MetaBank is a federally chartered savings bank based in South Dakota that offers checking accounts in addition to savings accounts, certificates of deposit and money market savings accounts. The bank offers two types of checking accounts: Preferred Checking Plus and free checking.
Preferred Checking Plus is the bank's interest-bearing account, as opposed to the free checking option, which does not earn interest. Customers with a Preferred Checking Plus account must pay a monthly fee; however, it is waived upon meeting certain requirements. Those requirements include maintaining a $10,000 minimum daily balance in the account in addition to fulfilling the standard qualifications for all Preferred Checking Plus accountholders, such as using the account debit card a minimum of 15 times per statement cycle and making at least one direct deposit to the account during each statement cycle, as of March 2015. One of the perks of this account is receiving access to a small safe deposit box at no cost for one year.
A free checking account does not come with any monthly service fees. It does not come with free checks either; these must be purchased separately. As with the Preferred Checking Plus account, a free debit card is issued and free electronic statements or paper statements are provided.