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Digital Camera Checking Account Bonus at KeyBank


KeyBank just came out with a new checking account promotion. They're offering a free digital camera (Canon Powershot A460) for opening a new personal checking account and either: 1) Set up Direct Deposit and/or automated payments and complete two transactions of $150 or more by June 1, 2007, OR 2) use your new checking account to make 20 transactions (including ATM withdrawals, online banking, writing checks) and be approved for a new Key credit card by June 1, 2007. The checking account must be opened by March 30, 2007.

Setting up two automated payments of $150 seems like a painless way of qualifying. KeyBank's iPod nano offer last summer didn't give this option.

Some important details from the small print include: You will receive your camera by July 31, 2007. Offer available only to individuals without an existing checking account at KeyBank as of February 16, 2007. The value of the camera will be reported on Form 1099-INT.

The Canon Powershot A460 has 5 megapixels, 4X optical zoom and a 2-inch LCD screen. The current lowest price on Froogle is $128.55.

Some features of the Key Free Checking include:
  • $50 minimum opening deposit
  • No monthly fees
  • No minimum balance requirements
  • ACH transfer capability

Some fees to be aware of include:
  • $2 fee for using non-KeyBank ATMs
  • $25 early closing fee if closed before 180 days

According to the customer service rep, they don't do a hard credit inquiry. They only use ChexSystem in the application approval process.

This KeyBank offer is not available in all states. I believe it's only available where KeyBank has branches which includes Alaska, Colorado, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont and Washington State.

KeyBank has been FDIC insured since 1956.

  Tags: KeyBank, checking account

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Comment #2 by DJosephDesign (anonymous) posted on
I wonder if I could exchange the free digital camera ($149) for an iPod ($149) at CompUSA. :)

Comment #3 by Anonymous posted on
I am wondering what is an automated payment? Does Ach counts?

Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
I'm not familar with KeyBank's online account system but banks like ING Direct allow you to set up an automated ACH transfer that can done on a regular basis.