Friday, June 17, 2011

PerkStreet Financial & Ally Bank: Who's Got The Better Checking Account

If you look on any personal finance website you will see ads for PerkStreet Financial and Ally Bank. Each have much to offer, each have free accounts, and each are easy to use. Let's see what each one has to offer.

PerkStreet Financial

PerkStreet Financial is the only checking account that has rewards for using your debit card. Customers have the choice of cash back, music downloads, or a free coffee.PerkStreets claim to fame is that just by using your debit card on just your normal purchases, you can easily earn $600 cash back every year.

How to make deposits with Perkstreet:
  • Regular mail: Using a postage-paid envelopes.
  • Free overnight delivery: Send your checks overnight for free from 3,400 UPS Stores and Mailboxes Etc. locations nationwide (get a tracking number to ensure delivery).
  • Direct deposit: Sign up for direct deposit with your employer and have all or a portion of your paycheck deposited into your account automatically.
  • Online transfers: Move money easily between your PerkStreet account and outside accounts.
  • MoneyGram® ExpressPayment: Deposit cash free at 18,000 locations nationwide, including Wal-Mart stores. You’ll need some specific information from Perkstreet to use this deposit method.
How to withdraw money

You can withdraw money without a charge at one of 37,000 ATMs within the STAR®surcharge-free network or at any merchant that offers cash back with purchases such as grocery stores or department stores like Walmart or Target. You may also use ATMs outside of the network but you’ll pay a $2 fee plus any fee the ATM owner may charge.

Another benefit of opening a PerkStreet Financial Checking account is that they don't do a credit check on you. If you ever have walked away from overdraft charges and your old bank, you know any other bank won't give you a checking account because they do a credit check.

Other exciting services are about to come out at PerkStreet.

  • Increasing the amount of cash back they can earn;
  • Connecting with an expanded community to share secrets for saving;
  • Accessing an expanded set of financial services from PerkStreet (To the thousands of customers who have asked for savings accounts — we hear you!);
  • Using a groundbreaking set of online tools to identify additional ways to save and reach financial goals faster.

    Sign up today for one of the most rewarding checking accounts and get the 
    PerkStreet Financial Debit MasterCard® - the debit card that helps you get debt free. It gives you 5% cash back on certain categories and 2% on everything else.

    Ally Bank

    Instead of a rewards plan Ally Bank offers interest on your balance. The details of their checking account:

    • $0 monthly fee
    • $0 to open and no minimum balance – you can open it today and begin using it when you want
    • Free checks
    • No ATM fees at any ATM
    • Variable rate account where balances $15,000 or more get an even higher rate
    • Ally Bank has a nice feature for people who have trouble with overdrafts. If you set up an Ally Bank On-line Savings account and link it to your Interest Checking Account, every time you go into over draft Ally will transfer the funds to cover the overdraft all at no charge. The amount of money you will save on fees is tremendous. Other banks normally charge you for this service.
    How Do I Make Deposits?
    • Ally has something called eCheck Deposit, you simply scan your check and transmit it to Ally Bank. 
    • Send a check using special prepaid envelopes made avaiable by Ally Bank.
    • Move funds between accounts at other banks to your Ally Bank account.
    • Set up Direct Deposit for your payroll check.
    • Use a wire transfer at no charge.
    How Do I Withdraw Money From Ally Bank?

    You can use any ATM in the nation and you will not be charged. And if you are charged, ALLY will reimburse you. They have more than 400,000 ATM locations and when you use your debit card you can receive cash back.

    To open a ALLY Checking Account Click Here.

    What's The Verdict? ALLY or PerkStreet?

    If you don't want to bother with cashback go with ALLY. They give you interst ony your balance with no hassle. If you want cashback then PerkStreet Financial is the way to go. If you only have a small amount of money to use in these accounts, you results will not be great. But if you depositing at least $50,000 or more through your account then you will see some cashback money when using PerkStreet.

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