Really wanted to have good things to say about this company but at this point I have been left with a bad taste in my mouth with Perk Street.

I received a letter in December from Bancorp Bank (Perkstreet Financial) in December stating that my card ‘may’ have been compromised and that as a result a new card would have to be issued.

Is this an inconvenience, absolutely. Does it happen in this day and age absolutely.
As it would happen we were in the process of moving to a new address. Ultimately the card was mailed to this old address, DESPITE my having updated this info online. I found this out after calling them in mid January and speaking to a lady by the name of Trineca (last name omitted). She mentioned the card was mailed to the wrong address and in order to mail a new card, the OLD ONE HAD TO COME BACK TO THEM. My new address was verified and confirmed with her. Having had the card deactivated, my hands were tied.

I then contacted and communicated with Jason at PerkStreet (last name omitted) after I found his info at a forum. I was given the obligatory apologies and such and assured that a new card would be mailed out. Turns out it was, to the WRONG ADDRESS AGAIN. He confirmed this via email and assured me a card would “We’ll make sure to get a card out to the proper address ASAP” Meanwhile 1 week later and no card.

Put simply, I am downright disgusted with PerkStreets lack of followup and action on a situation that is of their own doing. I cannot make purchases via debit card.

Secondly, the monthly transfer limit is a joke ($1500) and part of the small print they do not care to put clearly forward. None of their representatives can give a clear answer on the algorithm or mystery of how it is increased, but only respond by stating that “The transfer limit will go up automatically through a combination of time and usage. ” Several months later and I have yet to see that increase and am forced to use checks to effectively get money from one institution to another.

They state that its to prevent fraud (in the roundabout jargon legalese) . Having a hard time rationalizing how fraud can occur when the funds that are transferred to them are coming from a bank. Ultimately, they are effectively limiting what I can do with my money that sits in their account.

Lastly, they do not offer a business account. Although this may seem trivial. I see it as a big weakness.

Really loved the concept and wanted it to work but after this fiasco, not a fan.

#47 Comment By Anonymous On March 12, 2012 @ 2:24 pm

I can no longer recommend Perkstreet. They have quite a few quirky policies, a very slow website, they over promise and under deliver and now they cut back their rewards program. I put up with their inadequacies because they gave me 2% cashback but no more. I’m looking forward to switching back to a better bank even though my cashback has been reduced.

#48 Comment By Anonymous On March 14, 2012 @ 9:11 am

Wow not even six months later and perks have all but gone away. No more mastercard. If you want to conver to an account credit you have to convert $20 at a time at a cost of $2 each $20 or 10%. What a waste of my time

#49 Comment By Anonymous On March 14, 2012 @ 10:20 am

I totally agree!!! I am switching to paypal….1% back using my own $$$$.

#50 Comment By Anonymous On April 14, 2012 @ 1:07 am

I really HATE this bank. It took over a month to get the account opened, and my constant calling and demanding results. Every time I’d call in, I’d get a conflicting story and reason. I’d request a supervisor and none are ever available, I’m always offered a 24 hour call back and only ONCE in over a month has that happened. PS initially wanted verification, fine. I sent my SS card and my lease (with a lease you have to fully identify). That wasn’t good enough, but NO ONE let me know. A week goes by. I receive a voice mail telling me that I need to send my driver’s license and my ss card, notarized. I return the call and ask if they are insane. It’s been three weeks now and I’ve offered to fax my Tax ID and DBA. They said no. I go to the bank where I have my business accounts, where they inform me that they cannot notarize government instruments. I head out to find a post office, and the post office says I’ll have to go to a big one down town to find a notary. I go back to my bank ready to do battle. They sympathize and notarize it for me. I fax it off, and receive a call two days later telling me that I must mail the instruments, as they could not read the notary stamp “clearly”. I have some terse words for the caller, and go to the post office. Another week goes by, and the account finally gets opened, over a month after my initial request. THEN I’m advised that I can’t log in, until I get my user name by snail mail in 3-4 business days. The debit card will follow AFTER. I called livid and got them to give me my user name. I now sit here, two full business days AFTER I’ve done a med sized transfer (over $1500) and the transfer is still pending. I’m really wondering if the 1% cash back which is all you really get anyway, is worth it. I’ve never hated a bank before, but I really HATE this bank. FOLLOW UP 4/13: I deposited a check for $1,000 before I’d made the decision to close the account. Perkstreet cashed my check on 4/4 and to date, no money has shown up in my account. to way the least, the customer service has treated Me like I have been a terrible nuisance. CAVEAT EMPTOR

#51 Comment By Anonymous On August 12, 2012 @ 10:38 am

Stay away from Perk street .They frooze my account not telling me because I change my address now I have over 150.00 in fees for bounce checks and have 1700.00 in there bank .When I call them they do not care I have my social security check in there cannot use my debit card or checks can not buy food or gas how do I live.So I used my chase credit card to live on not realizeing that I sent my payment from perkstreet which they sent back now what do I do cant eat cant buy gas have money in there but cannot use my money .They asked to send them proof new address which I did I sent by mail now they tell me that could take up to 10 businees days. I also sent by fax one they said was not clear sent another fax now they tell me it could take up to 3 days.They have no heart only deal with a morter bank could handel this with one visit.Hard way to learn a lession could coast me over 200.00 in fees and runiing out of food.Robert wolke

#52 Comment By Anonymous On August 13, 2012 @ 1:38 pm

I am leaving perk street. their promised 2% has been decreased to 1% They charge an additional 10% to get perks into account. I could not be more dissapointed. The fact that you can;t get money to them quickly is ridiculous. I have other accounts outside and I can transfer from Chase to Citibank way quicker than to perk street. My feeling is that they hold your money way longer than is necessary. Citibank clears my checks upto $10,000 or maybe more immediately Perk street will hold that money for an extended period… Just my experience. I would not reccommend.

#53 Comment By Anonymous On December 18, 2012 @ 11:19 am

I am looking at changing to Perkstreet because of Dave Ramsey.I intend to read all of the details before I do as I do with all banks.I have had issues with Bank Of America and US Bank which have caused me to look elswhere.It seems like most of the negative comments come from people who do not read everything when they join something.As far as a customer service rep saying one thing and the company doing another has happened to eveybody with pretty much every company at one time or another.For that reason I choose to have a chat with customer service (when available) and print it so I do have a record of the conversation.If you have bought a car you will clearly see where it states that they will only honor what is written down and not what the salesman says.Customer service people ae human and do make mistakes.With my current bank I was getting weekly Worker`s Compensation checks fom out of state.They were in the form of live checks which required me to manually deposit them.Because they were from another state I was only credited $200.00 at first and it took 3 business days before the balance of the deposit was available.That is standard procedure for most banks and I understood that.I am looking at getting the most for my money and this is one option I am looking at.I always ask questions and veify the information before I do anything new.If I don`t like the answers then I don`t do it.Everybody`s situation is different but ignorance of the details can only be the fault of the consumer who does not read what they sign.You will only here a few key points when you hear abot something on the radio because of time restraints.It is up to you,the consumer,to make the right choices for you once you get ALL of the details and understand them.

#54 Comment By Anonymous On December 18, 2012 @ 12:44 pm

Jeff, we’re supposed to write reviews for Perkstreet. You wrote a review of yourself. Count the I’s versus the reference to Perkstreet in your paragraph.

#55 Comment By Anonymous On March 6, 2013 @ 5:09 pm

Luke and friends,
Kyle from PerkStreet here. I just wanted to drop in and let you know that we have made some announcements about new features, including a new mobile app and savings account. This announcement came out today. I’ll likely see comments left on the PerkStreet blog sooner, but of course, feel free to ask questions or comment here on Flexo’s blog as well.

Here’s the announcement on our blog: [7]