You can get a free ATM checking account with Wells Fargo when you get your student ID card---your ID card doubles as an ATM card. The Stanford Federal Credit Union understandably resents this cozy arrangement between Stanford and WF, and is aggressively competing with its own free ATM checking account. You have to get a separate ATM card, but the SFCU also offers free mugs and mouse pads. It's a tough choice. Both have ATMs and offices at Tresidder, so you might want to check out the competing offers before choosing a financial institution.
The Bank of America also has a major presence on campus, with an office at the Stanford Shopping Center. Along with WF, BofA is the other big California bank---there are no national banks in America, so don't be fooled by the name. BofA does not seem to be attempting to match the offers of WF or SFCU for free services; they seem to simply be offering to waive the monthly service charge for one year. In general, banks charge all sorts of fees unless one's minimum balance reaches a specific high level, so get all the details before signing up.