ON MONDAY,

announced it had revamped its free checking account, offering free checks for life, waiving ATM fees and introducing a debit card with cash back on every purchase.

It's a rarity among "free" checking accounts, many of which could wind up costing you more than $70 a year to maintain. Several major U.S. banks, including Bank of America and Chase, charge $6 a month for their free checking if you don't use direct deposit.

For more on that, see our column Super Savings Accounts Finding the best deal is also about avoiding those checking account fees.

We looked at free checking programs at nine of the country's largest banks, based on rankings from American Banker. (Some of these banks offer other checking accounts these are just the ones billed as "free.") Five HSBC, SunTrust Banks, U.S. Bancorp, Wachovia, and Washington Mutual offer no-fee, no-strings checking. The others offer some form of free checking if you jump through a few hoops.

The rest of America's biggest banks don't offer bad deals, per se you just need to meet a few restrictions before that free account really is free. Here's a rundown of their offers:

Bank of America

• Account:

  Free Checking. No minimum balance required. Free services include online banking, bill pay, debit/ATM card and unlimited check writing.

• Restrictions:

  Free account is with direct deposit only accounts without will be charged a monthly maintenance fee of $5.95. Initial deposit must be $25 or more.

• Special Offers:

  Receive a $50 credit when you open your account online. Credit will appear in your account within 50 days of account opening. Offer expires on April 15.

Chase

• Account:

  Chase Free Checking With Direct Deposit. No minimum balance required. Free services include online banking, bill pay, bank card, email alerts, online check imaging and online statements.

• Restrictions:

  Free account is with direct deposit only accounts without will be charged a monthly maintenance fee of $6.

• Special Offers:

  No current offers.

Citibank

• Account:

  Citibank Access Account. No minimum balance required. Free services include a debit/ATM card, online banking, bill pay, and email and wireless banking alerts.

• Restrictions:

  Account is free for each month you use direct deposit. Otherwise, a monthly maintenance fee of $3 will be charged.

• Special Offers:

  Earn Citibank "Thank You" points for purchases, and for using banking services. For an Access Account with a debit card, direct deposit and online bill pay, you'd earn 25 points each month.

• Account:

  Citibank EZ Checking. No minimum balance required. Free services include online banking, bill pay, online check images, and email and wireless banking alerts. By meeting account criteria (see restrictions), you can access additional free services such as unlimited check writing, free non-Citibank ATM use and fee reimbursements.

• Restrictions:

  Account is free for each month that you make two bill payments (online or by phone), use direct deposit or maintain an average balance of $1,500 in your Citibank accounts (can include checking, savings, CDs and money market). Otherwise, a monthly maintenance fee of $7.50 to $9.50 (depending on your state) will be charged.

• Special Offers:

  Earn Citibank "Thank You" points for purchases, and for using banking services. For an EZ Checking account with a debit card, direct deposit and online bill pay, you'd earn 75 points per month.

Wells Fargo

• Account:

  Wells Fargo Custom Checking. Free services include a debit/ATM card and online banking.

• Restrictions:

  Account is free for each month that you use direct deposit, make an automatic loan payment or carry a balance of $1,000 or more. Otherwise, a monthly maintenance fee of $8 applies. Initial deposit must be $100 or more.

• Special Offers:

  Your first two months of online bill pay are free.