Bank Direct to limit / cap AA miles on checking
Jan 25, 2011, 8:26 am
#1
Original Poster
Join Date: Jan 2011
Programs: aa plat, marriot plat
Posts: 2
Bank Direct to limit / cap AA miles on checking
Just got off the phone with Bank Direct. In March they will limit mile accrual to 20,000 mile per month.
Jan 25, 2011, 8:58 am
#2
Join Date: Dec 2007
Location: Half time in PDX, Half time in Ajijic, Mexico. Near GDL
Programs: AA Platinum
Posts: 181
Oh, this is terrible news. I've collected about 250,000 miles since August and will cross 2 million when my Bank Direct miles for Feb post. Sure glad they did not make this change earlier. If this is true, we will definitely be pulling our money out and expect lots of others will also. Thanks for the heads up, OP.
Jan 25, 2011, 9:24 am
#3
Join Date: Dec 2004
Posts: 5,631
If the federally insured limit is $250,000, which means 25,000 miles per month, then a reduction to 20,000 is not huge.
Jan 25, 2011, 9:25 am
#4
Join Date: Jul 2010
Location: SFO
Programs: AA EXP
Posts: 5,270
When I exceed this limit a decade from now, I'll be furious.
Jan 25, 2011, 10:34 am
#5
Join Date: Jan 2010
Location: LAX
Posts: 380
I would not feel the need to use DirectBank if the interest rates weren't so low in the first place.
I guess if they don't want any business over $200k deposit, then I'll just find something else.
Another option might be to buy a CD and cancel with 1% penalty.
So effectively buying one mile for a penny.
Wonder if anyone tried this before though.
I guess if they don't want any business over $200k deposit, then I'll just find something else.
Another option might be to buy a CD and cancel with 1% penalty.
So effectively buying one mile for a penny.
Wonder if anyone tried this before though.
Jan 25, 2011, 10:42 am
#7
FlyerTalk Evangelist
Join Date: Dec 2003
Location: STL
Programs: AA 2MM, AS MVP Gold, Hilton Diamond
Posts: 12,966
OP doesn't say 20,000 miles per what. If it is per BankDirect account, this is just an inconvenience, nothing more. For example, you could have one account personally, and one account joint with somebody else, and each could earn 20,000 miles per month.
If it is 20,000 miles per month maximum going into a particular AA frequent flyer account, that is more significant.
If it is 20,000 miles per month maximum going into a particular AA frequent flyer account, that is more significant.
Jan 25, 2011, 11:15 am
#8
Original Poster
Join Date: Jan 2011
Programs: aa plat, marriot plat
Posts: 2
We'll know more when they put the new rules in print. For now someone else might call and post any additional info.
Jan 25, 2011, 11:39 am
#9
Join Date: Oct 2005
Location: SFO, MIA
Programs: AA 2MillionMiler, BA ExecutiveClub, UA MileagePlus, AS MileagePlan
Posts: 449
I did not ask if the max applied per AAdvantage account or per BankDirect account.
Edited to add: I wish I had enrolled in this offer months and months ago. I could have a new handle by now: AATwoMillionaire!
Last edited by AAMillionaire; Jan 25, 2011 at 8:50 pm
Jan 26, 2011, 7:27 am
#10
Join Date: Aug 2006
Location: ATL, BHM, DUB, County Wexford
Programs: DL DM, AA ExPlt, Diamond HH, HY, BW, & Titanium Elite Marriott
Posts: 4,855
Would someone like to PM me how you maximize this bank to get more than a few thousand miles over time? Please?
Jan 26, 2011, 7:47 am
#11
Senior Moderator and Moderator: American AAdvantage & TravelBuzz
Join Date: Nov 2007
Location: BOS
Programs: AA EXP, Marriott Titanium
Posts: 10,414
Jan 26, 2011, 8:38 am
#12
Join Date: Sep 2001
Location: Philadelphia, PA, USA
Programs: UA 2P, AA LT Gold, Marriott LT Titanium
Posts: 3,159
This is not good news. I just opened an account with them and funded it to the tune of $270K. Yes I realize that is a tad above the FDIC insurance limit.
If the limit is per BD account no biggie, I will open a 2nd account joint with my wife.
If the limit is per BD account no biggie, I will open a 2nd account joint with my wife.
Jan 26, 2011, 7:23 pm
#13
Join Date: Jul 2009
Location: USA
Programs: AA EXP, UA GLD, Bonvoy Titan, HH Dia, WoH Exp
Posts: 2,673
For clarification, does this mean Bankdirect will still give out the same number of miles as before for average balance over $200K for the month of February (deposited first week of March) and then starting in March, no matter what your average balance for that month is will only give a max of 20K miles the first week of April?
Jan 27, 2011, 8:15 am
#14
Join Date: Apr 2010
Programs: FB Platinum, AA Plat/2MM, SPG Plat/LT Gold
Posts: 379
For clarification, does this mean Bankdirect will still give out the same number of miles as before for average balance over $200K for the month of February (deposited first week of March) and then starting in March, no matter what your average balance for that month is will only give a max of 20K miles the first week of April?
Jan 27, 2011, 8:34 am
#15
FlyerTalk Evangelist
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 10,028
I still haven't seen confirmation that two accounts of the same account type will get 20K each. I have an account. My wife has an account. Both funnel miles to my AA account. Worst case, though, I'll just send half the miles to her account from now on. Makes my 2M harder to get . . .
But, fortunately, I had opened a BBVA account back in the day, so I can move more money back there.
But, fortunately, I had opened a BBVA account back in the day, so I can move more money back there.