$150 Checking Account Bonus at BBVA Compass (available in AL, AZ, CO, FL, NM & TX)

BBVA Compass Bank is offering a bonus of up to $150 for opening a new checking account, using online bill pay and direct deposit. Here's the promotion page link. To earn the first $75 requires the use of Online Bill Pay. The second $75 requires direct deposit. The new checking account must be opened by 2/28/2010. Here are the details:

Earn up to $75 when you use online bill pay

• Open a new Compass checking account and sign up for Online Bill Pay by 2/28/10
• Pay at least 5 bills online every 30 days for the first 90 days your account is open
• For each month that you do, you'll get $25 - up to $75 total

Some important small print:

• Online bill payments must be made to a third party and be at least $25 in order to be eligible
• Each $25 bonus will be deposited into the new checking account from which online payments were made, within 60 days of fifth eligible online payment for each 30-day period.

$75 for signing up for Payroll Direct Deposit

• Open a new checking account online by 2/28/2010 and sign up for payroll Direct Deposit.
• Get your first payroll Direct Deposit within 30 days that your account is open.
• $75 bonus will be deposited, within 120 days of first recurring payroll direct deposit, into the new checking account that receives the direct deposit.

Some important small print for both bonuses:

• Minimum $25 opening deposit required
• Offer available to new checking households only
• Bonus may be subject to income tax reporting
• Limit one bonus totaling $150 per household
• Bonuses are paid on the last business day of the month

Requirements for Opening Compass Bank Accounts:

• Must be a U.S. Citizen
• Must be a resident of one of the following states: Alabama, Arizona, Colorado, Florida, New Mexico, or Texas.

BBVA Compass now has branches in California after its acquisition of the failed Guaranty Bank last August. However, these branches may not be transitioned over yet to allow people to qualify for these Compass promotions. If you're in California and interested in this promo, it may be worth a call to Compass.

Compass Checking Accounts

I completed a Compass checking promotion in 2006 and received the promised $50 gift card without any problems. One downside is that I did received two hard credit inquiries by Transunion.

The Build-to-Order Free Checking comes with some basic features. Two additional premium features are allowed without cost. The notable basic feature is no minimum balance or direct deposit requirement. Also, bill pay is free. The notable premium feature for those who want to make extra money is a $25 anniversary cash bonus. One feature that is lacking is free checks. A reader in my last Compass post mentioned that the first order of checks is free.

The disclosure has some of the details of $25 anniversary cash bonus feature. I switched my Compass checking account to this Build-to-Order Free Checking in December 2007 and chose the $25 anniversary cash bonus as one of my premium features. Then I set up small monthly ACH debits from my online bank account to keep the checking active. I received the $25 bonus for both 2008 and 2009.

BBVA Compass Bank is a member FDIC (FDIC Certificate # 19048).

Thanks to the reader who commented on this promo in the bank deals hub.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.