Update: It looks like they've updated the terms so that the promotion is only available for Chicago area residents. This is now stated on the front page.
I called their toll free number (1-888-422-6562), and I was told that people from
The Free Checking has no monthly service charges and has free online bill pay. The minimum opening deposit is $50. Below is the small print from the promotional page (pdf):
Limit of one $200 promotional payment per household. We will credit one $50 promotional payment each calendar month, up to a maximum credit per account of $200 over the first four months the account is open. $200 will be paid only for monthly recurring direct deposits. Promotion credits are subject to 1099 reporting. Minimum balance to open Free Checking is $50. Debit Card available to qualified account holders. Other restrictions and account fees may apply. Personal accounts only. Offer available only to new checking customers to MB Financial Bank. This offer is good as of the ad publication date, and is subject to change.
MB Financial has branches in many areas of Illinois including Chicago. There's also one branch in Philadelphia, Pennsylvania. The bank has been FDIC insured since 1934 (Certificate # 3628).
Credit for this find goes to FW member Villager who posted it at this FW thread.