I recently tried to do a checking account cash bonus and I ended up not getting it. Over the course of about 3 months I spend many hours on the phone and it was just not worth it for me. If you have a Citi branch in your state this would likely be much easier process. It took so long to get the account fully opened and online access setup so I could transfer my funds I miss the 30 money requirement. I had them open a case to the marketing/promo group to make an exception but it got declined.

I would also expect to pay taxes on 30k AA miles.