Hmmm... I hadn't considered that exact question, although I suppose it is a possibiltiy with any account as all now exist in digital form on a bank's system somewhere. I am not sure what the rep could have meant by your "being responsible", I think that banking regulations prevent you being held responsible for fraud against the bank (the bank's system is hacked), but maybe I don't understand what you asking.
Mr.Tours and I did do basic research about BankDirect, verifying it's FDIC coverage and checking the stock performance of the parent bank.

Problem is there are so many ways a hacker can get your information and there is no way you can trace how they got it. So how will a bank know whether it is their fault or your fault if your account is hacked?

Oh you're right, the CDs are not paid by the month like the checking account. Nevermind what I said :)

I just want to make sure I have this right. I am trying to minimize my US taxable income and therefore earning miles instead of interest sounds perfect.

Let's say you deposit $100k in Bank Direct for 1 year without touching it. At the end of the year you would have earned roughly 120k miles + $50 in the checking account or 50k miles + $100 in a 1 year CD. This appears that the checking account is a much better deal as you can use your money if need be without penalty plus you earn a much higher rate.

The cost of this depends on your tax rate and what return you could get on investment with that money. However, if for the purpose of my simple example you assume you pay no taxes and compare it to a FDIC insured CD earning 2%, the maximum cost per mile is approx. 1.625 cents for the checking account? This would decrease as your tax rate increases and the CPM would increase if you could find a 'safe' investment greater than 2%.

Am I missing any hidden fees or costs associated with Bank Direct?

Also, can someone PM me a referral?

EDIT: Referral no longer needed

Can I set up alerts so that if there is a withdraw I would know about it immediately. Their website seems rather rudimentary.

Also, I noticed when I login to the account the url is pointing to
web7.secureinternetbank.com. Not sure what to think about this one.

I like the fact that it's no complicated. I like their website. Not sure what to think about what one?

Is there any benefit for getting a referral on this.
We've got quite a sizable sum parked in cash reserves at Fido getting practically "nothing" and we're looking to add some more miles to DH AA account to push him over the 2MM mark since the Citi churn opportunities are gone.
Wondering how many miles would he "earn" with Bankdirect if he/we deposited 200K in the checking account for a year. At least if would be earning "something" (we do value/use the miles) and wouldn't be taxable (which is what we're looking for since we've got financial aid apps for college) yet still liquid.
TIA

If you get a referral, both parties get 1,000 miles.

Allow me to refer you, while you ponder what to do with the 200K.

I'll send you a PM.

$200K = 20,000 miles posted monthly + various bonuses one of which is received only by referal which I would be happy to do. YGPM.

Just did my income taxes yesterday and got hammered! Had to pay back $2 K. BankDirect here I come!

YGPM.

I've been liking BankDirect, but I feel like I always have to send a message to get anything accomplished. My initial bonuses didn't post, nor did my direct deposit bonus, until I asked.

Now, I've referred two people. Neither they nor I have gotten the referral bonuses. Do I have to ask again, or would this happen automatically in the normal course of events?

I've never had any issues and I have been with them for a while now. Everything happens a couple of business days after the 1st of each month automatically.

Thanks

YGPM.