I received this in the mail. I consider it "Your Miles May Vary" [YMMV] since the fine print says "This offer is available to Citi cardmembers who receive this communication."

Summary:

To qualify for $125 first open a new regular checking account in the Citibank Account package. Then within 60 days of opening, begin performing at least one of the following everyday banking activities each month for two consecutive months:
* One or more direct deposits
* Two or more electronic bill payments
* Five or more purchases with your Citibank debit card

Offer expires on 2/28/11
Offer code C23T
Enter code @ offer.citibank.com
or call 1-866-674-8868
or visit branch

Note, the Citibank Account requires a $6K combined balance to avoid a $20/month fee.

There's also a $150 bonus for the Citigold account package, but this requires at least a $50K combined deposit balance to avoid a $30/month fee.

Below is the promotion disclosure

Promotion Code: C23T

When you applied for your new Citibank checking account, you identified the special offer code of C23T to receive a $125 bonus for a Citibank Account or $150 bonus for a Citigold Account. Below are the terms and conditions that you must meet in order to obtain the benefits of this special offer.

Terms and Conditions:

This offer is available to Citi cardmembers who receive this communication and are the primary credit card account holders. A bill that is paid by making a transfer between linked accounts does not qualify as a bill payment for this offer.

The cash bonus will be deposited to your Citibank checking account within 90 days from the end of the statement period in which you met the qualifying requirements stated in this offer. Your Citibank and Citi credit card account must be open and in good standing at the time the bonus payment is deposited.