MidFirst Bank had a similar promotion that ended in April (see post). A reader mentioned in that post some of the details of this current promotion. The Gift Card is given out when you open the account instead of having to wait for it in the mail. PayPal transfers should count as direct deposit, and no hard credit pull is done (they just do a ChexSystem check).
The bank does have a free checking account without any balance requirements or monthly fees. However, this checking account doesn't come with free Bill Pay. The monthly fee for this service is $1.95.
Branches are located throughout Oklahoma. MidFirst has started to expand into Arizona with branches in Phoenix and Tulsa. The bank is FDIC insured (Certificate # 4063).
Thanks to Richard who provided the details of this promotion in the comments of my previous MidFirst post.