My Personal Finance Journey

Personal finance observation, musing and decisions in a journey toward financial independence by 2020 with at least $3 million.


By Topics

Overall:
0. About (10)
1. My Progress (139)
2. Car & Home (107)
3. Credit (138)
4. Banking (33)
5. Saving (49)
6. Investing (308)
7. Taxes (89)
8. Spending (74)
9. Misc (97)
A. Archive (49)



MONTHLY ARCHIVE

Feb 2014 (3)
Jan 2014 (6)
Jan 2012 (1)
Apr 2011 (1)
Mar 2011 (1)
Feb 2011 (1)
Jan 2011 (1)
Dec 2010 (1)
Oct 2010 (1)
Sep 2010 (1)
Aug 2010 (1)
Jul 2010 (1)
Jun 2010 (1)
May 2010 (1)
Apr 2010 (1)
Mar 2010 (6)
Feb 2010 (2)
Jan 2010 (7)
Dec 2009 (3)
Feb 2009 (4)
Jan 2009 (8)
Dec 2008 (1)
Jun 2008 (2)
May 2008 (2)
Apr 2008 (5)
Feb 2008 (3)
Jan 2008 (15)
Dec 2007 (32)
Nov 2007 (6)
Oct 2007 (8)
Sep 2007 (9)
Aug 2007 (24)
Jul 2007 (2)
Jun 2007 (1)
May 2007 (3)
Apr 2007 (4)
Mar 2007 (4)
Feb 2007 (13)
Jan 2007 (6)
Dec 2006 (3)
Nov 2006 (7)
Oct 2006 (7)
Sep 2006 (6)
Aug 2006 (4)
Jul 2006 (10)
Jun 2006 (1)
May 2006 (3)
Apr 2006 (2)
Mar 2006 (6)
Feb 2006 (6)
Jan 2006 (3)
Dec 2005 (1)
Nov 2005 (9)
Oct 2005 (8)
Sep 2005 (13)
Aug 2005 (25)
Jul 2005 (16)
Jun 2005 (17)
May 2005 (19)
Apr 2005 (20)
Mar 2005 (24)
Feb 2005 (23)
Jan 2005 (36)
Dec 2004 (40)
Nov 2004 (34)
Oct 2004 (17)
Sep 2004 (21)
Aug 2004 (59)
Jul 2004 (37)
Jun 2004 (31)
May 2004 (29)
Apr 2004 (52)
Mar 2004 (49)
Feb 2004 (49)
Jan 2004 (31)
Dec 2003 (48)
Nov 2003 (52)
Oct 2003 (29)
Sep 2003 (8)
Aug 2003 (5)
Jul 2003 (2)
Jun 2003 (2)
May 2003 (5)
Apr 2003 (2)
Mar 2003 (2)
Feb 2003 (3)
Jan 2003 (29)



 

Bankrate Checking Study, Fall 2004

Contributed by mm | January 12, 2005 3:48 AM PST

Do you like the bank that maintains your primary checking account? Bankrate did the legwork to compile a national-wide Checking Account Pricing Study from a sample of 464 checking account products offered by major banks. Below are the key results and how these numbers are compared to last survey done in spring 2004.

What's Becoming More Pro-Consumer?

Average yield in interest-bearing accounts: 0.28% (from 0.26%)
Average minimum to open interest-bearing account: $441.58 (8% decline from spring)
Average minimum to open a noninterest account: $56.97 (down from $60.61 in spring)
Average monthly service fee for noninterest account: $3.34 (down from $3.39 in spring)
Average minimum to avoid fees in a noninterest account: $206.33
Average minimum to avoid fees in an interest-bearing account: $2,086.93 (14% down from spring)

What's Becoming More Pricy? (i.e. Anti-Consumer)

Average ATM fee for noncustomers: $1.37 (from $1.32 in spring)
Percentage of institutions charging for ATM use: 91% (up from 89% in spring)
Average fee to use another bank's ATM: $1.29 (up from $1.28 in spring)

Checking account is the most "sticky" product; it gives the banks recurring revenue through surcharges and various fees and allows banks to cross sell you other financial products. As such, many financial institutions literally want to kill to get your account. Personally, I benefited from E*Trade's $175 offer and many other stunning offers in the past two years. So, if you want to shop for a new checking account, be sure take advantage of them.

Be the First to Comment on this Post


Add Your Comments










Remember personal information?




(It will take a few moments for your comment to be published. Please do not close the window until then.)


Read More ... 33 Posts In The Same Category










This page was last rebuilt at February 09, 2014 08:24 AM PST. (243 Words)
 

RSS FEED





PERSONAL FINANCE BLOGS I READ

Consumerism Commentary
Get Rich Slowly
My Money Blog
All Financial Matters
The Simple Dollar






.



Copyright 2003-2014, PFBlog.com. All Rights Reserved. (Privacy Policy)