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)
Oct 29, 2010, 4:39 am
#166
FlyerTalk Evangelist
Join Date: May 2001
Location: Southern California/In the air
Programs: DL
Posts: 10,382
It's not over the limit until December 31. Transactional accounts (including low-interest accounts) have unlimited coverage under TAGP, but interest-bearing accounts will lose coverage at the end of the year under the provisions of the Dodd-Frank Act. Non-interest bearing transactional accounts will continue to be covered with no limit until the end of 2012.
Oct 29, 2010, 12:27 pm
#167
Join Date: Apr 2000
Location: Los Angeles
Programs: AA Lifetime Gold / Million miler
Posts: 297
It's not over the limit until December 31. Transactional accounts (including low-interest accounts) have unlimited coverage under TAGP, but interest-bearing accounts will lose coverage at the end of the year under the provisions of the Dodd-Frank Act. Non-interest bearing transactional accounts will continue to be covered with no limit until the end of 2012.
Thank you for that...good to know!
Oct 30, 2010, 12:29 pm
#168
Join Date: Oct 2005
Posts: 106
It's not over the limit until December 31. Transactional accounts (including low-interest accounts) have unlimited coverage under TAGP, but interest-bearing accounts will lose coverage at the end of the year under the provisions of the Dodd-Frank Act. Non-interest bearing transactional accounts will continue to be covered with no limit until the end of 2012.
Oct 30, 2010, 12:59 pm
#169
FlyerTalk Evangelist
Join Date: May 2001
Location: Southern California/In the air
Programs: DL
Posts: 10,382
The question going forward is whether Bank Direct might drop the very nominal cash interest paid in order to try to qualify their accounts for unlimited coverage and, if they did, whether the payment of mileage would be treated as "interest" by the FDIC for insurability purposes.
I think many/most large depositors would be willing to forego $2500 a year in interest on a $5MM deposit in exchange for FDIC coverage; one would still net 500K miles a month, which is a pretty decent tax-free return if one used those miles on international F/J awards.
Nov 3, 2010, 2:14 am
#170
Join Date: Apr 2000
Location: Los Angeles
Programs: AA Lifetime Gold / Million miler
Posts: 297
You could achieve Lifetime Platinum on AA ....in FOUR MONTHS !!
(Hmm...I wonder if it's ever been done)
Nov 3, 2010, 3:22 pm
#171
Join Date: Feb 2009
Location: Redwood City, CA (i.e. SFO/SJC/OAK)
Programs: AAdvantage 1MM+ GOLD, SkyMiles
Posts: 143
HYPOTHETICALLY.....If someone was lucky enough to have an extra $5 million to put in a BankDirect account; AND, you were willing to sacrifice approx $16,000 in interest (by my math), the single most amazing fact is:
You could achieve Lifetime Platinum on AA ....in FOUR MONTHS !!
(Hmm...I wonder if it's ever been done)
You could achieve Lifetime Platinum on AA ....in FOUR MONTHS !!
(Hmm...I wonder if it's ever been done)
Nov 3, 2010, 8:58 pm
#172
Join Date: Jul 2009
Location: USA
Programs: AA EXP, UA GLD, Bonvoy Titan, HH Dia, WoH Exp
Posts: 2,673
They could, but not all buy FC tickets. I have met many high net worth individuals who fly economy or purchase economy tickets and request upgrades.
Nov 3, 2010, 10:39 pm
#173
Join Date: Mar 2003
Location: Southern California
Programs: AA EXP - 6 MM | Amex Platinum | Hyatt Globalist | Hilton Diamond | IHG Spire Elite | Bonvoy Plat.
Posts: 765
I also have 7 figures+ in various AA mile earning accounts. The thing you have to pay attention is how to legally structure your accounts so you can drastically increase the FDIC limits. For example if you have a spouse or children you can add them as a POD on your account and increase your FDIC limits.
My accounts in these mileage accounts I have around $750,000 each account which are both totally protected with FDIC funds and limits. Just do a bit of due diligence. It was a more difficult decision when CD's were paying upwards of 5% but it's a no brainer for us when CD's are at paltry 1.5% fees if that.
Really research and understand how you can get your FDIC limits up. It's not that difficult.
My accounts in these mileage accounts I have around $750,000 each account which are both totally protected with FDIC funds and limits. Just do a bit of due diligence. It was a more difficult decision when CD's were paying upwards of 5% but it's a no brainer for us when CD's are at paltry 1.5% fees if that.
Really research and understand how you can get your FDIC limits up. It's not that difficult.
Nov 4, 2010, 6:51 am
#174
Join Date: Aug 2003
Posts: 324
Saint is correct about the benefit of properly structuring multiple accounts. I'm not sure what a "POD" is, but here's the information I received directly from the FDIC. Bold italics are mine:
It's only the first line of their response that I have trouble parsing, but it seems that an individual's maximum limit on FDIC insurance for all joint accounts held at one institution is $250K. Additional insurance, up to $250K, is also available for that individual's deposits "held in other categories."
The FDIC rules for all shares that each co-owner owns in joint accounts at one bank are added together and insured up to $250,000, separately from deposits held in other ownership categories, if all of these conditions are met:
- Each co-owner must be a natural person
- The co-owners must have equal withdrawal rights to the account(s)
- Each co-owner must personally sign the account signature card
- No beneficiaries are named on this account
Personal signatures are not required if the account is a certificate of deposit, a negotiable instrument, or is established by an agent.
1. Be careful not to confuse joint accounts with "in trust for," "payable on death," and other revocable trust accounts. Although revocable trust accounts may be owned jointly by two or more persons, they are not insured as joint accounts.
2. Deposit accounts owned by a partnership or corporation are not insured as joint accounts even though more than one partner or corporate official may have signed the account signature card. Deposits owned by partnerships, corporations and unincorporated associations are insured in another insurance category.
3. Co-owners do not need to be related to qualify for joint account coverage.
Assuming the requirements above are met a joint account opened by a husband and wife is insurable for up to $500,000.
Individual accounts opened by each person with no beneficiaries named are also insurable for up to $250,000 for a total of $1,000,000 for the three accounts.
We hope this information is useful.
Federal Deposit Insurance Corporation
- Each co-owner must be a natural person
- The co-owners must have equal withdrawal rights to the account(s)
- Each co-owner must personally sign the account signature card
- No beneficiaries are named on this account
Personal signatures are not required if the account is a certificate of deposit, a negotiable instrument, or is established by an agent.
1. Be careful not to confuse joint accounts with "in trust for," "payable on death," and other revocable trust accounts. Although revocable trust accounts may be owned jointly by two or more persons, they are not insured as joint accounts.
2. Deposit accounts owned by a partnership or corporation are not insured as joint accounts even though more than one partner or corporate official may have signed the account signature card. Deposits owned by partnerships, corporations and unincorporated associations are insured in another insurance category.
3. Co-owners do not need to be related to qualify for joint account coverage.
Assuming the requirements above are met a joint account opened by a husband and wife is insurable for up to $500,000.
Individual accounts opened by each person with no beneficiaries named are also insurable for up to $250,000 for a total of $1,000,000 for the three accounts.
We hope this information is useful.
Federal Deposit Insurance Corporation
Nov 4, 2010, 8:59 am
#175
Join Date: Mar 2005
Posts: 80
POD=payable on death. As far as I know each beneficiary is covered for 250K. For example, if I have a checking account with 3 beneficiaries the account is protected for 750K.
Nov 4, 2010, 10:14 am
#176
Join Date: Jun 2007
Posts: 130
How many miles?
I went to the BankDirect website to find out how many AA miles are awarded and couldn't find it.
could someone let me know where to find this information. For example, if I deposit $50k in a savings account, how many miles do I get per month?
Thanks heaps.
could someone let me know where to find this information. For example, if I deposit $50k in a savings account, how many miles do I get per month?
Thanks heaps.
Nov 4, 2010, 10:18 am
#177
Join Date: Dec 2004
Posts: 7,904
Technically it's 100 per month per $1000 average daily balance, but they actually give me 1 per $10, so it's not rounded down.
Nov 4, 2010, 1:47 pm
#180
Join Date: Apr 2000
Location: Los Angeles
Programs: AA Lifetime Gold / Million miler
Posts: 297
I can picture a situation where this is not INCOME, but rather a one-time-event where someone won or inherited a large sum of money, say $5 million; and they open a BankDirect account for only four months, forgo a chunk of (taxable) interest...but now are Platinum on AA for LIFE.
Again, we're talking about four months out of....the-rest-of-your-life.
Were I lucky enough to be in that situation, I would serious consider it, ESPECIALLY if I flew a lot!