Valley National Bank has a new checking account promotion in which you can earn up to $150. It's listed in Valley National Bank's checking account page as of 8/8/2011. To receive the first $75, a new customer must open a qualifying checking account with a minimum deposit of $100 and sign up for Mobile Banking. For the second $75, you must either establish direct deposit OR complete 3 merchant online bill payments.
Here's the small print of the offer:
To qualify for $150 Checking Promotion, open a qualifying checking account with a minimum deposit of $100 and receive $75 cash reward when you sign up for Mobile Banking and $75 when you initiate a monthly direct deposit such as a payroll, pension, Social Security or other government benefits or by enrolling in online banking and completing three merchant bill payments. The required mobile banking, first direct deposit and bill pay transactions must be completed within the first 60 days of account opening to qualify. Cash rewards will be credited within 90 days of account opening and may be reportable as taxable income. Cash rewards offered to new checking customers only. Products limited to one per consumer, two per household. Funds deposited must be new money from another financial institution. See a representative for qualifying checking accounts, complete terms and conditions.
This promotion is a nice improvement over what the bank was offering in February. Another change is that their Rewards checking is now called Perfect Checking. It's not a free checking account, but it only requires a $99 balance to avoid a $12 monthly fee.
Thanks to the reader who emailed me news of this promotion.
Valley National Bank Overview
A branch visit appears to be required to open an account. Branches are located in New York and New Jersey with most branches in the New York City metro area.
I've posted on several new-branch specials at Valley National in previous posts so keep an eye out for these types of deals.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 17.12% (average) based on March 2011 data. Please refer to our financial overview of Valley National Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 9396).