On the Hunt for Bank Fees (Not Eggs) - Page 2
Credit unions generally offer better terms on checking and savings accounts and on loans. Deposits are insured by the Federal Credit Union Act (similar to the FDIC insurance on bank accounts). All federal credit unions and 95% of state-chartered credit unions have "share insurance" (deposit insurance) of at least $250,000 per member through the National Credit Union Share Insurance Fund This deposit insurance is backed by the full faith and credit of the United States government and is administered by the National Credit Union Administration.
For more information on free checking offers, the May issue of Consumer Reports has an article on ways to hunt down free checking.