There are only two real requirements to open the free checking account 1.) and valid SSN if you are a US citizen and 2. a minimum deposit of 100.00

Each state is going to have different CDL requirements. I would recommend checking with your local Department of Motor Vehicles for your state requirements.

One can find out if they meet the eligibility requirements for a SBA 504 loan by checking out the sba.gov website. The eligibility requirements are clearly listed.

savings accounts are not subject to the Fed's reserve requirements because savings accounts are not as liquid as checking accounts.

The biggest benefit to a free online checking account would be the no extra fees or requirements. Most online checking accounts are available without a minimum balance on the account, and other extra fees.