Alternative to BankDirect for AA Miles for banking---the reincarnated UFB Direct Bank

Discussion in 'American Airlines | AAdvantage' started by Max M, Dec 16, 2011.  |  Print Topic

  1. Max M

    Max M Gold Member

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    The old UFB Direct bank gave AAdvantage Miles for certain accounts prior to it filing for bankruptcy and the FDIC taking it over.

    It appears the bank is again up and running, and again offering AAdvantage miles for bank customers.
    While I can’t speak from experience as to whether the new bank actually makes good on providing the miles, the old UFB Direct bank did actually provide miles prior to the bank going under FDIC management.

    http://www.ufbdirect.com

    It appears they are offering 1.30% on a savings account, which may sound too good to be true, but the former UFB Direct bank offered exceptional rates on deposit products as well. The website doesn't make it clear if you earn miles plus the 1.30% on a saving account.
     
  2. alohastephen

    alohastephen Gold Member

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    That's FANTASTIC!
     
  3. jaw_24
    Original Member

    jaw_24 Silver Member

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    I'm reading through all the details, and the only mentions I can find of earning miles is through one-time bonuses for various actions or a 1 mile bonus for each $2 debit transaction on a checking account.

    Anyone else?
     
    PointHoarder and alohastephen like this.
  4. NYBanker
    Original Member

    NYBanker Gold Member

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    Look at the checking account. Need to go to one of the stores that will let you buy GCs on a debit card.

      • Earn rewards for everyday banking:

    1 mile/point for every $2.00 Point of Sale (POS) debit transaction posted to your account.
    You’ll receive a one-time additional 1,000 Miles/Points after having a direct deposit totaling $1,000 or more in one calendar month.
    UFB Direct may add more participating airlines in the future
     
  5. PointHoarder
    Original Member

    PointHoarder Silver Member

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    That's what I'm reading also.
    It looks rather underwhelming as an offer.
    Only a one-time bonus of 1,000 miles and miles for debit card purchases. The debit card miles offer provides no reason to switch spending away from any normal Citi AA card given the poor earning rate.
    I'm a little curious about the terms/restrictions, if any, for the 'one-time additional 1,000 Miles' bonus.
     
  6. NYCAdventurer

    NYCAdventurer Gold Member

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    bank direct is going to lose many accounts, maybe if they loose enough they will put things back the way they were to re attract business
     
  7. sun
    Original Member

    sun Silver Member

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    The terms don't say whether PIN-based transactions count. If they do, this could be profitable.
     
  8. Muerl
    Original Member

    Muerl Gold Member

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    Daily max on the card is $500 so that's 250 miles a a day, so 91250 per year, if you do something like cash back from a store every day, if that works.

    Also no fees for cash back. Assuming that you can do a $1 candy bar and $249 cash back that could be .4 cpm, but those are some big assumptions.
     

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