3 replies to this topic

[vivyip]

I apologise if this is a repost...

I signed up with Principal Bank for the $50 bonus and it showed up immediately. When you sign up, you'll need to print out a signature card to mail to them.

Anyway, so far, it's okay... They include a free box of preprinted checks and pre-paid envelopes to mail in your deposits.

My only possible gripe is that they take a really long time in processing stuff...even for incoming ACH transfers. I had a paypal transfer into the account and while it showed "completed" on the paypal side, it didn't show up until 3 days later. It wasn't paypal's fault since I tried it with my own bank that also had free ACH transfers. I asked my bank and they explained to me that some banks are really slow...It seems that Principal might be one of them. Personal opinion, use this bank as a spare bank or alternate if you like your money at hand....

Otherwise, I'm happy.

[markber]

Don't be in a hurry to close Principal Bank account or to activate the bill payment feature. At least once a year, Principal bank used to send a $25 promotion for using its bill pay. I guess it will keep doing this in the future.

Also, Principal Bank online banking has S1 online register that is valued by many customers. It may help to manage your future expenses by calculating projected (future) balance and automatically reconcile transactions that you might add manually to the register.

Too bad this bank does not offer ATM rebates and ACH transfers...

[mir322]

Can this account be closed after six months and then re-opened to get another bonus?

Thanks,
Miriam

[markber]

Can this account be closed after six months and then re-opened to get another bonus?

Thanks,
Miriam

Hi Miriam,

I do not know exact answer to your question. They keep information about you after you close an account. If you try to reopen it, you will get the same username for your online banking as you had for your first account. I would not be surprised if they kept info about your bonuses too.

Mark