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$100 Checking Account Promotion at KeyBank

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KeyBank
KeyBank has a $100 checking promotion. It requires that you open a qualifying checking account by 4/25/08 and make a combination of two direct deposits and/or automated payments each of $100 or more by 6/27/08. You'll receive a $100 MasterCard gift card within 90 days of meeting the requirements. Here's some of the important small print:
  • Qualifying accounts include Key Express Free Checking (this is the basic banking account in NY) and Key Advantage
  • Direct deposit transactions are limited to: payroll, social security, pension and government benefits.
  • Automated payments exclude Key Bill Pay, debit card automated payments, PayPal transactions and account to account balance transfers.
  • Offer not available to individuals who have opened a KeyBank checking account in the last 12 months.
  • The $100 value of the gift card will be reported on Form 1099-INT.
  • If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.

You can apply at a KeyBank branch, Key.com or through 1-877-888-3658. However, based on the online application, it appears you have to live in a state where they have branches. This includes the following states: AK, CO, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, or WA.

In July 2007 and in July 2006 they've done iPod nano deals, so if you're looking for one of those, you may want to wait to see if they're going to continue this trend.

Some features of the Key Express 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 year.

KeyBank has been FDIC insured since 1956.

Thanks to Kate who mentioned this promotion in the comments.
  Tags: KeyBank, New York, Indiana, Washington, Vermont, Utah, Alaska, Maine, checking account, Oregon, Michigan, Idaho, Kentucky, Colorado, Ohio

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Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
What would qualify as "automated payments"? I tried asking them by email but only got back what didn't qualify?

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
I believe it's a payment like a utility or a phone bill that you have automatically debited each month from your account.

1
Comment #3 by FR (anonymous) posted on
FR
I have key bank account and learnt today that they charge you for talking to customer service over the phone. You are allowed to call 3 times in a month, also to some limited time. If your call goes long ( I don't know the limit) they charge you money. I found it on my statement today.
a hidden fee you should be aware of.

1