If you're looking to open a checking account online with hopes of better rates and fees, you probably want to avoid the Web sites of larger banks with roots in the physical world. These banks price accounts opened online based on customer residence.
Customers receive the same pricing as the local markets.
That's why these banks ask customers where they live in one form or another. When you contact one of these institutions, one of the main questions the bank will ask is where you're from. Bank One and First Union, for example, will ask for your ZIP code. You'll then be given the same rates that you would receive if you'd walked into your hometown branch of the same institution. In addition, some institutions, such as Bank One and Bank of America, don't offer all of their accounts in all markets.