Virtual banks offer better deals on checking accounts. That was the clear conclusion of Bankrate.com's latest checking study. The semiannual look at checking accounts across the U.S. showed that Internet banks clearly offered the best deals.

Bankrate.com analyst Greg McBride says: "The accounts offered by Internet banks remain in a class by themselves relative to the offerings of traditional brick-and-mortar banks. The list of attributes to the accounts offered by Internet banks is extensive -- competitive yields, lower service fees and bounced-check fees than brick-and-mortar accounts, more modest thresholds needed to avoid fees and a predominant number of accounts that are free or lack monthly service charges."

If that sounds good to you, Bankrate's research department helps you find the best deals from among the Internet banks with its comparison of Internet banking deals.

Customers of virtual banks have to bear one major financial disadvantage: ATM surcharges.

Most brick-and-mortar banks don't charge their account holders for using the bank's own ATMs. In other words, if you have an account at FirstMegaBank, you can use its ATMs free.

But if you have an account with another bank, FirstMegaBank will charge you to use its ATMs. Most banks levy these ATM surcharges. Since most virtual banks don't own ATMs, their customers have to pay surcharges.

Some virtual banks will reimburse you for a few surcharges, but other virtual banks make you pay all surcharges. If you're a frequent ATM user, it might be cheaper to keep an account at a brick-and-mortar bank.