Bankrate.com Study Finds Interest Checking Account Fees Continue to Rise; Non-Interest Checking Account May Be Best Option For Most Consumers.Business/Technology Editors NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--March 27, 2000 Bankrate.com, a division of the ilife.com (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ILIF ILIF International Logistics Information File ILIF Integral Lock Induced Failure (firearms) ) family of Web sites, today announced the findings of its semi-annual Checking Account Pricing Study. The study reveals that interest-bearing checking accounts continue to require a higher minimum amount to open, higher minimum balance to avoid fees and higher monthly service charges than non-interest accounts. According to the bankrate.com study, the average monthly service fee for interest bearing accounts rose three percent to $10.23, but dropped two percent to $5.99 on non-interest accounts. Further results indicate that 97% of the institutions charge a monthly fee on their interest bearing accounts versus 88% for a non-interest bearing account. "Many times an interest checking account is not in the best interest of the consumer," said Greg McBride, a financial analyst with bankrate.com. "The fees charged on many interest checking accounts far outweigh any interest income. Consumers should adopt a "fee shopping" rather than a "yield-shopping" approach to finding an account." This exclusive study also shows the average balance required to avoid a service fee on interest checking rose to $2,394.32, a five percent increase from October 1999. However, the average minimum balance required for a non-interest checking account is down to $466.17, a five percent decline from six months ago. The full results of the survey, and a detailed breakdown of the fees, will be published at the end of March on www.bankrate.com in the checking/ATM channel. Online checking accounts will be available on www.bankrate.com in the Online Finance channel. Bankrate.com will also distribute a special TV segment on its checking account findings to participating stations across the country for their local news programming. Greg McBride is available to discuss the customer ramifications ramifications npl → Auswirkungen pl of the study. About Bankrate.com Bankrate.com provides consumers with financial data, research and editorial information on non-investment financial products. A large research team surveys some 4,000 financial institutions every week in order to provide objective rate information on banking products including mortgages, credit cards and auto loans. Bankrate.com is unique in its approach to offering objective rate information on 130 markets in all 50 states and Puerto Rico. About ilife.com Based in North Palm Beach, Fla., ilife.com (NASDAQ: ILIF) is an industry leader in creating, producing, broadcasting and syndicating personal finance information for the online consumer public through a broad portfolio of Web sites, print publications and TV and radio segments. The company's personal finance portal, www.ilife.com, features original content that deals with financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , taxes, insurance, investing and banking. The portal serves as a gateway to ilife.com's family of Web sites and broadcast segments, including the award-winning bankrate.com, Pivot.com, theWhiz.com, IntelligentTaxes.com, Consejero.com, CPNet.com, GreenMagazine.com and the TV and radio version of "Cost of Life." Content from ilife.com is published on co-branded Internet sites through more than 70 distributors, including NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. Internet, Inc. (NASDAQ: NBCI NBCI National Biological Control Institute (USDA subsidiary) NBCI North Branch Correctional Institute (Maryland) NBCI National Broadcasting Company Internet/Interactive ), Yahoo! (NASDAQ: YHOO YHOO Yahoo! Inc. (NASDAQ symbol) ), CNN CNN or Cable News Network Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. , America Online (NYSE NYSE See: New York Stock Exchange : AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. ) and Smart Money. The company's original research is also distributed through more than 120 national and state publications. Ilife.com sites have approximately one million unique visitors per month, according to Media Metrix. |
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