For new customer’s opening a free checking account and meeting a direct deposit requirement through Metropolitan National Bank, a bonus of $200 will be added to your account. The bank is nationwide, which means you can open an account from any state using their online application. People who have applied reported they require a copy of your driver’s license and a utility bill or other evidence of your name and address.

In order to qualify for the $200 bonus, you must open a free checking account and set up a direct deposit that is at least $500 per pay period. The direct deposit must be from a payroll check, government benefits or pension disbursements, and must be the full amount of the pay. About 30 days after you open the account with the qualifying direct deposit, the $200 bonus will be credited to your account. In order to keep the bonus money, you have to keep your account and direct deposits for at least six months – or you will owe the bank the $200 back. (They will remove from your account – and if there is not enough money in the account, they’ll send you a bill). In addition, the $200 bonus is reported to the IRS on form 1099-int and is treated as an interest payment.

The bank will perform a hard credit pull of your credit report when you apply to open the account, which could potentially lower your credit score if you’ve had numerous credit checks recently.

The free checking account lives up to it’s name and provides free service with no monthly fees or minimum balance requirement to maintain. Online bill pay is offered for free to account holders. As an added bonus, Metropolitan National Bank refunds foreign ATM fees when you use the Visa check card.

If you prefer an interest checking account, maintain a minimum balance as required by Metropolitan National Bank and your account will accrue interest without transaction limits that many other banks impose on interest checking accounts.

The bank is located in New York City and has been FDIC insured since 1999. It offers other banking products, including a business money market account with 2.25% APY, and Certificate of Deposits that can be opened online with rates of 2.85% APY on 12 month CDs and 3.00% APY on 18 month CDs.