Update 1/10/08: There has been another change. The promo page now shows a bonus of $75, a new code of AOU260108 and a new expiration date of 3/31/08.
Update 12/18/07: The promo code is now AOU2612, and the promotion has been extended to 2/29/08.
Bank of America has extended the $100 checking account promotion that I first mentioned in August. Here's the link to the promotional page. The promo code is AOU2610. The new expiration date is 12/31/07. It's available through the online application or in any BofA branch. I noticed in the online application that you can select the MyAccess Checking offer which states that it'll be free with no direct deposit requirement and no minimum balance required.
Some important details from the offer's small print include: The minimum deposit required to open a new, personal checking account and receive the $100 offer is $100. Offer does not apply to second or multiple checking accounts and/or existing checking customers. Money will be deposited within 90 days of opening your new account. Limit one check per household. Value of the offer will be reported to the IRS on Form 1099.
I used the online chat in the application page to confirm this promotion. The customer service rep stated that existing customers can take advantage of this offer. As always, your miles may vary. The CSR also confirmed that signing up for the MyAccess Checking account in this application would allow you to be free of monthly fees without direct deposit.
There are some things to note regarding BofA. First, many have reported that BofA does a hard credit inquiry on your first checking account. This can ding your credit score a little for a few months. Also, it can take patience and persistence to receive the bonuses. The bonuses that I've received only came after reminding them using their online message system. Others have had to make many calls to a banking rep. Not everyone is successful.
Finally, be sure to keep an eye on your statements to make sure no fees start popping up. You might want to make a copy of the application where it states that the MyAccess Checking will be free. BofA also charges for things that you might expect are free. For example, if you make an outgoing ACH transfer, there's a $3 charge (see BofA page).
Update 11/30/07: A commenter mentioned that you have to sign up for a debit card to be able to have online access.
For more discussion on Bank of America accounts and promotions, please see my Bank of America promotion post, and if you're looking for a high yield checking, please refer to my best checking account post.