Checking Account Deals

When you sign up for a checking account with a promotional offer?

Some banks like TCF have promotions: Sign up for new account and recieve $50.00 grocery gift card. Do they make you sign something agreeing to keep the account open and active for a cetain period of time?(to prevent people from just opening and closing accounts for the free gift)

Public Comments

1. Depends. Make sure you read the fine print and ask those specific questions. I have read some of those promotions that require you to keep a certain balance for 6 months to keep the gift.
2. Generally, banks will require accounts to stay open for anywhere from 60-90 days to ensure a minimum time requirement. The specific promotion may have different terms (as may the bank), so check with the bank specifically to find out. If new accounts are closed within that time frame, a charge will likely be applied.