You can open a free account where the service fee is waived if you do five debit card transactions per month or have an active business credit card (meaning there was a balance at some point in the statement period) linked to the account. To open the account you either need a business license or you have to be a licensed professional (attorney, accountant, etc.).

Be warned that you have to go in the branch for this and depending on the representative you work with this could take up to an hour as they probe you for information on your business and opportunities to sell other products. However, $200 is well worth an hour of my time.

$150 PlainsCapital Bank Free Checking Offer

Here’s the details:

To qualify for the $50 bonus, you must open a new PlainsCapital Bank Free Checking Account by Feb. 19, 2010, with a minimum deposit of $50 in new funds (e.g., money not currently held at PlainsCapital Bank). The $50 bonus will be automatically deposited into your new account within 10 business days. To qualify for the $100 bonus, you must set up direct deposit into the new account within 60 days of account opening. Once direct deposit is set up and a deposit is made, the $100 bonus will be automatically deposited into your new account within 10 business days.  Bonuses cannot be considered the minimum opening deposit. Limit one offer per customer. Checking account to remain open for 90 days or the account could be subject to an early closing fee. Account is subject to approval. Bonus is considered interest and must be reported on IRS Form 1099-INT.

UPDATE 1/14/2010 3:05pm: It looks like they have completely taken down the offer from their website. You may want to call to see if they will still honor this offer in-branch before making the drive over to one of their locations.

But if you disagree with a company’s business practices, is a boycott the most effective means of jabbing a stick in their eye? I would submit to you that it isn’t. You may do the most damage to the offending company by being what Best Buy termed several years ago as a “devil customer”. Best Buy determined that some of their customers who bought high-priced items or overpriced accessories without a sale were “angel customers”, but there was a certain percentage that were unprofitable customers that were considered “devil customers”. Included in the behaviors of the devil customer were taking advantage of price-match policies and only buying loss leader items (items sold below cost to get you into the store with the hope you’ll buy other items at regular price). Best Buy CEO Brad Anderson was quoted as saying, “They can wreak enormous economic havoc.”

So how can this be applied to protest companies you don’t like? Simply be a devil! For retail stores don’t boycott the store, but go there and only buy obvious loss leaders. If it is a store like Walmart with a price-match policy, go and price-match other stores’ loss leaders. Buy nothing that will actually make money for the store - save those items for their competitors and let those stores reap the profit.

Taking this concept back to banks, do everything you can to make sure the bank doesn’t make money on you. Move your money elsewhere unless they are paying an extremely high promotional rate that they are likely losing money on. Take advantage of promotional offers to open checking accounts and credit cards for bonus money or other perks, then only use the account enough to qualify for the bonus and avoid services fees and as soon as you are allowed cancel the account. If you do the dollar coin hustle, use an account over there to dump off your coins and make them eat the expense of handling them. Basically do anything that will cost them money but where you won’t incur any fees.

Think of it this way: if you boycott a company, they just don’t make any money off of you. But if you are a devil customer to a company, not only do they not make money off of you but they actually lose money by your having a relationship with them.

The Orange Savings Account offers:

• Great rate – no minimum balance required. Everyone earns the same high yield.
• No fees – your money goes to work for you.
• No changing banks – the Orange Savings Account is linked to your checking account.
• 24-hour access to your account – you’re always ready for opportunities.
• FDIC-insured – your money is safe and secure.

Referral links:

• Orange Savings Referral

Electric Orange delivers the access and convenience of checking with the earning power of savings:

• Earn high interest
• Free ATM access at more than 32,000 locations nationwide
• A MasterCard® Debit Card for purchases
• Free Bill Pay and automatic overdraft protection

Referral links:

• Electric Orange Checking Referral
• Electric Orange Checking Referral
• Electric Orange Checking Referral
• Electric Orange Checking Referral
• Electric Orange Checking Referral

Please note that these links expire on 10/12/2009. If you see a message at the top of the ING signup page saying the link is invalid or expired, it means it has probably already been used. Just use one of the other links to complete the signup.

In addition to earning $25 for yourself, using these referral links helps support this blog with a $10 bonus for each successful referral. Thanks!

Rules of the game: Bonuses are only paid for accounts that are opened with an initial deposit of at least $250. Initial deposit does not include bonus. The $25 bonus is available only for new accounts with a new Customer as primary owner. Only one bonus will be provided per household. Bonus starts earning interest upon account opening, but is unavailable for withdrawal for 30 days.