Update 5/12/2011: This Bank of the West promotion has ended. The latest iPod touch promotion is being offered by KeyBank. Please refer to this iPod touch bonus post for more details.
Bank of the West just came out with another checking account promotion. I just posted on their $100 checking account bonus on Sunday. They're now offering a free Apple iPod touch when you open one of their checking accounts, and complete a few requirements. Here's the promotions page (now inactive). It's also listed on the bank's front page. The offer is scheduled to last until 9/3/2010. They give you three different ways to qualify after you open the checking account:
- Minimum monthly recurring direct deposit of $500. OR
- Make 10 bill payments with Bank of the West Online Banking, OR
- Make 20 debit card transactions
This was similar to the $100 bonus, except they added the 20 debit card purchases. The main issue with a gift reward is that they may report a value of the gift that's too high to the IRS. The bank doesn't seem to specify the iPod model, and they do say in the small print that the "iPod touch shipped may differ from the iPod touch shown." Based on a quick search on Google, it appears the value of the cheapest iPod touch is at lesat $150.
Update 8/16/2010: The small print has changed. In addition to the new end date of 8/20/2010, more people can qualify. The new small print includes the following:
Offer valid for qualifying accounts opened in person at participating branches in CA, CO, UT, WY, and NV or for accounts opened online by residents of AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI and WY.
Below is the offer's small print with my highlights of some of the important details:
Open any new personal checking account and either establish minimum monthly recurring direct deposit of $500, or make 10 bill payments with Bank of the West Online Banking or make 20 debit card transactions. Direct deposit must be payroll, Social Security, pension or other government benefits. Qualifying debit card transactions include signature, or PIN-based purchases only. Qualifying transactions must be completed by 10/31/10. Offer valid for new personal checking accounts opened from 07/19/10 – 09/3/10 with $100 or more from a financial institution other than Bank of the West. Offer cannot be combined with any other offer and is subject to change without prior notice and may be terminated at any time. Offer valid for qualifying accounts opened at participating branches in CA, CO, UT, WY, and NV or opened online. Offer does not apply to second or multiple checking accounts. Limit of one new checking account bonus per household per calendar year. iPod touch will be shipped to your account address of record by December 15, 2010. You must have a U.S. mailing address on 10/31/10 to be eligible. Accounts overdrawn or closed as of 10/31/10 are not eligible for this offer. The iPod touch shipped may differ from the iPod touch shown. To the extent required by law, Bank of the West will report the value of the iPod touch to the IRS on Form 1099. Any applicable taxes are the responsibility of the account holder. All accounts are subject to the Bank’s standard terms and conditions and fee schedule.
Please note the small print: "Offer valid for qualifying accounts opened at participating branches in CA, CO, UT, WY, and NV or opened online." This explains why these states were excluded in the $100 promotion. So if you don't live in these states, you may want to check with Bank of the West. When I checked with Bank of the West in March, I was told that the online account application is limited to states which have Bank of the West branches. See my $100 promotion review for a list of these states.
Regarding a hard credit pull, I was told earlier this year that they don't do a hard credit inquiry in the application (only a soft pull). So you shouldn't have to worry about a ding to your credit score.
Bank of the West is one of the large regional banks. It has $61.18 billion in assets and $41.38 billion in deposits. The bank has been a FDIC member since 1934 (FDIC Certificate # 3514).
Thanks to the reader who emailed me news of this promotion.
Other Bank Bonuses
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.