KeyBank is offering a Canon Powershot A460 camera (5.0 MP, 4x Optical Zoom) for opening a checking account. Specifically, you must
1) Open a new KeyBank personal checking account between February 17, 2007 and March 30, 2007, and
2) Set up Direct Deposit and/or Automated Payments and complete two transactions each of $150 or more by June 1, 2007.
Both of these should be of minimal cost, as they have Free Checking with no maintenance fees or minimums, and you can just do two online transfers of $150 from another bank. Offer available only to individuals in a KeyBank-serviced area and also without an existing checking account as of February 16, 2007. Value of camera will be reported on a 1099-INT as taxable interest.
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Very interesting! I may have to give this a try. Even if I decide I don’t need the camera it should fetch about $100 on ebay! Thanks for the tip!
$25 account closure fee if closed within 180 days.
If it’s MSRP value of camera than taxes on that interest would reduce the deal to almost no deal.
Just in case anyone’s interested, a review of the camera (not great overall):
http://review.zdnet.com/Canon_PowerShot_A460/4505-6501_16-32314544.html
MSRP is $150, 25% tax would be $37.50. If you bump it up to $50 and sell for $100, that’s about $50 after-tax profit.
Canon A-series cameras all seem to be so-so, as they are the value line. I like Canons, though.
it seams key bank does not offer it’s checking account in some parts of CA. Anyone else with such trouble?
Anyone know if they do a hard credit pull?
Yes, their footprint is somewhat limited. No hard inquiry at KeyBank.
I just found that Key Bank will put the value of the camera at $300 on the 1099-INT.
Is it worth the hassle? I don’t think so.
$300? I can’t find one store online selling this for $300. Even Ritz Camera is $150. I’d wait for the next KeyBank offer, maybe another iPod…
I was told the camera value would be reported as $170 (camera, taxes and shipping). Where did you get the $300?
I am not sure what they say that means an “Automated Payment”? Can I go ahead and make a 2 small payments without changing my existing information for Bill Paying??? Or, I need to take the hassle of changing all my Online Bill payment?
Key Bank sent me a flier in the US mail with a similar offer (quoting) “To get your free digital camera, open a new Key personal checking account between February 17 and March 30 and either: Set up Direct Deposit and/or Automated Payments and complete two transactions each of $150 or more by June 1 (2007).” I completed said Key Bank flier qualifications within the time allowed but to date, have received no camera. Key Bank has informed me they have a different set of qualifications than from what my flier stated and have refused to give me a free Canon Digital camera. Anyone else have a problem like this?