$123 Checking Account Bonus at Provident Bank

Provident Bank has a $123 checking account promotion. The new checking account must be opened by 3/31/09, and the customer must have direct deposit and an active Provident MasterMoney debit card by 4/30/09. Here are some important details from the small print:

• Limit one per household
• Minimum opening deposit of $25
• Cash award will be deposited into checking accounts on or about 5/31/09
• Customers will be responsible for applicable taxes

The Totally Free Checking qualifies for this promotion. It has no minimum balance requirements and no monthly maintenance fees. Readers have reported that they did not receive hard credit pulls when applying for Provident checking accounts in the past.

From the promotion page it appears to be open to people in any state. When I posted on a similar Provident Bank checking bonus in September 2008, the promotion was limited to the bank's market area (DC, MD, PA, VA and WV). Update 2/4/09: A reader reported being told of a similar geographic restriction as before.

This is the same bank that operates Providentdirect with a high yield online savings account, APY currently at 2.82% (see post).

Another thing to note regarding Provident Bank is that it's in the process of being acquired by M&T Bank. The acquisition is expected to close late in the second quarter of 2009 (see press release).

Provident Bank has been FDIC insured since 1943 (Certificate # 15951).

Thanks to the reader who commented on this promotion in the Daily News & Deals post.