Update: This BBVA Compass promotion has ended. For those who live in parts of New York, another bank is offering an iPod touch bank promotion that's scheduled to last through 9/30/2010. BBVA Compass has regularly offered an Apple iPod promo each year, so hopefully, we'll see another one at the end of 2010.
BBVA Compass is offering a 8GB iPod touch for opening a new Build-to-Order Free Checking account by 12/15/09 and setting up payroll direct deposit. Here's the promotion page link. As instructed at that promo page, make sure you first register to receive the claim code.
Some important details listed in the small print include:
- $100 minimum opening deposit required to qualify for the bonus
- Direct deposit must begin within 6 weeks of account opening and must continue at least once per statement cycle
- At 6 months your account will be verified again to confirm you are still meeting the payroll direct deposit requirement. If not, BBVA Compass will debit $180 (the approximate cost of the iPod touch) from your checking account.
- You must pay for shipping and handling of the iPod touch
- Does not apply to anyone who already has a BBVA Compass checking account
- Limit one iPod touch per household
- BBVA Compass may report its value to the IRS
Requirements for Opening Compass Bank Accounts:
The online application specifies the following requirements for opening a checking account:
- Must be a U.S. Citizen
- Must be 18 years old (19 in Alabama)
- Have a permanent residence within a state where Compass Bank has a banking center (Alabama, Arizona, Colorado, Florida, New Mexico, or Texas).
Compass Checking Accounts
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 a FDIC member (FDIC Certificate # 19048).
Credit for this find goes to FatWallet member rcbullock who posted the deal at this FW thread.
Other Bank Bonuses
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.