DOC Compass — Offers, decoded

Bonus is back, thanks to reader Sid for finding the working link. Keep in mind there is a $300 bonus available in some areas at the moment.

Notes:

Some reports of them being sensitive to too many ChexSystems inquiries
You’ll receive a code like this: ONAS0218-000001406 (ONAS0118 is your promo code and the second string of numbers is your reservation code). I think this is no longer required for online openings.
If you receive “this offer has ended” message it means your zip code isn’t eligible.

Offer at a glance

Maximum bonus amount: $200
Availability: Offer available in the following markets ONLY: All of New York state except for the greater New York City area, Columbus, Dayton and Toledo OH, Denver CO, Idaho, Indiana (Central and Northern), Maine, Michigan, Philadelphia PA, Portland OR, Utah and Vermont
Direct deposit required: Yes, $500+ required
Additional requirements: Use promotional code
Hard/soft pull: Soft pull
ChexSystems: Mixed DP, most likely does
Credit card funding: Up to $100
Monthly fees: $7 avoidable
Early account termination fee: $25, 180 days
Household limit: None
Expiration date: February 23rd, 2018

The Offer

Direct link to offer

KeyBank is offering a sign up bonus of $200 when you open a new checking account and complete the following requirements:
- Use promotional code ONAS0218
- Make a direct deposit of $500 or more within 60 days of account opening

The Fine Print

Offer is available to clients who do not have or haven’t had a KeyBank Hassle-Free Account® or a KeyBank checking account during the past 12 months.
All of New York state except for the greater New York City area, Akron, Canton, Cleveland OH, Columbus and Dayton, Toledo OH, Denver CO, Hartford and New Haven CT, Idaho, Indiana (Central and Northern), Maine, Michigan, Pittsburgh PA, Philadelphia PA, Portland OR, Seattle WA, South Puget Sound WA, Utah and Vermont
Direct deposit transactions are limited to payroll, Social Security, pension and government benefits.
Limit one gift per qualifying account.
Limit one gift per individual
. The value of your gift will be reported on Form 1099-INT. Your gift will be deposited into your account within 90 days of meeting requirements.
If you close your Account within 180 days of account opening, you will be charged a $25 account early closure fee.
Other miscellaneous charges may apply. Accounts overdrawn or closed at the time of gift fulfillment are not eligible for this offer. Employees of KeyBank, its affiliates, and subsidiaries are not eligible for this offer. Accounts titled as Trust Accounts, Estate, Non-Individual, and No Access are excluded from eligibility. Offer code/coupon IS REQUIRED and cannot be sold. Offer is subject to cancellation without notice and cannot be combined with any other offer.

Avoiding Fees

Key Express Checking $7 Monthly Fee

Direct deposits of at least $500
At least 8 customer initiated transactions (any deposits, withdrawals, which includes transfers)

Early Account Termination Fee $25

If you close your account within 180 days, you are required to pay an early account closure fee of $25

Our Verdict

It’s best when they offer $300 for opening the key express checking account, but KeyBank is so scattered with what they offer (differing deals in different regions) and we haven’t see that deal for some time. Might be worth just going for this one if you’re eligible but YMMV. Will obviously post if we find a better deal. For now I won’t be adding this to our best checking bonus. They currently have a $300 bonus available in different areas here.

Hat tip to readers Mark O & Yet Another Redditor

Useful posts regarding bank bonuses: