Update:
I got my Key bank welcome kit, just wanted to share a few comments:
1. I was probably delayed because I played a few zip code shtick.
2. They (automatically) corrected my address, it has the zip-4 everywhere.
3. One of my forms says "Verification: Chex - PASS", which means they run you through ChexSystems. It also says "Approved by: BOSCO", which I'm going to assume means my app was manually reviewed.
4. They sent me a business reply envelope, so I'm going to save $0.44 in postage when I main them the signed documents
Looks like I'm on my way to getting my 'free' (after taxes) iPod Touch.