KeyBank's Garmin GPS Checking Account Promotion

KeyBank has a new checking account promotion that's similar to what they were offering in March except with new versions of the Garmin GPS. In this new promo you can receive a free Garmin nuvi 1200 GPS or a Garmin nuvi 1350 GPS.

The 1200 GPS requires that you open a qualifying checking account by 9/11/09 and make one debit card transaction and make two direct deposits or automated payments each of $100 or more by 11/13/09. The Express Free Checking qualifies. One thing new in this promo is that you must have or request a KeyBank Rewards debit card and enroll in the KeyBank Rewards points program. There is a $20 annual fee for the KeyBank Rewards Program that will be waived for the first year. The current price of this 1200 GPS is $179.99 at newegg.com.

The more expensive 1350 GPS requires opening either the Key Privilege or Key Privilege Select checking account. The other requirements seem to be the same. These two personal accounts require large minimum balances to avoid monthly fees. The current price of this 1350 GPS is $279.99 at newegg.com.

You will receive your Garmin GPS within 90 days of meeting requirements. Here's some of the important small print. Please refer to the promotion page and the FAQ 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 Garmin GPS will be reported on Form 1099-INT ($145 for the 1200 and $212 for the 1350)
• 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 1-877-539-4477
• Only available in areas where KeyBank has branches. Key has branches in the following states: Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.

Some features of the Key Express Free Checking include:

• $50 Minimum opening deposit
• No monthly fees
• No minimum balance requirements
• ACH transfer capability
• free pill pay

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 in 2007.

KeyBank has been FDIC member since 1956.

Other Bank Bonus Deals:

• my last 40 posts on checking and savings account bonuses

Update 8/18/09: Crossed out Florida from list of eligible states per info from reader. FDIC database does show KeyBank branches in Florida, but these zip codes are not accepted in the online application.