Update: This promotion has been extended to May 30, 2014. The new promo code is ONFT0514.
KeyBank has another checking account promotion. Last month it was giving away a Kindle Fire HD. That has been replaced with a $200 cash bonus. Like before it's an online-only offer, and it’s only available in certain areas of the country that are in KeyBank’s market area (see below). Here’s the link to KeyBank’s promo page. The offer is scheduled to last until May 2, 2014.
The bonus requires that you open a qualifying KeyBank checking account online and enter offer code ONFT0314 by May 2, 2014, and make at least one direct deposit of $500 or more within 60 days of account opening. According to the offer’s small print "Direct deposit transactions are limited to payroll, Social Security, pension, and government benefits." Credit for this find goes to FW member mindbowels who mentioned on this FW thread.
If you click on the "Compare All Checking Accounts" link in the promo page, you can compare the qualifying checking accounts. All have potential monthly service charges. You can avoid monthly fees on the Key Express Checking by making at least $500 in deposits or initiating 8 transactions per statement cycle. Note, the table also shows a "Relationship Rewards membership fee" of $40 per year for Key Express Checking. However, Relationship Rewards appears to be an optional service.
Below is the offer's small print:
Between 3/1/2014 and 5/2/2014, you must open a qualifying checking account online and make one direct deposit of $500 or more within the first 60 days after account opening to get your gift. Limit one gift per individual. Limit one gift per qualifying account. The value of your gift will be reported on Form 1099-INT. Your gift will be deposited within 90 days of meeting requirements. Direct deposit transactions are limited to payroll, Social Security, pension, and government benefits. Offer not available to individuals who have had a KeyBank checking account in the last 12 months. Employees of KeyBank, its affiliates, and subsidiaries are not eligible for this offer. If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee. Accounts overdrawn or closed as of 6/27/2014 are not eligible for this offer. Accounts titled as Trust Accounts, Estate, Non-Individual, and No Access are excluded from eligibility. Offer is subject to cancellation without notice and cannot be combined with any other offer. Other miscellaneous charges may apply.
Click on the FAQ link in the KeyBank promotions page for more details.
KeyBank doesn’t have the best reputation among many DA readers. You can read the problems customers have experienced in the comments of my 2012 KeyBank post and in my 2011 KeyBank post. If you have participated in a KeyBank promotion, please take my poll on KeyBank’s reputation on paying out bonuses.
Online Application - Available Only in Certain States
When you apply online, you have to enter your zip code. Not all zip codes are accepted. Like previous KeyBank promos, it appears to be only available in areas where they have branches. KeyBank branches are located in the following states: Alaska, Colorado, Connecticut, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.
KeyBank is a large bank with over $90 billion in assets. It has an overall health grade at DepositAccounts.com of an A+ with a Texas Ratio of 6.45% (excellent) based on December 2013 data. Please refer to our financial overview of KeyBank for more details. The bank has been a FDIC member since 1956 (FDIC Certificate # 17534).