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iPod nano Checking Account Promotion at KeyBank - Update 2

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Update 8/22/08: The promotion has been extended. Checking account must be opened by 8/29/08. Debit card transactions and payments must be made by 11/14/08.

KeyBank has a new checking account promotion in which you can receive a free iPod nano or an iPod touch. The iPod nano gift requires that you open a qualifying checking account by 8/15/08 and make one debit card transaction and make two direct deposits or automated payments each of $100 or more by 10/31/08. The Express Free Checking qualifies.

The iPod touch gift requires opening either the Key Privilege, Key Privilege Select, or other business checking accounts. The other requirements seem to be the same.

You will receive your iPod within 90 days of meeting requirements. Here's some of the important small print. Please refer to the promotion page for the official details.
  • 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 value of the iPod 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.

KeyBank still has an iPod nano promotion for its Free Student Checking Package. I reported on this deal in this June post.

This is the third consecutive July in which they've had an iPod promo. You may want to read the comments from my previous posts in July 2007 and in July 2006 to see what problems people have experienced.

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.
  Tags: KeyBank, New York, Bank of Washington, Indiana, Vermont, Utah, Alaska, Maine, checking account, Oregon, Michigan, Idaho, Kentucky, Colorado, Ohio

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Comments
6 comments.
Comment #1 by Anonymous posted on
Anonymous
Does FDIC insurance extend to iPods? Just kidding.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Actually, it's a legitimate question that we found the answer to when NetBank closed last year. As you would expect, new-account bonuses are not guaranteed.

NetBank had offered many new-account bonuses, and one of the readers had just signed up for one before NetBank was closed. ING Direct, which assumed NetBank's deposits, informed the customer that they were not obligated to honor any of the new account promotions.

1
Comment #3 by Anonymous posted on
Anonymous
Does anybody knows how fast is their ACH?

1
Comment #4 by Anonymous posted on
Anonymous
hi, all,
Just received the Keybank promotional iPod Nano - and Wow..it is the newest 4th generation 8GB (instead of the 3rd generation 4GB as indicated in the original promotional plan.
Wonderful, I like it!

1
Comment #5 by Megan (anonymous) posted on
Megan
I just got mine. Also a new 8GB silver nano.

1
Comment #6 by Anonymous posted on
Anonymous
I FINALLY got mine. 8G...I love it!

1