Is "free checking" really free?

Is "free checking" really free?

Mitchell Freedman, CPA/PFS (CEO, MFAC Financial Advisors) gives expert video advice on: What kinds of bank accounts should I have?; How do I open a bank account?; How can I compare banks and the services they offer? and more...

The old story is there is no such thing as a free lunch. Indeed, a "free checking account" might not have any service charges, any monthly service charges or transaction charges attached to it. But there may be a requirement that you maintain a minimum balance in the free checking account and that minimum balance could be anywhere from a few hundred to a few thousand dollars. In a free checking account, you might not receive interest on that money. So while you are not paying any fees, you could still be losing opportunity to make money because of the requirement to maintain the minimum balance in the account.