Opened an account over the phone using the MA code listed in the OP. Never received a postcard.
In addition to all other term & conditions posted previously in this thread, the phone rep advised that the account needs to remain open for 90 days, otherwise the $200 bonus will be taken away upon account closing. Forgot to ask if the accounts are FDIC Insured, but Fifth Third's web-site states on their home page that they're an FDIC member (see lower right-hand corner of main site). Previously in this thread, "invetsment" accounts were listed as not having FDIC coverage. A checking account is not an "investment" account, so hopefully it's FDIC insured.