Comerica Bank is offering a new checking account promotion that's scheduled to last until June 30, 2010. You can earn up to $300, but $75 of the $300 requires that you open one of their premium checking accounts which have monthly fees that are hard to avoid. You can qualify for the other $225 in bonuses by opening their Access Checking account. This also has potential monthly fees, but it's much easier to avoid than the other checking accounts.
You can open the account at a branch or by phone. I just spoke with a CSR, and I was told that people in any state can qualify for this promo. If you don't live near a branch, they'll mail you the account opening kit. The CSR wasn't sure if they do a hard credit inquiry. She could only confirm that they do use ChexSystem. Last year I was told by a CSR that their credit inquiry is soft and not a hard pull.
Here's a summary of what needs to be done to earn the $225:
- Open a qualifying Comerica checking account by 6/30/2010
- Add one of the three qualifying services ($75 for each)
- Register online for the program by 6/30/2010
Qualifying services include:
- $75 for signing up and paying an average of five or more bills each month for six consecutive months
- $75 for signing up and using your Comerica Check Card an average of five or more times each month for six consecutive months
- $75 for establishing a recurring direct deposit of $150 or more per statement cycle on or before 8/31/2010
You can qualify for an additional $75 if you open either a Premier or Comerica Platinum Circle Checking account by June 30th AND deposit at least $2,500 by August 31, 2010. These are the checking accounts that have monthly fees that are difficult to avoid.
According to the CSR, you can qualify for the three $75 bonuses with their basic Access Checking Account. However, it still has potential monthly fees. Fees can be waived if you maintain a $800 minimum balance, have direct deposit, own a house or are a full time college student. There's also a quarterly inactivity fee that you have to watch out for.
Comerica is a large bank with most of its branches in Michigan, California and Texas. There are only a few branches in Arizona and Florida. Comerica is a member FDIC (FDIC Certificate # 983).
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.
Thanks to the reader who emailed me news of this new promotion.