To clarify, it is still possible to have free checking. Free checking just isn’t as common as it was in the past, and consumers shouldn’t expect to have the free service without jumping through several hoops. For the most part, free checking is available if a) you meet a big bank’s often-confusing account requirements, which typically include maintaining a sizeable balance (say, over $1,500) and making regular direct deposits; or b) you do your checking with a small bank or credit union that offers free checking without such requirements and fees. (The absence of these requirements and fees is certainly one reason that credit unions and small banks routinely cream big banks in customer satisfaction surveys.)
Read more: Time Money