Checking IS More Expensive Than Ever, New Bankrate.com Study Shows.Business Editors NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Oct. 2, 2000 Exclusive Bankrate.com Research Shows Consumers Where to Find the Best Deals On Checking Accounts -- and How to Avoid the Worst; Study Focuses On Checking Accounts and ATMs For Traditional and Internet Banks Bankrate.com, the flagship site of Bankrate, Inc. (Nasdaq:RATE), has released the semi-annual Bankrate.com Checking Account Pricing study. Key findings: -- ATM surcharges paid by Americans are estimated to hit $2.2 billion this year -- up from $1.5 billion two years ago. The average surcharge is up, and they're more difficult to avoid because more banks are charging them. -- Average non-sufficient funds (bounced check) fees keep marching higher. They now average almost $24 -- and one bank charges $35! -- Interest-bearing checking accounts continue to be a bad deal. Yields are low and the average monthly service fee has risen almost 9 percent in the past two years to an average of $10.43. -- One bright spot: The number of institutions not charging to get cash back at point-of-sale locations, such as supermarket checkouts, is higher than ever. -- Bankrate.com also names the best and worst checking account deals in the United States. The semiannual study is based on its exclusive Bankrate research of 1,215 accounts offered by 353 traditional institutions. In addition, Bankrate researched the online accounts offered by the traditional banks with the largest online presence and Internet-only banks to gather additional insights and comparisons. The conclusions are presented on Bankrate.com in a series of 11 stories and informative tables in a two-day series starting on Monday, Oct. 2. Copies of your local market are available to the news media by calling Don Munsell at 1-800-327-7717 extension 297. About the study Bankrate.com has looked at checking accounts offered by the 10 largest institutions (banks and thrifts) in each of the 35 largest markets since 1998. In general, 350 institutions and approximately 1,200 accounts are included in the semiannual study. Internet banks have also been included in the study since March 2000. The study focuses on the checking account offerings and ATM card An ATM card (also known as a bank card, client card, or cash card) is an ISO 7810 card issued by a bank, credit union or building society. Its primary uses are: "Bankrate.com's research in this Checking Study will help consumers make educated decisions about their personal finances," explained Elisabeth DeMarse, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bankrate, Inc. "For over 20 years, Bankrate.com has been the authoritative and trusted source of personal finance rates and tools, and will continue to be the Internet's leading consumer banking marketplace." "By joining our expert and objective research with our award-winning editorial, Bankrate.com is able to offer the consumer access to the tools and knowledge required to make wise financial decisions," noted Jeff Cunningham Jeff Cunningham (born August 21, 1976 in Montego Bay, Jamaica) is a Jamaican-American soccer striker, who currently plays for Toronto FC of Major League Soccer. Cunningham was born in Jamaica, but moved to Crystal River, Florida at the age of 14. , Chairman of the Board of Bankrate, Inc. "As the leading aggregator of financial products, Bankrate.com offers a wide range of tools and editorial on personal finance - all designed with consumers' needs in mind." Specific account detail for each of the 35 largest U.S. markets can be found in the Checking and ATM channel of Bankrate.com and related stories will run on the Bankrate.com home page throughout the week at www.bankrate.com. The direct link to the checking study is www.bankrate.com/brm/checkingstudy About Bankrate.com Bankrate.com is owned and operated by Bankrate, Inc. (Nasdaq:RATE). Bankrate.com is the Internet's leading consumer banking marketplace, with an average of 1.6 million unique visitors A count of how many different people access a Web site. For example, if a user leaves and comes back to the site five times during the measurement period, that person is counted as one unique visitor, but would count as five "user sessions. per month connecting with more than 4,000 financial institutions in 126 markets in 50 states. Bankrate operates a portfolio of personal finance channels, including banking, investing, taxes and small business finance. It is the leading aggregator of 100 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate provides financial applications and information to a network of more than 120 partners including NBCi (Nasdaq:NBCI), Yahoo (Nasdaq:YHOO YHOO Yahoo! Inc. (NASDAQ symbol) ), America Online See AOL. (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. ), 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. and Smart Money. The company's information is also distributed through more than 100 national and state publications. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act. Investors are cautioned that actual results could differ materially from those anticipated by such statements and are advised to consult our current SEC filings for additional information concerning risk factors that affect the Company's business. |
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