Update 11/02/09: The promotion has been extended to last until 12/11/2009.
Bank of the West has brought back its $100 checking account bonus. In addition, they have made the promotion more flexible. You can earn $100 by either direct deposit of at least $250 or 10 online bill payments. The promotion details are listed in the bank's promo page at www.bankofthewest.com/neighbor. Checking account must be opened by 10/02/09. Some important details mentioned in the small print include:
- First recurring direct deposit must be posted to your account within 60 calendar days of your account opening date
- The 10 bill payments must occur within 60 calendar days of your account opening date
- Bonus will be credited to your account within 60 days after satisfaction of conditions
- Offer valid for a new personal checking account opened from with $100 or more from a financial institution other than Bank of the West
- Offer does not apply to second or multiple checking accounts and/or existing checking customers
- Limit of one $100 bonus per household per calendar year
- Value of the offer reported to the IRS on Form 1099
I just called the bank's customer service number (800 488-2265 / option 8), and according to the CSR, a branch visit is required to qualify for this promo. I told her that was confusing since the promo page had "apply now" buttons. If you receive different info from a CSR, please leave a comment.
Branches are located throughout the Western and Midwestern states including Oklahoma, Kansas, Minnesota, Nebraska, Colorado, Arizona, Nevada, Wyoming, Washington, Oregon and California. The bank has been a FDIC member since 1934 (FDIC Certificate # 3514).
Thanks to the reader who emailed me news of this new promotion.
Online Savings Account
Bank of the West also offers an online savings account, and according to the CSR, it's available nationwide. The rate as of 8/14/09 is a little low: 0.50% APY for under $10K and 1.50% APY for over $10K. According to the CSR, there's a $2/month fee if the balance falls below $300. Another downside is that their ACH bank-to-bank transfer service has a transfer limit of $2,000 per day. It's good to see a major bank offering an online savings account, but they're going to need to make it more competitive.
Other Bank Bonuses and Online Savings Accounts
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts. Refer to my weekly rate summary for the best nationwide savings accounts.