The Compass Bank gives $150 when consumers open the new best checking account with a minimum deposit of $100 by 28 February 2009.. It also requires use of some services to qualify for the reward.

The account holder will receive the first $75 by using the online bills payment facility or utilizing the Payroll Direct Deposit. The next half of the reward asks for setting up of automatic transfer of funds from their Compass checking account to a savings account.

To further clarify, here are some important issues to look at to earn the $75 reward thru Online Bill Pay:

Upon opening of the checking account, the holder must enroll for the Online Bills Payment within the promo period.
Pay 5 bills at the least for the first 90 days after account opening. This bills must be paid to a third party to be eligible and must be $25 or up
Meeting the requirements will reward the account holder $25 each month up to $75 for the 90 day period
The Bill Pay facility online comes free with checking accounts except for the Basic Checking
The reward will be credited to the account 2 months after the posting of the 5th approved bill payment every qualifying month

$75 Reward for Payroll Direct Deposit

To qualify for this, the account holder must register a recurring deposit through payroll direct within 30 days after opening the account
This cannot be combined with the Online Bill Pay
The reward will be deposited to the account within 120 days of the scheduled recurring direct deposit

The $75 reward can also be given for setting up a Savings Plan:

This requires that the checking account be opened within the promo period or thru Februar 28.
$50 transfers must be set to automatically transfer from the checking account to a savings or money market account on a monthly basis
The $75 reward will be credited to the savings or money market account after the third transfer of funds
The consecutive transfer of funds must occur three times within four statement cycles
The automatic transfer of funds must not be set up online
The offer is limited to new checking accounts and on a one per household basis

As an account holder, you must watch out for the details of the savings or money market account from Compass Bank. Take note of any monthly fees or any balance requirements that you must meet. The rates may vary from one state to another so it will be best to call the bank to inquire about the rates for the savings or money market accounts.

Interested individuals must be living in the area of coverage of the bank. Compass Bank has centers in Texas, New Mexico, Florida, Colorado, Arizona, and Alabama.

The bank has FDIC insurance with certificate # 19048.