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Subject:  Re: Not by much and here's why ... Date:  6/9/2002  2:06 PM
Author:  zskii Number:  17120 of 24357

Bankrate's surveys are fairly useless. They claim that you need $1000 to open an account at USAA, and that someone keeping a checking account there with $1500 would earn $7.50 in a year. That may be true for interest purposes, but their survey leaves out the debit card rebate. Even if you used your check card for only half the balance of your account each month, you'd get $3.75 back each month in check & cash card rebates, or $45 a year. In total you'd get $52.50 from the account, which is more than they report you would get from the "best" bank on the chart, Everbank. (Plus with Everbank you have to send in your ATM receipts for the rebates. How customer-unfriendly is that?)

In addition, anyone with any sense would put their money into the USAA savings account that would earn about 1.75% instead of 0.5%, and either transfer the money needed weekly or let overdraft protection do it for them (up to 6 times a month before the savings account excessive transaction fee kicks in). That would add an additional $20 to the yearly earnings, making USAA a far better choice than many banks on the list. Instead they're put in the middle of the pack.

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