Westerra Credit Union has a checking account promotion in which you can receive either a TomTom XL330 GPS System or $125 in cash for opening a Better Than Free Checking account with Direct Deposit. The promotion is listed in the Westerra checking page as of 5/09/2010. Below is the important small print for the offer:
Offer valid for new checking accounts only. Direct Deposit of payroll/retirement and electronic statements required. Your choice of GPS or $125 will be awarded after the first direct deposit is received in the account - stop by any branch or call 303-321-4209 to obtain GPS or $125. TomTom XL330 GPS System, while supplies last or comparable value may be substituted. Bonus will be reported to IRS as income as required by law. Deposit of $5 in savings account required. $5 membership fee waived. Limited time offer.
The cost at Amazon for a TomTom XL 330-S 4.3-Inch Widescreen Portable GPS Navigator is $128.54 with free shipping. Unless you're looking for this type of GPS, the $125 cash looks better to me.
From the small print it appears any of the checking accounts can qualify. The only problem with the Better Than Free Checking is that it requires direct deposit. Value checking is also free, but doesn't require direct deposit. The two main advantages of Better Than Free Checking over Value Checking are free checks and reimbursements of up to 3 ATM surcharges a month (from ATMs outside the CO-OP Network).
Membership is open to those who live or work in the City and County of Denver, Arapahoe County, Jefferson County, or City of Aurora, Colorado. Please refer to the credit union's About page for more details. Membership requires a minimum balance of $5 in the share savings account. There's also a $5 membership fee, but you can have the fee waived through this checking account promotion.
Branches are located in Denver, Arvada, Aurora, Centennial, Conifer, Lakewood and Littleton. Westerra is also part of the CU Service Center which allows you to perform many banking transactions at shared branches throughout the nation.
The credit union's ratings for safety and soundness are mixed: 5 stars (superior) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 12/31/09 financial data. It's interesting to see this much difference between the two ratings. It's rare to see a difference of more than 2 stars. The credit union is federally insured by the NCUA (Charter # 65788).
Other Bank & Credit Union Bonuses
To find other bonus deals at other banks and credit unions, please refer to my bank bonus page which has all of my recent bank bonus posts.