3 local banks lauded for checking accounts


February 21, 1996

Consumer Reports, the watchdog magazine that tries to keep Americans from spending their money foolishly, has identified three Baltimore banking institutions as offering among the nation's "best checking accounts."

The three that made the list in the magazine's March issue? American National Savings Bank, Provident Bank of Maryland and Washington Savings Bank.

The magazine commissioned Bank Rate Monitor to survey 900 accounts offered by the 250 largest banks in 25 cities. The survey assumed that a consumer writes 17 checks a month and uses an ATM four times a month, twice at the bank where the account is held and twice at another bank.

Under these parameters, American National, Provident and Washington Savings ranked as Baltimore's best checking account bargains. The three offered accounts with no basic monthly fees, charged no fees for writing 17 checks during a one-month period, and charged $3 a month for the four ATM transactions.

American National also made the magazine's list of banks offering the best checking accounts that require a minimum balance.

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