Apr 8, 2021, 10:27 am
Last edit by: funnyfarm299
Miles usually post on Bask website on the second business day of the month, to AA a day or 2 later.
Check the "Rewards" section of your Bask dashboard or the Recent Activity section of your AA account.
Current earn rate as of June 2023: 2.5 miles/dollar/year, awarded monthly (no LP's).
Check the "Rewards" section of your Bask dashboard or the Recent Activity section of your AA account.
Current earn rate as of June 2023: 2.5 miles/dollar/year, awarded monthly (no LP's).
Questions on BankDirect, now Bask Bank (consolidated)
May 8, 2019, 9:38 am
#2101
Join Date: Aug 2003
Location: Chicago
Programs: AA UA Delta. HH Diamond, PC Platinum, Club Carlson Gold, Hyatt Diamond
Posts: 808
For the new account bonus, I was told it was once a lifetime 1000 miles for both checking and MM, once you get one, you will not get another. Can someone confirm that?
May 16, 2019, 1:08 pm
#2102
Join Date: May 2003
Programs: AA (1MM), Marriott (LT Gold)
Posts: 1,766
Account Closing
So for those who have closed their BD account in the past year or so, did you just have another bank pull the entire balance out via ACH? I don't see any closing fees listed on BD's website for a long-time customer, so I assume you don't need to leave an immaterial amount at BD to avoid paying a closing fee.
Also, I've seen some comments suggesting that there is no optimum time to close one's account. Does that mean if I close my account on the 1st of the month before the previous month's miles have posted -- BD still will post all miles earned even if I have a $0 balance at the time of miles posting? If I play it safe and wait until the miles post 5-10 days after month-end before I zero out my account, will I earn pro-rated miles for those days even if I have a zero balance and therefore don't have the funding to pay the monthly fee in the second month?
Just trying to figure out how to move on without forfeiting any miles I'm rightfully due.
Also, I've seen some comments suggesting that there is no optimum time to close one's account. Does that mean if I close my account on the 1st of the month before the previous month's miles have posted -- BD still will post all miles earned even if I have a $0 balance at the time of miles posting? If I play it safe and wait until the miles post 5-10 days after month-end before I zero out my account, will I earn pro-rated miles for those days even if I have a zero balance and therefore don't have the funding to pay the monthly fee in the second month?
Just trying to figure out how to move on without forfeiting any miles I'm rightfully due.
May 16, 2019, 1:35 pm
#2103
Join Date: Nov 2006
Location: TLV
Posts: 522
I closed my mileage money market account mid April and transferred the cash to the mileage checking account - along with a message to customer service to close the former so I won't have to pay a monthly fee due to the $0 balance. Earlier this month I got the usual miles for the checking account, as well as prorated miles for half of last month of the money market account. My situation is a bit different from yours, ExitRowAisle, since I didn't quit BD entirely, but I would assume that you would receive prorated miles nonetheless. Suggest you do an ACH pull from outside and shoot a message to CS letting them know you did and asking that they close the account as soon as it zeroes out. And there's no mention of any closing fees other than for early closures.
Oct 20, 2019, 5:58 am
#2105
Join Date: Jun 2001
Location: CA & Europe
Programs: AA Life-Plat 5MM, HH Diamond, IHG Plat, UA, BA
Posts: 738
I just looked at my Bank-Direct acct where I keep $50K+.
It looks that until May-2016 I was charged $12/month service charge. Then no such charges from June-2016 thru Dec-2018. Then these charges restarted in Jan-2019.
Was I just lucky? Or there was actually change of rule?
Also for everybody info:
At the beginning of 2019 I got a letter from Bank-Direct that "Un-Claimed Property" in my acct (entire balance) will be transferred to the State of CA. I sent a message: I do login to acct every few months, what's going on? Answer: Your acct was "dormant" for over 12 months with no user initiated activity. Log-in is not an activity. So- important to do Real activity once a year.
It looks that until May-2016 I was charged $12/month service charge. Then no such charges from June-2016 thru Dec-2018. Then these charges restarted in Jan-2019.
Was I just lucky? Or there was actually change of rule?
Also for everybody info:
At the beginning of 2019 I got a letter from Bank-Direct that "Un-Claimed Property" in my acct (entire balance) will be transferred to the State of CA. I sent a message: I do login to acct every few months, what's going on? Answer: Your acct was "dormant" for over 12 months with no user initiated activity. Log-in is not an activity. So- important to do Real activity once a year.
Oct 20, 2019, 8:07 am
#2107
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,952
Oct 20, 2019, 12:05 pm
#2108
Join Date: Sep 2003
Posts: 263
You got lucky in that you may have gotten an extra year of no-fees out of it. The pattern I have seen is a 3 year cycle, so 1 year of fees, 1.5 years of no fees, then a letter which gives you 6 months to reply. It's not worth it to cut it too close based on the experience of a previous post above where the money disappeared and neither the state nor bank said they had it (I would really like to hear from the poster whatever happened to that).
btw, if you can earn say 1.5% after-tax at a different bank right now, your 50k is buying 60k miles at a cost of $750. That works out to 1.25c/mi when no fee or 1.49c/mi when paying the $12 fee.
btw, if you can earn say 1.5% after-tax at a different bank right now, your 50k is buying 60k miles at a cost of $750. That works out to 1.25c/mi when no fee or 1.49c/mi when paying the $12 fee.
Nov 22, 2019, 7:22 am
#2109
Join Date: Feb 2011
Location: NYC suburbs
Programs: UA LT Gold (BIS), AA LT Plat (CC SUBs & BD), Hilton Dia (CC), Hyatt Glob (BIB), et. al.
Posts: 3,276
Just logged onto BankDirect and see the messages below. These messages were not there yesterday when I logged on to check on a CD which renewed 2 days ago. (I sent them a message several days ago asking that the CD be renewed as a Mileage CD, they sent a reply stating my request was “added to our calendar to process on 11/20/19”, wondering if I’ll get those miles?)
Anyone know anything about (also Texas Capital Bank subsidiary) Bask Bank?
Anyone know anything about (also Texas Capital Bank subsidiary) Bask Bank?
BankDirect is no longer offering the Mileage Money Market Account product. If you are interested in a mileage-based savings account, please visit Bask Bank.
BankDirect is no longer offering the Mileage Checking with Interest product. If you are interested in a mileage-based savings account, please visit Bask Bank.
BankDirect is no longer offering the Mileage Certificate of Deposit product. If you are interested in a mileage-based savings account, please visit Bask Bank.
BankDirect is no longer offering the Mileage Checking with Interest product. If you are interested in a mileage-based savings account, please visit Bask Bank.
BankDirect is no longer offering the Mileage Certificate of Deposit product. If you are interested in a mileage-based savings account, please visit Bask Bank.
Nov 22, 2019, 8:11 am
#2110
Join Date: Nov 2006
Location: TLV
Posts: 522
Very interesting! I wonder what the reason may be for spinning off another subsidiary of Texas Capital. I worry about the statement that they will report award miles to the IRS (but maybe BD has been doing the same?). Anyway, the T&C contain an interesting mention of awards, including one of 20,000 miles. So that's on top of the 5,000 + 1,000 that one gets for opening an account. I reckon we might as well do the move ourselves rather than let BD transfer us without bonuses (if they intend to transfer us). And save the $12 monthly fee too.
Balance Bonus($50,000): Bask Bank is offering at total of 20,000 AAdvantage® miles for customers that (i) meet Bask Bank’s qualifications to open an account; (ii) complete the online account opening process and establish a Bask Savings Account between August 1, 2019 and April 30, 2020; (iii) provide Bask Bank with an AAdvantage® account number in the same name as the subject Bask Savings Account within the first sixty (60) days of the initial account opening; and (v) maintain an average deposit balance of not less than $50,000 for twelve (12) consecutive thirty (30) day periods (each such 30 day period referred to hereafter as a “Qualifying Period”) out of the first fourteen (14) Qualifying Periods following initial account opening. The first Qualifying Period will begin on the day the account is opened and will conclude on the thirtieth day following the account opening. All Qualifying Periods subsequent to the initial Qualifying Period shall correspond to the initial Qualifying Period. Following completion of the first six (6) consecutive Qualifying Periods wherein an average balance of not less than $50,000 has been maintained, Customers that have met all other qualifications for the Balance Bonus ($50,000) will receive an initial Balance Bonus ($50,000) Award distribution of 10,000 AAdvantage® miles. The remaining Balance Bonus Award of 10,000 AAdvantage® miles will be awarded following completion of the twelfth (12) consecutive Qualifying Period. All Balance Bonus ($50,000) Miles Earned will be awarded within ten (10) days, once all of the conditions of offer have been met. This offer is exclusive of all other offers and may not be combined with or in addition to any other Bask Bank offers of Bonus Miles, with the exception of the Account Opening Bonus and/or the Feedback Bonus. NOTE: You must provide Bask Bank with Your AAdvantage account number and Your name as shown on your Bask Savings Account must match the name on the AAdvantage® account in order to receive any Bonus Miles Award from Bask Bank. Both your AAdvantage® Account and Bask Bank Savings Account must be open and in good standing at the time any miles are awarded. Failure to maintain either of your AAdvantage® Account or Bask Bank Savings Account in good standing at the time of Award will result in forfeiture of the Miles Earned.
Tax Reporting – Working with our advisors, Bask Bank has determined that miles received for maintaining a bank balance meet the definition of income under US Law and IRS regulations require Bask to report them. Bask Bank calculates the value of the miles you are Awarded each year based on a good faith estimate of value. Each year, Bask Bank will send a 1099 to both You and the IRS reporting the value of the AAdvantage® miles you received.
Last edited by Maayan; Nov 22, 2019 at 8:45 am
Nov 22, 2019, 8:25 am
#2111
Join Date: Dec 2004
Posts: 7,900
It seems like a bonus is only offered for opening a Bask Savings account and not anything else. Is that right? 5,000 miles for opening. 1,000 for giving feedback, 20,000 for depositing $50k where half is awarded after a few months and the other half after a year. Then you get 1 mile per year per dollar.
Nov 22, 2019, 8:51 am
#2113
Join Date: Feb 2011
Location: NYC suburbs
Programs: UA LT Gold (BIS), AA LT Plat (CC SUBs & BD), Hilton Dia (CC), Hyatt Glob (BIB), et. al.
Posts: 3,276
Just spoke with a very knowledgeable and helpful representative at BankDirect Customer Service. Bask Bank is new, customer service for Bask and BankDirect are the same. No changes to mileage earning for BankDirect EXISTING accounts. No NEW mileage accounts at BankDirect. Bask is currently offering just ONE SAVINGS account per person; no checking, no CDs, no multiple accounts. No maximum deposit or miles at Bask.
Bask accounts will generate a 1099 based on .0042 (0.42%). ($10,000 average annual balance, 10,000 miles annually, will get a 1099 for $42.) As in the past, no 1099 for BankDirect miles THIS year. Starting for tax year 2020 (in early 2021) BankDirect will generate 1099s at the same rate as Bask Bank.
He told me that for FDIC insurance, Bask and BankDirect and Texas Capital Bank are all the same. So given $250,000 in an individual savings account at Bask and $250,000 in the same person’s individual savings account at BankDirect (without beneficiaries), only $250,000 would be FDIC insured. Can increase Bask FDIC insurance limit with beneficiaries, including charitable organizations.
From a pure miles earning perspective, Bask Bank would seem advantageous. BankDirect checking up to $50,000 balance earns slightly more miles than Bask savings but BankDirect checking has significant fees. BankDirect checking over $50,000 and BankDirect Savings and BankDirect CDs all earn significantly fewer miles than Bask.
Bask accounts will generate a 1099 based on .0042 (0.42%). ($10,000 average annual balance, 10,000 miles annually, will get a 1099 for $42.) As in the past, no 1099 for BankDirect miles THIS year. Starting for tax year 2020 (in early 2021) BankDirect will generate 1099s at the same rate as Bask Bank.
He told me that for FDIC insurance, Bask and BankDirect and Texas Capital Bank are all the same. So given $250,000 in an individual savings account at Bask and $250,000 in the same person’s individual savings account at BankDirect (without beneficiaries), only $250,000 would be FDIC insured. Can increase Bask FDIC insurance limit with beneficiaries, including charitable organizations.
From a pure miles earning perspective, Bask Bank would seem advantageous. BankDirect checking up to $50,000 balance earns slightly more miles than Bask savings but BankDirect checking has significant fees. BankDirect checking over $50,000 and BankDirect Savings and BankDirect CDs all earn significantly fewer miles than Bask.
Last edited by Dr Jabadski; Nov 28, 2019 at 12:16 am Reason: Decimal point and "%" sign correction.
Nov 24, 2019, 8:15 pm
#2114
Join Date: Sep 2003
Posts: 263
Thanks for finding out all the details! So comparing $50k at bask vs bankdirect:
The bankdirect $12 fee adds .24c/mi, which you can avoid about every other year.
The new 1099 tax adds (tax bracket x .42)c/mi in both cases.
The cost from lost interest depends on what you'd be able to get after-tax at a different bank:
The bankdirect $12 fee adds .24c/mi, which you can avoid about every other year.
The new 1099 tax adds (tax bracket x .42)c/mi in both cases.
The cost from lost interest depends on what you'd be able to get after-tax at a different bank:
if $900, then bask is 1.8c/mi vs 1.5c/mi at bankdirect
if $750, then bask is 1.5c/mi vs 1.25c/mi at bankdirect
if $600, then bask is 1.2c/mi vs 1.0c/mi at bankdirect
if $750, then bask is 1.5c/mi vs 1.25c/mi at bankdirect
if $600, then bask is 1.2c/mi vs 1.0c/mi at bankdirect
Last edited by libralibra; Nov 24, 2019 at 8:21 pm
Nov 25, 2019, 6:34 pm
#2115
Join Date: Aug 2011
Programs: AA, UAL
Posts: 545
Received letter from BD about 1099 starting from 01/01/2020. Time to pull money out of BD? Would probably need to do detailed math, but if I remember correctly, with monthly fee, BD miles earn rate was marginally better than getting interest from money market account.
Letter mentions amount reported on 1099 shall be based on Good Faith Estimate of the market value and is subject to be different for each AAdvantage member. Would wait for details, but.... it was good while it lasted, especially when WHOLE amount in the account would get 10% miles 😀
cheers!!
Letter mentions amount reported on 1099 shall be based on Good Faith Estimate of the market value and is subject to be different for each AAdvantage member. Would wait for details, but.... it was good while it lasted, especially when WHOLE amount in the account would get 10% miles 😀
cheers!!