- $100 minimum opening deposit required to qualify for the bonus
- direct deposit must be established by 4/30/09
- Must enroll in online statements and suppress paper statements by 4/30/09
- Bonus will occur within 120 days of account opening in the checking account that receives the direct deposit
The online application specifies the following requirements for opening a checking account:
- Must be a U.S. Citizen
- Have a permanent residence within a state where Compass Bank has a banking center (Alabama, Arizona, Colorado, Florida, New Mexico, or Texas).
I completed a Compass checking promotion in 2006 and received the promised $50 gift card without any problems. One downside is that I did received two hard credit inquiries by Transunion.
The Build-to-Order Free Checking comes with some basic features. Two additional premium features are allowed without cost. The notable basic feature is no minimum balance or direct deposit requirement. The notable premium feature for those who want to make extra money is a $25 anniversary cash bonus. One feature that is lacking is free checks. A reader in my previous Compass post mentioned that the first order of checks is free.
The disclosure has some of the details of $25 anniversary cash bonus feature. I switched my Compass checking account to this Build-to-Order Free Checking in December 2007 and chose the $25 anniversary cash bonus as one of my premium features. Then I set up small monthly ACH debits from my online bank account to keep the checking active. Last December I received the $25 credit as promised. I confirmed with a CSR that this bonus will occur every year as long as the checking account remains active.
Compass Bank is FDIC insured (FDIC Certificate # 19048).
Thanks to the reader who emailed me news of this new promotion.