Perkstreet Financial ***CLOSING*** | TigerDroppings.com

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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
16105 posts

Perkstreet Financial ***CLOSING***



LINK

quote:

Today is a deeply disappointing and painful moment for our team. We started PerkStreet with the seemingly impossible goal of making banking more rewarding for the average person. We were able to give cash back for spending money that was already earned, not risking going into debt by spending on a credit card. We believed we could reward everyone, not just the people who would tell you it takes money to make money. The last 5 years were an incredible journey. We've given out over $4 million dollars in perks and done groundbreaking things to create our amazing online community. We are deeply saddened to see it end.

Over the last 6 months we have been pursuing additional investment to grow our business to the point it could be self-sustaining. Unfortunately, we were unable to secure more funding and now must begin the process of closing the company.

We are honored that you put your trust in us. We regret the inconvenience and disappointment this causes you. Each of you has been an incredible partner in this journey, whether holding our feet to the fire for things you didn't like or gushing that you feel like a member of movement rather than a customer.


quote:

Consistent with the terms of our Rewards Program Agreement, we have discontinued our perks program and cancelled all perks balances as of today, August 12, 2013. Redemptions requested prior to August 12, 2013 will processed in accordance with your request.



On a positive note: I literally just redeemed my perks, $1150 worth on Friday, August 9th

Kinda sucks because I basically just have another boring arse checking account now. I've been using my perkstreet account only for business purposes Anybody know of any Business debit card reward programs being offered?







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OnTheBrink
Alabama Fan
TN
Member since Mar 2012
3837 posts

re: Perkstreet Financial ***CLOSING***


Well, looks like Dave needs to find a new sponsor...





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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
41006 posts

re: Perkstreet Financial ***CLOSING***


I hate it when I hear about something awesome far too late.

What killed them?

They overreached in their expansion investments or did the investments simply didn't offer a sufficient ROI and whatever money source they were living on up to that point ran dry?



This post was edited on 8/12 at 11:52 am


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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
41006 posts

re: Perkstreet Financial ***CLOSING***


Wait....they sponsored Dave Ramsey?






Serves the bastards right.









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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
16105 posts

re: Perkstreet Financial ***CLOSING***


quote:

They overreached in their expansion investments or did the investments simply didn't offer a sufficient ROI and whatever money source they were living on up to that point ran dry?


Well, like any bank, they have to lend money to keep their doors open. Since there was no Brick and mortar location, they didn't have the overhead costs that most banks do, but they also didn't do any lending either. Their entire customer base was depositors, no borrowers. I'm assuming, they thought they could survive on debit card fees alone and still offer great cash back incentives, like 2% on all purchases, etc.

So far, all I know is what was in the email I was sent. I don't know the whole story, so I'm only speculating here.






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CoolHand
USA Fan
Member since Dec 2011
1482 posts

re: Perkstreet Financial ***CLOSING***


quote:

Serves the bastards right.


I don't agree with everything ol' Dave says, but surely there are more worthy candidates for your angst.






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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
41006 posts

re: Perkstreet Financial ***CLOSING***


What about scarastic angst?





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CoolHand
USA Fan
Member since Dec 2011
1482 posts

re: Perkstreet Financial ***CLOSING***


Well, then there's that.





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SLafourche07
New Orleans Pelicans Fan
Member since Feb 2008
1347 posts

re: Perkstreet Financial ***CLOSING***


quote:

Well, like any bank, they have to lend money to keep their doors open.



So they advertise with Dave Ramsey, a guy who says you should never borrow money.







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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
41006 posts

re: Perkstreet Financial ***CLOSING***








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OnTheBrink
Alabama Fan
TN
Member since Mar 2012
3837 posts

re: Perkstreet Financial ***CLOSING***


Dave addressed it on his show today... Basically said he is getting blasted on the interwebs because he endorses them... One guy wrote Dave and said that he cost him $300 in rewards...





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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
16105 posts

re: Perkstreet Financial ***CLOSING***


quote:

One guy wrote Dave and said that he cost him $300 in rewards...


Dave has to eat some crow today for endorsing them, but it's a damn rewards card, it's not like anybody lost any money. I'd be a little butthurt if I'd been saving my rewards for years and then lose them without any warning, but with any checking account I wouldn't have had the cash back anyway. I'm just lucky I decided to redeem mine last Friday, I honestly did not see this coming.






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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
16105 posts

re: Perkstreet Financial ***CLOSING***


***UPDATE***

quote:

Consistent with the terms of our Rewards Program Agreement, we have discontinued our perks program and cancelled all perks balances as of today, August 12, 2013. Redemptions requested prior to August 12, 2013 will processed in accordance with your request.

More information on what this means for you is available here.

All other features of your existing account remain the same—however an interest feature will be added by the bank. The details and disclosures for your PerkStreet Debit MasterCard Account are available here. Key features of the account are:
No minimum balance
A new Promotional Interest rate
Optional overdraft protection



The interest rate is shit, as I expected:

Balances $1,000 or less: 1.00% Until 2/15/14
Balances $1,001 or more: 0.01%









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