Does anyone offer a free checking account that requires certain standards to be met?
For instance, you have to have so many debit card transactions per month and etc?

Anything called "Free" is a hot topic for examiners and auditors. It is difficult to call an account free if you must do something.

§1030.8(a)(2)
An advertisement shall not:
(2) Refer to or describe an account as “free” or “no cost” (or contain a similar term) if any maintenance or activity fee may be imposed on the account. The word “profit” shall not be used in referring to interest paid on an account.

If the depositor fails in his monthly checklist to have a free month, there will be a maintenance or activity fee. Since such a fee "may be imposed on the account," you can't call it a free account.

You can say that you will waive the fees if the depositor. . . . . But you'd better be careful and transparent about how the program works, and definitely not make it incumbent upon the depositor to notify the bank that he's met the criteria.

Our Free Checking is now called eChecking. Same account, same features, no monthly service charge, but we DO NOT use the word "Free".