Compass is also offering a bonus in which you can earn up to 30,000 Visa Extra Points. Here's the link to the bonus points promotion. The first 10K points are earned when you open the checking account, the next 10K poins are earned for setting up recurring transfers, and the third 10K points are earned for setting up direct deposit. The $50 Best Buy gift seems like a better deal since it takes 5,500 points for most $10 gift cards. So 30K points would only come out to be about $54 of gift cards.
For the $50 Best Buy gift card, you must register for this offer online, complete an online account applications, open a new Compass personal checking account and deposit at least $50 within 30 days. After opening your new Compass checking account, go to www.compassbank.com/go/gift50 within 30 days of registering for this offer to request your $50 Best Buy Gift Card.
This offer is only for those who live in Alabama, Arizona, Colorado, Florida, New Mexico or Texas.
I gave the $50 gift card promotion a try in August. I registered online, and then waited to be contacted by Compass to set up an appointment to visit a branch to complete the application. At the branch I had to present two forms of ID (I used by driver's license and a major credit card). Based on the promotion instructions, It now looks like all of the application can be done online. This would make things much easier.
I did receive the gift card without problems. Two weeks after I did step 3 to claim the gift card, I received an email stating that they would be sending me the gift card in the mail within 4 to 6 weeks. The gift card arrived in less than 4 weeks from that time.
One important note, Compass did two hard credit inquires through Transunion in my application. The customer service rep had told me they only do a soft pull along with a TeleCheck report.
Another change to Compass since I applied is that this free checking account no longer includes free checks. There is still no minimum balance or direct deposit requirements. Also, ATMs are still free with unlimited rebates of other banks' ATM fees. However, the rebates are not automatic. You have to mail in your receipts.
For more bonuses, refer to my post yesterday on Citibank, Wachovia, and HSBC bonuses.