I recently decided to try out a reward checking account. I opened an online checking account with PerkStreet Financial. If you saw my introductory review of PerkStreet, you know they have a pretty unique offering. I know a lot of my readers are in the anti-credit camp, so I see some benefit to providing you more details.
I’ve personally been impressed with their approach to online banking and wanted to see a bit more. Partly because I’m entertaining the idea of using them as a checking account to get the 2% cash back reward they are offering. And also because I want to be able to tell you more about the service.
I was told they have a really quick account opening process. Takes like 5 minutes. All you need is your SSN, driver’s license, and a debit or credit card to make the initial $25 deposit. Here’s a screen capture of the initial sign up page.
As you can see, there are 4 sections to work through:
Selection: You select the type of checking account you want, the type of reward you want to earn (coffee, music, or cash back) and whether you need a joint account or not. The Checking Plus option will give you overdraft protection, which if needed to cover your overdraft, will incur a $30 fee. This is a result of the new opt out rules. See New Ways to Avoid Bank Overdraft Fees.
Identification: This is where you provide your personal details. There is apparently no hard credit pull with the regular account, but the Plus account with overdraft protection may have a hard credit inquiry (via Stop Buying Crap). Nothing has hit my credit report yet, so there may not be anything at all hitting my credit report.
Review: This is where you review those details.
Funding: Finally, you will need to provide a debit or credit card to fund the account with at least $25. FYI – In subsequent funding transactions, if you use a credit or debit card you will get charged a 2.5% fee.
Once I submitted my application, I received this email:
We are currently processing your application and will contact you within 2 business days to notify you of the status. Once your account is open, we will begin processing your deposit and send you an email with the subject “Welcome to PerkStreet Financial – Important Login Information”. The email contains log in instructions so you can access your account. Additional information about your account will be sent to you in a Welcome Kit through the mail.
We are here to help, 24/7. If you have questions about your application, give us a call anytime at 866.792.2834.
Have a great day.
When my account is opened and I have time to play around with the features inside, I’ll share part 2 of this review of the PerkStreet Financial account opening process. Update! Part 2 of the review is up.
If you can’t wait, PerkStreet has a demo account you can use to check out the account. Just visit PerkStreet Financial, click the sign up button, then click the “banking” tab, and look for the small demo link on the right.