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.
