Keep an eye on your mail this week. You may receive a plain white envelope from Wilmington, DE with some money you thought you had lost. PerkStreet is issuing checks to ex-customers of their closed Perks program.
Flashback: August 12, 2013
PerkStreet, a subsidiary of Bankcorp Bank, left many customers wondering what happened when they announced that they would be closing their doors in September 2013.
The announcement came in an email to PerkStreet customers on August 12, 2013. There was no warning, not even to those who worked closely with them like Dave Ramsey’s Lampo Group, and all Perks their customers were collecting were cancelled.
Many customers were upset as they had allowed their Perks to accumulate with the idea of redeeming them for gift cards or cash to be used to buy Christmas presents.
Cutting off the program and keeping the Perks was all legal and consistent with the terms of PerkStreet’s Rewards Program Agreement, but nobody likes to have the icing removed from their piece of cake.
Fast-forward to Jun 21, 2014
I had just finished mowing the front yard when USPS pulled up to our curb. She handed me the mail with a smile and I shuffled through the variety of junk mail and solicitations.
However, one envelope caught my eye. It was from Wilmington, DE. Slicing the envelope open with my index finger I was surprised to find a check for $41.25. It was the exact amount as the Perks I had to leave behind.
The check was accompanied with a letter:
“Here’s some good news for you as an eligible participant in the former PerkStreet Perks Program! The cash value of your unredeemed Perks balance is being paid to you through the enclosed check.”
Cool. I like unexpected checks in the mail.
Who gets a check?
You can expect a check if you had a Perks balance greater than $15 prior to August 12, 2013.
PerkStreet eliminated the redemption fee (2 perks or $2 per $20 cash redemption) and sent the checks via U.S. mail on June 13, 2014. They ask that you allow 12 to 15 business days for your check to arrive.
If you have any problems receiving your Perks redemption check they ask you email Customer Care at email@example.com or call toll-free 866-792-2834.
What to do with your PerkStreet Perks check
Treat this unexpected bonus as income. Then, apply it to wherever you are in your Baby Steps:
1) Save $1,000 in the bank for emergencies
2) Pay off all non-mortgage debt
3) Increase emergency savings to 3 to 6 months worth of expenses
4) Save 15% of your gross income in retirement plans
5) Save for kid’s college (if you choose to)
6) Pay off the house early
7) Well, just give it away. We’ve all gotten past this PerkStreet debacle so you really weren’t expecting it anyway.
I deposited my PerkStreet Perks check into our checking account, allocated it into our budget using YNAB, and the money is making its way towards our next big savings goal: Replacing the windows in our drafty house!
What is your plan for your PerkStreet Perks check?