I know that many readers have opened Point Debit Card accounts in the past couple of months because of the good new account and referral bonuses they have offered and the ongoing promotions like 3%-10% back at select retailers like Amazon, Whole Foods, Costco, Tesla charging stations, and more (for more info about the Point card in general, see this post). Unfortunately, Point has been running into problems with ACH transfers that have led some to incur returned payment fees. Point reached out to account holders today to once again note that they are aware and are working on a fix.
This is now the second email that Point has sent out acknowledging the ACH disruption. I have seen data points from folks who have incurred reversed payment fees from external institutions who report that Point has paid them back for those fees, so if you have been affected by that it certainly makes sense to reach out to Point customer service.
Unfortunately, I know that some banks won’t let you re-link an account after a failed transfer and in some cases it could cause issues with your external bank. That’s very frustrating.
Given that the Point card is a debit card, the good news is that it should be relatively easy to get your money despite ACH being a problem at the moment. I’d probably wait on setting up any sort of ACH transfers until Point sends out notification that this is fixed and I personally won’t keep a large balance on my Point card in the interim. Hopefully they do get this resolved because the bonus offers on the card have been excellent and very useful.
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