About the Bankrate.com checking account survey

About the checking survey
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The survey

Procedure

Brick-and-mortar banks
In March 2000, Bankrate.com surveyed checking account, overdraft protection, ATM, debit card and online pricing at 353 institutions. The institutions comprised the largest banks and thrifts in terms of deposits in each of the 35 largest U.S. metropolitan statistical areas, as defined by the U.S. Bureau of the Census. Information was collected on all accounts that met the criteria listed below (a total of 1,210 separate accounts).

Online-only banks

In March 2000, Bankrate.com surveyed checking account, overdraft protection, ATM, debit card and online pricing at 12 online-only institutions. Information was collected on all accounts that met the criteria listed below (a total of 19 accounts).

Survey criteria

Brick-and-mortar banks
Institutions included in the survey:

Must be one of the largest banks and thrifts in the market area based on deposits reported to the FDIC in annual call reports.

Must have at least one full-service, walk-in branch in the market area.

Must offer FDIC-insured accounts.

Checking accounts included in the survey:

Can be opened on a standalone basis by any consumer.

Allow unlimited check writing.

Are available to new branch walk-in customers.

Online-only banks
Institutions included in the survey:

Must offer FDIC-insured accounts.

Can be opened on a standalone basis by any consumer.

Allow unlimited check writing.

The study does not reflect special pricing options such as "tiered" interest accounts. In some cases, special notes have been included to identify waiving of specific fees based on balances or other special features that the consumer can elect on the account.

Explanation of column headings

Institution identifies the institution (bank, thrift, credit union, mortgage bank) or broker offering the account. Those that are linked go to the Web site of the institution, which has paid for that link.

Account name is the marketing name the institution has given to the account.

Interest earned? The Yes or No indicates whether the account pays interest.

Min. to open is the minimum initial deposit required to open the account.

Min. to avoid fees represents the balance that must be kept in the account to avoid a monthly service fee. If the balance falls below this minimum, transaction fees also may apply.

Service fees are the monthly fees charged if the account falls below the balance required in "Min. to avoid fees."

NSF is the fee that the accountholder is charged for the first check written on his/her account when there is not enough money available in the account to pay the check. This check is returned by the institution and not paid. NSF fees may vary if more than one check is involved and/or if the institution pays the check(s).

Checks returned. The Yes or No indicates whether the institution will return the accountholder's canceled checks in the accountholder's monthly statement.

Online banking. The Yes or No indicates whether the institution offers online account access and/or bill payment. Details on online fees and options are provided in the Online Finance section of Bankrate.com.

Notes provides additional information on NSF fees, check fees, teller fees and account requirements and conditions.

-- Posted: March 28, 2000

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