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iPod nano Checking Account Promotion at KeyBank

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KeyBank
KeyBank just came out with a new checking account promotion. They're offering a free iPod nano for opening a Key Express Free Checking Account and making a combination of two direct deposits OR automated payments each of $100 or more. The checking account must be opened by August 24, 2007. Also, the direct deposits and/or automated payments must be made by October 26, 2007. According to the small print, you'll then receive the iPod by December 15, 2007.

Some more important details from the small print include: Automated payments excludes Key Bill Pay and debit card automated payments. Offer available to individuals without an existing checking account at KeyBank as of July 20, 2007. The value of the iPod nano will be reported on Form 1099-INT.

I can't find any details about the iPod nano in the promotion. I would guess it's likely to be the 2GB version which is currently selling at the Apple Store for $149.

Seems like every 4 to 6 months, KeyBank does this type of promotion for its checking account. In February they did a free digital camera offer, and one year ago they had a similar iPod nano deal.

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 is based on my conversation with the CSR last February.

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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Comments
12 comments.
Comment #1 by Anonymous posted on
Anonymous
Does anybody know if ACH transfers from FNBO or HSBC count as direct deposit from past promotions from keybank?

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Comment #2 by Anonymous posted on
Anonymous
ditto PayPal transfers ??

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Comment #3 by DJosephDesign (anonymous) posted on
DJosephDesign
YAY! I've been waiting for this to come up since last year's similar Key Bank promo. In fact, that's how I found this great website and have been subscribed ever since.

I'd also like to know about if ACH transfers count for direct deposit.

But I'm thinking of waiting as long as possible on this offer because with the release of the iPhone, it's possible that new iPods will be coming out before Christmas.

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Comment #4 by Brice (anonymous) posted on
Brice
Just call and ask about the paypal transfers. . ask what constitutes a direct deposit. Keep pushing until you get a definition beyond "something from your employer" and than get their CSR ID# - you should be good from there.

The Credit Card is maxed at $50(minimum opening) and quotes that it could be a purchase or a cash advance - but depends on the card.

I don't understand how they can't know? They are the one charging - or advancing. . tell me which. I was going to do this if I could maybe get an extra $10 for rewards. . but it seems like alot of work for a device that will go for about 60% worth on ebay.

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Comment #5 by Anonymous posted on
Anonymous
DJosephDesign said...

I don't understand how they can't know? They are the one charging - or advancing. . .tell me which

They are absolutely correct to quote that it could be a purchase or a cash advance - but depends on the card. They could charge as purchase, but the credit card company may code it as cash advance, and this is beyond their control. It all depends how the CC company handles this pseudo purchase.

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Comment #6 by Anonymous posted on
Anonymous
I spoke to someone at a branch office and they said a direct deposit does not have to be from an employer. Direct deposits from linked accounts is ok.

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Comment #7 by Anonymous posted on
Anonymous
Rearding ACH transfers counting as direct deposits - I used ACH transfers from HSBC and from another online bank to satisfy the recent KeyBank promotion with the camera. When I called the KeyBank CSR told me it would count as direct deposit. Of course, I haven't received the camera yet... that is supposed to happen by 7/31/07 I think. Don't know about Paypal transfers...

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Comment #8 by Anonymous posted on
Anonymous
Regarding "But I'm thinking of waiting as long as possible on this offer because with the release of the iPhone, it's possible that new iPods will be coming out before Christmas." -
I hope so. But it's quite possible that KeyBank has contracted with Apple or a 3rd party for X number of current iPods, & that's what we'll get regardless of when we satisfy this promotion...

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Comment #9 by Anonymous posted on
Anonymous
FYI - Read the fine print!

"The value of the iPod nano will be reported on Form 1099-INT."

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Comment #10 by DJosephDesign (anonymous) posted on
DJosephDesign
But it's quite possible that KeyBank has contracted with Apple or a 3rd party for X number of current iPods,

I was so mad at myself last year when KeyBank had this same promotion. At the time of advertising, the cheapest iPod Nano was the 1 GB model. A friend signed up for the KeyBank account, and then Apple announced the new iPod Nanos with the cheapest now being a 2 GB model. She received the 2 GB even though the KeyBank promo was for the 1 GB.

And I've seen similar happen when I did one of those FreePay promos and got a free Mac Mini. It was the current model, which was newer than what was advertised. This MacMini was purchased by FreePay, but shipped directly from CDW.

Basically, I think that places like this don't buy the devices until their customers qualify. And thanks to the way that Apple controls things, old items are instantly replaced with current models in almost all retail outlets.

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Comment #11 by Anonymous posted on
Anonymous
i think this offer is not for everyone.. cuz when i enetered tx zipcode it said.. "this offer is not available in your area"
:(

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Comment #12 by Banking Guy (anonymous) posted on
Banking Guy
Please see the last part of my post. I list the states which may be included in this offer. Let me know if you find out that it requires an update.

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