(Smart Money) — There is no such thing as free money — unless, of course, you want to open a checking account. Several banks have started offering cold, hard cash to get new customers in the door. But hidden in the fine print are fees and rules that will wipe out the windfall. Cash incentive offers have more than doubled over the last year, says Schwark Satyavolu, chief executive of BillShrink.com, which tracks bank account trends. Citigroup is wooing new customers with up to $300, Capital One is offering $200, JPMorgan Chase is doling out up to $125, and online bank WTDirect.com’s account carrot is up to $300 for opening a new savings account. And in the last month, more than half a dozen small banks have also rolled out similar incentives of up to $220.
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