It’s Free Money Friday! Since we’re busy traveling out of town for the holiday weekend, a free GPS offer seemed like a no brainer!
How to Get Your GPS
- Open a new qualifying KeyBank account by April 24, 2009.
- Make one debit card transaction and a combination of two direct deposits and/or automated payments each of $100 or more by June 26, 2009.
- Get your Garmin nüvi GPS within 90 days.
Key Bank Accounts
Qualifying Accounts. To get a nüvi 205W GPS, open a Key Express Free Checking account or a Key Advantage Money Market Checking. To get a nüvi 265WT GPS open either a Key Privilege Checking or a Key Privilege Select Checking account. In addition to the personal checking accounts, many of the business checking accounts qualify too. Check the FAQ for full details.
Minimum Balance. The Key Express Free Checking account does not have a minimum balance. The other accounts have minimum balance requirements.
Limited States. While KeyBank offers banking in 37 states, the GPS promotion is limited to Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.
1099 Reporting. You’ll get a 1099-INT for the value of the GPS; $266 for the 205W and $240 for the 265WT.
Terms and Conditions
Here are some additional terms and conditions for the GPS offer:
- Limit one Garmin GPS per qualifying account.
- Limit one Garmin GPS per individual.
- Offer available to individuals without an existing checking account at KeyBank as of 3/27/09.
- If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.
This is a pretty good deal considering that the Garmin Nuvi 205w is going from anywhere between $120 and $200. It definitely isn’t one of the newest GPS models on the market, but if you are going to be getting a GPS and open a checking account in the near future I wouldn’t see why you wouldn’t jump through these small hoops and get a free Garmin in the process.
Thanks for the heads up!
This is hardly free as you will have to pay taxes on what they consider the value of the GPS unit (Which is higher than what you can go buy that unit for), and KeyBank is well known for tacking on fees for every little thing.