New $150 Checking Account Bonus at National City

National City Bank has updated its checking account promotion. The new bonus is a $150 Visa Gift Card which is a downgrade from the $200 cash bonus they had been offering. This new promotion is available through 12/31/2008. The promotion page is located at www.nationalcity.com/cash. One change to the requirements is that you're now required to use the Visa check card for 10 purchases. Here's a list of requirements and limitations:

• Open any new personal checking account online, at a branch or by phone by 12/31/2008 with a minimum $50
• Requires direct deposit of at least $250
• 10 check card purchases within 60 days of account opening
• Limit of one bonus per household and available only to households without an existing National City checking account
• Bonus will be mailed within 60 days after all conditions have been met
• Bonus is subject to 1099 reporting

One piece of the small print that I noticed adds the following requirement to the direct deposit:

ACH direct deposit must be established by using the National City Switch Service available by calling 1-800-622-3948 or visiting any National City branch.

I'm not sure why the switch service is required. A reader reported being told by a National City CSR that any type of ACH will count as a direct deposit. If you've experienced something different or have been told something different, please leave a comment.

When I first reported on this bonus in October, I asked the banking representative a few questions via the online chat. According to the rep, there is no hard credit inquiry in the application. They just use ChexSystem. It is available for all of their checking accounts which includes their Free Checking which has no minimum balance requirements or maintenance fees.

According to the banking rep, this promotion is limited to those who reside in states where National City has branches. Branches are located in FL, IN, IL, KY, MI, MO, OH, PA and WI. This is now also stated at the bottom of the promotion page.

It appears the PNC's acquisition announcement hasn't changed things much at National City. The acquisition is scheduled to close at the end of December. Since there's no bank failure, I expect all promotions to be honored by PNC after the acquisition closes.

National City Bank is a member FDIC (FDIC Certificate # 6557).