FirstBank is offering your choice of an Apple iPod touch, an Amazon Kindle or a Garmin for opening its free checking account. The only details of this promotion are in the small print at the bottom of FirstBank Free Checking page. The requirements listed in the small print include:
- enrolls for online banking
- (1) a direct deposit greater than $300 posts to the account, or (2) three bill payments are made from the account to corporate entities
- Requirements (1) and (2) above must be met within 60 days of account opening and the code will be given within 90 days of account opening
Some additional important points in the small print include:
- Offer valid only for customers residing in Colorado, Arizona, or Riverside County, CA.
- Direct deposit must be payroll, pension, Social Security or other government benefits.
- Direct deposit or Bill Pay enrollment must be new to FirstBank.
- The cost of the gift is considered interest and is subject to IRS and other tax reporting.
- The cost of the gift is considered a bonus that can be revoked if the account is closed within six months of opening
Credit for this bonus find goes to this iBankDesign thread.
The Free Checking Account does have a few potential fees, but you should be able to avoid them:
- If you sign up for the Optional Bill Pay service and less than three bill payments are made per month, a $5 inactivity fee will be assessed
- Paper statements are available for a monthly fee
A reader reported in 2008 that they do a hard credit inquiry in the application process. This can temporarily ding your credit score. Another thing to be aware of is that checks are not free. I was told in 2008 that you can choose not to receive them. You may have to call and request that you don't want checks.
Branches are mostly located in Colorado. There are also branches in the Phoenix Arizona metro area and in the California cities of Palm Desert and Indio.
FirstBank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 7.80% (excellent) based on December 2010 data. Please refer to our financial overview of FirstBank for more details. The bank has been a FDIC member since 1963 (FDIC Certificate # 18714).
Other Bank Bonuses
To find other bonus deals at other banks and credit unions, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.