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August 14, 2013

PerkStreet closes doors due to lack of funds

PerkStreet Financial, a Boston-based financial rewards company, has announced it will be shutting its 26 September citing lack of funds.

By Verdict Staff

PerkStreet Financial, a Boston-based financial rewards company, has announced it will be shutting its 26 September citing lack of funds.

The company, which offered its customers cash-back rewards on their debit cards, said in a statement on it’s website that it has been unable to secured the funding it needs over the last six months.

In its announcement the company revealed it has given out $4m in the five years it has been active.

PerkStreet offered customers online only current accounts through Bancorp Bank and Provident Bank in the US.

Customers with accounts at Provident will be closed with customers given the opportunity to withdraw their cash before 26 September with the PerkStreet website advising customers to "take action as quickly as possible to move your money out of your account".

Accounts managed through Bancorp will remain open indefinitely, allowing customers to carry out normal banking but not earn cash-back rewards.

PerkStreet has discontinued its perks program and cancelled all perks balances as of 12 August, 2013.

PerkStreet was founded by former Capital One executive Dan O’Malley in 2008.

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