The Metropolitan National Bank is offering a $200 bonus when you open a free checking account from their bank. To qualify for this bonus, you also need to activate the direct deposit option of the account. This might not be the best checking account for most depositors, but it still proves to be pretty competitive compared to its peers’ offers.

The $200 bonus is posted on their homepage and on Free Personal Checking page as well. As of February 4,2009 this bonus is still available.

Apparently, this bonus offer was already offered last February 2008, and the rate remains the same today. There’s an application form available online, and individuals from all states are eligible for the account as long as they have a steady income of at least $500 a month.

To qualify for application, you will need to mail a copy of your driver’s license and/or utility bills as proof of your name and address. The bank may also ask you to fax your paystubs to make sure that your direct deposits come from your full salary.

Account activation needs a minimum of $500 direct deposit (in the form of recurring payrolls, government benefits, or pension disbursements). Direct deposits need to be maintained for at least six months from the date of the initial deposit before the $200 bonus is paid to you. The full details of these terms can also be viewed in the Personal Checking Account page.

The full direct deposit requirement might seem a bit painful for prospective depositors, but it will pay off in the long run. All ATM and online transactions with this checking account is absolutely free.

Take note, though, that the bank runs a hard credit inquiry and ChexSystem on all its applicants. As a holder of this checking account, you won’t need to worry about monthly fees. No minimum balance is also required.

The Metropolitan National Bank is New York-based, and it has been an insured member of the FDIC since 1999 under FDIC Certificate #34699.