We've been talking for some time about the possible "end of free checking." Many think that banks will be forced to add fees to cover the expected shortfall in the post-overdraft fee era. Bank of America (NYSE: BAC) certainly has a challenge on its hands as it figures all of this out.

But there are many options for banks. Some will simply impose a maintenance fee. Others may try to be more creative, offering more services as well. Fifth Third Bank, for example, will charge $7.50 a month for users of its Secure Checking Account service, but it will also throw in identity theft protection. Banks may add other services. To some, it will seem a bit gimmicky--a way to make the new fee more palatable--but what else can a bank do?

This may be an opportunity for banks to pitch themselves as ones that "still offer" free checking. Of course there will be strings attached--high minimums and required direct deposit. PNC is offering free checking still with no minimum balance. It will also give you $100 dollars if you set up a direct deposit and make 10 check card purchases with your PNC Visa check card. In general, the idea of free checking will still resonate with the public. Banks need to understand that.

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