Update 4/2/07: This bonus has been extended to 4/24/07. See new post for more info.
Wachovia is offering a $50 bonus for opening a free checking account. The nice thing about this bonus is that it doesn't require direct deposit. The main requirement is a $100 initial deposit. Another nice thing is that it's paid in cash to your account (although there's some delay - 60 days from the offer's expiration date which is 04/01/07). You can apply online, by phone or by visiting a branch (be sure to bring a copy of the promo page). The promo code is FRNA.
Here's the link to Wachovia's promotional page. There's also a link to this page on Wachovia's home page.
Wachovia's free checking account has the basic components of free checking: no minimum balance requirements, no monthly fees, etc. It doesn't seem to offer all the perks of WaMu's Free Checking Account (my post) or Compass' Free Checking Account (my post). The main negative of this deal seems to be the potential hard credit inquiry (according to this FW thread.)
Thanks goes to Max who mentioned this deal in the finding deals post. More info is also available on this FW thread.