Go Back  FlyerTalk Forums > Miles&Points > Airlines and Mileage Programs > American Airlines | AAdvantage
Reload this Page >

Questions on BankDirect, now Bask Bank (consolidated)

Questions on BankDirect, now Bask Bank (consolidated)

    Hide Wikipost
Old Apr 8, 21, 2:27 am   -   Wikipost
Please read: This is a community-maintained wiki post containing the most important information from this thread. You may edit the Wiki once you have been on FT for 90 days and have made 90 posts.
 
Last edit by: rrgg
Wiki Link
Miles typically post by the 4th of the month but may take longer when there's a Monday holiday. Check the "Rewards" section of your Bask dashboard, or the Recent Activity section of your AA account.
Print Wikipost

Old May 14, 10, 10:58 am
  #61  
 
Join Date: Aug 2003
Posts: 316
Assuming you are thinking of opening a Mileage Checking account, BankDirect doesn't have any hidden fees or charges other than what's listed here, ($15 monthly fee and no interest paid, for balances less than $2500.)

I have wired lots of money into my BD accounts at no charge.

If you're interested in a referral, I'm available for a PM.
Alfonso XIV is offline  
Old May 15, 10, 7:29 am
  #62  
 
Join Date: Feb 2009
Location: Redwood City, CA (i.e. SFO/SJC/OAK)
Programs: AAdvantage 1MM+ GOLD, SkyMiles
Posts: 143
Originally Posted by koctail View Post
I'm considering signing up. What about fees. Do they charge a fee if you don't carry a certain $ balance? Or other hidden fees? The reason I ask is I asked about transfers and this was the answer they gave me.

"BankDirect is a receiver. We would be able receive a wire from an institution and you would be able to wire out. There is a fee($15) for outgoing wires. You can mail in your deposits, we do have prepaid postage envelopes available that we can provide. Please contact us at 1-877-839-2737 if you need further assistance."
Have not tried wire transfers but, ACH transactions in and out (initiated from my Bank of America and ING Direct accounts) haven't incurred any charges for me at BankDirect.

Please PM me if you need a referral.
garimell is offline  
Old May 17, 10, 12:47 pm
  #63  
 
Join Date: Apr 2010
Location: sjc sfo
Programs: A little bit of miles and points scattered everywhere
Posts: 360
so i went ahead and signed up. im going to be mailing a check in as my bank (wells fargo) charges $3 for bank to bank transfers. The very odd part is that in the instructions it says to make the check payable to BankDirect??? Huh?
koctail is offline  
Old May 17, 10, 12:51 pm
  #64  
 
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 9,095
Originally Posted by koctail View Post
so i went ahead and signed up. im going to be mailing a check in as my bank (wells fargo) charges $3 for bank to bank transfers. The very odd part is that in the instructions it says to make the check payable to BankDirect??? Huh?
Yeah, they say that, as do many other banks. But I always just write the check out to myself and endorse the back with "For Deposit Only" and I haven't had a problem.
josephstern is online now  
Old May 17, 10, 12:56 pm
  #65  
 
Join Date: Apr 2010
Location: sjc sfo
Programs: A little bit of miles and points scattered everywhere
Posts: 360
Originally Posted by josephstern View Post
Yeah, they say that, as do many other banks. But I always just write the check out to myself and endorse the back with "For Deposit Only" and I haven't had a problem.
that is what i always have done as well. ive never been asked to make it payable to the bank.
koctail is offline  
Old Jun 16, 10, 4:39 pm
  #66  
 
Join Date: Apr 2010
Location: sjc sfo
Programs: A little bit of miles and points scattered everywhere
Posts: 360
i see that bankdirect reimburses 4 atm fees of $2.50 per month, which is very nice. does anyone know the fee in CA that the large banks usually charge for using their ATM's...Wells Fargo, Chase, BofA, Citibank?
koctail is offline  
Old Jun 26, 10, 12:18 pm
  #67  
 
Join Date: Nov 2000
Location: New York City, United States.
Posts: 2,572
Originally Posted by Alfonso XIV View Post
It all depends on how much a mile is worth to you, and your marginal tax bracket.

Assuming a 33% tax bracket, and an alternative account that could pay you 2.25%, you'd have to value a mile at 1.85 or higher for the BankDirect account to be the better investment.

Remember that the miles earned represent a tax-free return.

Some formulae worked out to analyze these accounts were previously discussed in this thread.

"Remember that the miles earned represent a tax-free return."

Do you get a 1099 MISC fro the miles?

If so especially at AA's artifically high valuation then it negates the miles.

I heard about a sweepstakes winner getting oe million miles and it would come with a $25,000 1099 MISC

He decided to decline the "prize"
writetorich is offline  
Old Jun 26, 10, 5:48 pm
  #68  
ffI
 
Join Date: Jan 2009
Location: WAS
Programs: AA EXP2M, DL DM, UA lice <=> HH G/Marr PE/Hyatt G/IHG P/ RR G, FT RA ( Recovering Addict)
Posts: 4,071
Originally Posted by writetorich View Post
I heard about a sweepstakes winner getting oe million miles and it would come with a $25,000 1099 MISC. He decided to decline the "prize"
If someone gave me a 1099 Misc for 25k for 1MM miles, it represents a tax cost of 10,000$ for me. I would take it at once.

I would get 1cpm value in after tax cost. would get 4 VIPs easily worth 1000$. If not MM already, I would get exit rows for life. I would have enough for 6 OW150 awards and 1 FC r/t to EU. or 7 r/t trips to Asia from US 135 miles each, or 5 F awards to Asia or A/NZ. That would be enough to take me everywhere I need to go for a while. All this for 10k in Cash? sign me up!
ffI is offline  
Old Jun 26, 10, 10:06 pm
  #69  
Original Member
 
Join Date: May 1998
Posts: 1,873
After sending in the initial balance to fund the account which is subject to a 9 day hold...what other ways can you fund this account? (mail deposits by check?, ACH, wire?) Is it also subject to 9 day holds?

Which banks will allow you to do ACH transfers (small to big) amounts as most banks only allow 2K per day?

I'm interested in the names of which banks you use to fund and move money into and out of BD?

Thanks.
sggolf is offline  
Old Jun 26, 10, 11:11 pm
  #70  
 
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 9,095
Originally Posted by sggolf View Post
After sending in the initial balance to fund the account which is subject to a 9 day hold...what other ways can you fund this account? (mail deposits by check?, ACH, wire?) Is it also subject to 9 day holds?

Which banks will allow you to do ACH transfers (small to big) amounts as most banks only allow 2K per day?

I'm interested in the names of which banks you use to fund and move money into and out of BD?

Thanks.
With Vanguard, I can ACH in. I haven't tried going out, but I'm pretty sure I can.
josephstern is online now  
Old Jun 27, 10, 6:00 am
  #71  
FlyerTalk Evangelist
 
Join Date: Apr 2001
Location: DCA
Programs: AMC MovieWatcher, Giant BonusCard, Petco PALS Card, Silver Diner Blue Plate Club
Posts: 22,252
Originally Posted by writetorich View Post
Do you get a 1099 MISC fro the miles?
no.
gleff is offline  
Old Sep 3, 10, 8:16 am
  #72  
 
Join Date: Feb 2009
Location: LA/NYC
Programs: AA (LT Plat, ex-ConciergeKey), SPG (Plat), DL (Diamond), Marquis Jet Card
Posts: 73
BankDirect just posted 4x the miles they should have to my AA account this month. Anybody else notice this?

I was expecting 100k and got almost 400k. Woohoo, until they fix it.
modern is offline  
Old Sep 3, 10, 8:27 am
  #73  
 
Join Date: Nov 2008
Programs: AA EXP 3MM
Posts: 1,773
Originally Posted by modern View Post
BankDirect just posted 4x the miles they should have to my AA account this month. Anybody else notice this?

I was expecting 100k and got almost 400k. Woohoo, until they fix it.
Hopefully the extra is enough to push you over 2MM for LT PLT. If BD subsequently take back the 300k, I would guess LT PLT would not be revoked!
beerup is offline  
Old Sep 3, 10, 8:29 am
  #74  
 
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 9,095
Originally Posted by beerup View Post
Hopefully the extra is enough to push you over 2MM for LT PLT. If BD subsequently take back the 300k, I would guess LT PLT would not be revoked!
I'm over 1MM, but I would have been with the right amount anyway.

I was kinda hoping we'd keep this all quiet, of course.
josephstern is online now  
Old Sep 3, 10, 9:19 am
  #75  
 
Join Date: Apr 2010
Programs: FB Platinum, AA Plat/2MM, SPG Plat/LT Gold
Posts: 268
Originally Posted by modern View Post
BankDirect just posted 4x the miles they should have to my AA account this month. Anybody else notice this?

I was expecting 100k and got almost 400k. Woohoo, until they fix it.
Originally Posted by josephstern View Post
I'm over 1MM, but I would have been with the right amount anyway.

I was kinda hoping we'd keep this all quiet, of course.
I was stunned when I checked my AA account this morning, could not imagine what the heck had posted when I saw the total. BD is aware of the 4x posting and is making a correction of 3x the amount posted.

Wrong thread, but congrats on crossing 1MM, josephstern!
miles4CDG is offline  

Thread Tools
Search this Thread