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Is there a catch to offers of $100 when opening up a new checking account?
To add in a brief expansion to Portman's complete answer.  The payment can also be thought of as compensation for your "switching cost".  Obviously it is inconvenient to transfer your account from one bank to another (changing static payments, stationery, that sort of thing).  The cash is offered as payment towards that inconvenience.   Given the profits that banks make you can think of the $100 in much the same way as a store offering you a 5% discount on your next shopping trip.