I've been researching this myself, so far ING has a pretty good online bank, no fees (including ATM)and its federal insured. They even have an invest checking account and the MMA/saving intert rates are better than my current CU. I'm making the change to online also, seems like a better deal.
Well it depend on your location that from where u r. Then just search online for good banks near your area. Thats it
NO bank can allow overdrafts to go through without charging you fees! In fact, without overdraft protection, they generally disallow any overdrafts, especially where they do not know the customer in person. And they will charge you for the bounced check. Where there is no minimum balance requirement, they are more likely to charge fees.
The best and most reputable online bank I've come across is EverBank. They are not cheap, but they do offer the widest variety of services, investment products, etc. A very innovative bank.