A big bank threatens to end free checking. Others may follow. Here's why that sounds worse than it is

Most banks offer free checking to customers who have their paycheck direct deposited or maintain an average minimum balance. A majority of people with checking accounts take advantage of this option. However, if regulatory costs increase for banks, free services like checking might disappear. The head of Chase Bank, for example, stated that they may stop offering free checking and other banking services. Consumer banking relies on banks recouping costs through fees and higher interest rates. While smaller banks may still offer incentives to attract customers, consumers tend to stick with their bank accounts for long periods. Reasons cited for staying with a bank include customer service, convenience, and longevity.