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Terms from the bank website as of 8/25/07:
You must be at least 18 years old to meet all package requirements needed to receive the iPod nano. Get a free iPod nano when you open a free Student Checking Account between July 22, 2007 & September 7, 2007 and fulfill all other package requirements by October 5, 2007. Offer available to individuals without an existing checking account at KeyBank. Limit one free iPod nano per Student Checking Package. Offer valid until September 7, 2007 or while supplies last. The iPod nano shipped may differ from the iPod nano shown. You must have a U.S. mailing address on October 5, 2007 to be eligible. The value of the iPod nano will be reported on Form 1099-INT.