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Frequently Asked Questions

• What banks and credit unions do you cover?

  We currently cover the top 85 US banks, the major online banks, as well as community banks and credit unions -- representing over half of all bank locations in the US. We are adding more banks and credit unions every week.

  Do you work for a community bank or credit union that isn't in FindABetterBank? Consumers in your market would love to know how your accounts compare. Click here to learn more

• How often do you update your information?

  We're able to electronically monitor many data elements (e.g., interest rates) and those are updated immediately. Otherwise, we do a full audit of banks' information at least once every 90 days. In most cases, small banks and credit unions maintain the information themselves. We send them monthly reminders to validate their information and remove any information that hasn't been checked within 90 days. Inaccuracies brought to our attention are researched and updated immediately.

• What is a 'branchless or Internet bank'?

  A "Branchless Bank" is an institution that does not have any physical bank locations to conduct business with it's customers -- instead it relies on the Internet and other channels.

• Where do you get your information?

  We conduct our own research for the largest US banks and we audit the information provided by community banks and credit unions.

  Our branch location database is sourced from the FDIC and is updated with information provided by banks and credit unions. In addition, we utilize Google's Maps to identify which banks have locations near you.

• How does 'Find A Better Bank' make money?

  We provide a range of fee-based services to banks and credit unions listed in FindABetterBank including research, analytics, opt-in email and account switching services.

  FindABetterBank is about enabling consumers to choose the best bank or credit union given their specific requirements. It's critical comparisons are "fair and square." Therefore, we don't sell advertising or placement in search results. Also, we don't make money if you visit a bank's website from FindABetterBank or if you open an account as a result of using FindABetterBank.

  Do you work for a community bank or credit union that isn't in FindABetterBank? Consumers in your market would love to know how your accounts compare. Click here to learn more

About FindABetterBank

FindABetterBank provides unbiased information to compare checking accounts at banks and credit unions based upon location, feature preferences and banking behavior.

FABB Insights are reports based on what people are looking for at FindABetterBank.com when shopping for checking accounts and which accounts they ultimately chose.

	Find A Better Bank Now
Issue 2, February 2009

Consumers Want More Than High Interest
Rates on Checking Accounts

In September and October 2008, 19,972 consumers used FindABetterBank.com (FABB) to search for new checking accounts . Twenty-two percent of these searchers indicated this new account must earn interest (see Figure 1-1). But 80% of these users who "must have interest" also specified additional must-have features like online billpay (see Figure 1-2).

This FABB Insight looks at what -- aside from interest on balances -- these searchers are looking for in a new checking account and which accounts they chose at the end of the process.

Important Features for Consumers Include Online Billpay, Overdraft Protection and Free Linked Deposit Accounts

Users of FABB specify "Don't care" "Nice to have" or "Must have" for 12 popular features banks include with their checking accounts. As noted above, 80% of those who specified they must have interest on balances included other features as must-haves. While Online Billpay and Overdraft Protection top the list, consumers' more traditional banking needs bubble-up in importance when comparing accounts (See Table 1). For example:

• Free linked deposit accounts. Despite requiring interest on their checking account balances, many of these consumers still want to manage their cash-flow in a traditional fashion by transferring money into or out of their checking accounts.
• Unlimited check writing.Statistics reveal that people write fewer paper checks these days than five or 10 years ago. But this is still a very important requirement for consumers demanding feature-rich checking accounts.

In addition, checking account features that have been around for a few years such as debit reward programs, as well as newer features like non-bank ATM rebates and email alerts also rise in importance to consumers who demand a lot.

Checking Account Shopper Profiles Differ Based On the Number of "Must Have" Features

The banking profiles of FABB users specifying only interest on balances are starkly different from consumers looking for a lot of features (see Table 2). Group 4 -- the most demanding group -- is most likely to carry lower balances, use other banks' ATMs and overdraft their accounts.

Demanding Consumers Compromise, But Pay Higher Fees

Consumers make trade-offs all the time -- especially consumers with a lot of requirements because it's less likely that all their needs will be met. In fact, at the end of their online comparison, 48% of Group 4 -- the group with the most demands -- selected accounts that didn't meet all of their requirements (see Table 3). That's because other factors, such as convenience, the bank's reputation and brand recognition play a critical role in which accounts consumers actually select.

Based on the choices made by these users, we can draw an interesting conclusion about checking account shoppers seeking interest on balances: High interest rates matter progressively more as consumers' demands increase.