Here is some of the important small print:
Available to individuals and small businesses without a TCF Checking account in the past 90 days. New savings account must establish an automatic transfer from a new TCF Checking account of $25 or more to qualify. The savings account and automatic transfer must be opened and established the same day as the new checking account and must remain active for 30 days.
The value of the digital camcorder is probably only around $100. It might be less. There's currently one on sale at Best Buy for $70.
The Totally Free Checking has no monthly service charges, no minimum balance requirements and free online bill pay. However, all of their savings accounts seem to have some minimum balance requirement to avoid monthly fees. The Denver ad was advertising a yield of 4.90% APY for the Premier Savings Account. However, this requires a balance of $100K. Balances between $10K and $50K only earn 3.10% APY and below $10K the yield is less than 1%.
TCF Bank has often had similar gifts for various checking account promotions. In 2006 it had been offering an iPod nano. Note, several readers have reported problems receiving bonuses from these past promotions.
This promotion appears to require a branch visit. Branches are located in Colorado, Indiana, Minnesota, Illinois, Michigan, Wisconsin and Arizona. The bank is FDIC insured (Certificate # 28330).