[Capital One] targeted its $200 offer to current credit-card holders who live in one of the four states (New York, New Jersey, Texas and Louisiana) where its Rewards Checking account is available.
This is similar to the one they had last year. More details on this new one is available at this SlickDeals thread (which lists a $300 bonus). If you didn't get the mailer from Capital One, it appears to be a Your-Miles-May-Vary (YMMV) deal.
There is a bit of good news in the article. There have been worries that the new credit card legislation and overdraft regulation will make it harder on savers. However, the article suggests it could be good news for those willing to open new checking accounts:
And thanks to new credit-card legislation coming into effect next month and new regulations limiting banks’ ability to charge overdraft fees, banks are likely to make such offers even sweeter. "Banks are wondering how they’ll recoup some of their lost revenue, so they’re focusing on generating revenue through checking accounts and debit-card activity," says Ron Shevlin, a senior analyst with market research firm Aite Group.
More focus on checking accounts and debit card usage may also encourage banks to open high-yield reward checking accounts. Note, the Capital One reward checking account isn't a high-yield type.
Other bank bonuses mentioned in the article include those from Chase (my Chase bonus review) and Bank of America (my BofA bonus review). To find bonuses from other banks, please refer to my recent bank bonus posts.