"Free checking" is a relatively new practice in banking that really only caught fire after ATMs were invented. Banks would charge fees on transactions--like most financial services do.

Even now, most free checking accounts only require a certain amount of money, transactions they collect fees on, etc.

With interest rates so low, they don't make much just holding onto 500 dollars for someone.

Savings accounts had less fees, but you couldn't use them to write checks out of, etc.

> It's paid for by giving them access to our capital, that they can use to invest.

What capital? The people referred to in this article don't have any savings. Many working class people have no savings at all, and only a few thousand in their current accounts.

A person being a customer of a bank means the bank has first access to that persons business when they need mortgages, other loans, home insurance, buying funds for retirement savings etc.

I suppse where bank accounts are free including services like ATM that might be an indication that banks compete for all customers - which might ni turn be an indication that all customers are reasonably likely to buy financial products such as taking loans or savings products in the future.

Which does not make this offer reasonable, it is still ripoff. They are better off keeping money in box at home.

Criticising this offer is as valid as criticising any other expensive and bad service.