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I always appreciated Bask Bank for the instant transfers out and the immediate credit when transferring in. Recently, transfers in on a Thursday aren't credited until the following Monday, even though the money is drawn. I may go somewhere else.
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I finally transitioned from the American miles earning account to the interest savings product. The savings rate became so high that it made sense, even vs 2 miles per $. I had been very happy with Bask already as a mileage account and am happy as an interest account. The transition was not seemless (needed to call). That is my only complaint and since it doesn't affect most I give it 5.
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I've been with Bask for a long time now. I first opened with them before the pandemic to earn American miles instead of a low rate. I continued through the pandemic and racked up enough American miles to meet all of me and my wife's travel needs for the next decade. Moved over to the savings account a couple months ago as rates began climbing. Never a problem or even a concern. Now planning to take out a CD with them. I'd recommend it to anyone.
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I opened an account, funded the account, and several days later, Bask "disabled" my account without notifying me or providing any explanation. In other words, they held my account funds hostage. Only after involving the FDIC, did Bask make an effort to communicate. They never disclosed why they shut me out of my account. Don't do it. Its not worth the risk or the stress.
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Very good rate (currently 2.02%), but doesn't offer joint accounts - so can't have my wife as co-owner to get $500k FDIC coverage. Bask suggested that I designate wife as beneficiary, but that doesn't increase FDIC coverage above $250k. Some banks (like Bask) don't seem to understand how FDIC coverage works.
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I have been a customer through the pandemic and happy to make 1 American mile per dollar per year. Each month, I am a little annoyed because there is a delay in processing on either Bask's or American's side. At 1.25%, it is still a good deal to take the miles as you are still getting them less than a penny a mile when you take into consideration the 0.42 cent IRS reporting so I am sticking with the miles for now.
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Tad Grace
Aug 25, 2023 |