This is one of the most valuable freebies I've ever been offered simply for being a customer. Bank of America online banking customers, new or existing, are being given a one-year free subscription to McAfee, worth $70 at retail.

The fine print is relatively clear (reprinted below, after the screenshot). The main "catches:"

• Must not have a current McAfee subscription (see Results below)
• The subscription auto-renews at $34.98/yr, a 50% discount
• While in progress, the BofA offer never mentions number of users covered (the normal $69.99 subscription from McAfee covers three users, see note 1); however, during checkout, after accepting BofA's offer, the product description confirms three users are covered with the subscription

Bank of America is also publicizing the offer on its main website (here). To accept, users must log in to online banking first.

Results: I signed up for the account this morning and was surprised to find that you are not required to use Bank of America for payment. In fact, BofA is never mentioned again after leaving the original landing page (see second screenshot). The McAfee cart offered the usual choice of Visa, MasterCard, American Express, PayPal and others. 

Opportunity for financial institutions: Assuming you can swing a deal with McAfee that requires no out-of-pocket expense, offering your customers a year's worth of anti-virus protection is a win-win. The primary downsides are a few extra calls to customer service and a few irritated existing McAfee customers who do not qualify for the freebie.

Bank of America logout screen (21 Oct 2009; 7 AM Pacific)

Fine print on bottom of page above:
This exclusive offer is available only to Bank of America Online Banking customers. Online Banking customers receive McAfee Internet Security for PC free for 12 months, a $69.99 value. At the end of the 12-month period, Online Banking customers are eligible to renew for another 12-month period at 50% off MSRP or $34.98. Customers with a current McAfee subscription are not eligible for this offer. Bank of America reserves the right to modify this offer and eligibility requirements at its discretion.

Landing page (link)

Same offer on BofA website (link)

Notes:
1. The service is currently offered at a discount at Intel's software store for $32.95 for one year for three users. Intel's offer was positioned via paid ad at the number-one position on a Google search for "McAfee Internet security."
2. For more information on online banking security, see Online Banking Report: New Security Techniques (Sep 2008)