In July I signed up for a Key Bank checking account under a promotion where by if you open a checking account, make a direct deposit of $1,000, and use your debit card or bill pay 5 times, Key Bank will give you $300.  Sounded good to me, so what could go wrong?  Operator error of course.

The terms and conditions for the promotion state that the direct deposit must be a payroll type deposit.  Per Doctor of Credit, most ACH transfers should count as a direct deposit.  So I decided to give it a shot and I opened the account and transferred $1,000 from my Capitol One 360 account.  I quickly made the 5 debit transactions and had the terms of the promotion completed by the beginning of August.  Next all I had to do was wait, and wait, and wait….

Soon 3 months passes since I opened the account and 2 months since I completed the terms of the deal.  I was hoping the money would be deposited before the 3 month mark because that is when they start charging the monthly $18 fee.

During those 3 months is also when my inexperience and operator error kicks in.  I drained the account.  I used it to make some reselling purchases.  Soon my balance is down to $6.  No bonus cash, and then the fee comes.  Now I am at -$12.  And that my friends is where I screwed up.

So I contacted Key Bank (I know, I know, I know), but I was coy.  I just asked if I had fulfilled the terms. They informed me I did but to receive the bonus your account must have a positive balance.  Shit.

I am chalking this one to a learning experience.  Next time maybe I will get it right.

Also, you can cancel your bank account online via secure message.  Also, if your balance is zero or negative they will waive the fee to bring your account up to zero and close it out.  I am also not being charged the early termination fee.  So for those who have completed it and received a bonus, this should be a way to avoid early termination fee.