Bankrate.com Study Finds ATM Surcharges Continue to Climb; Checking Account Pricing Study Shows ATM Fees Reach Record Level

Business Wire, March 20, 2000

Business/Technology Editors

NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--March 20, 2000

Bankrate.com, a division of the ilife.com (NASDAQ: ILIF) family of Web sites, today announced the findings of its semi-annual Checking Account Pricing Study. The study finds 83.3 percent of institutions surveyed now charge non-customers for using their ATMs - up from 77.7 percent in October 1999 and 68.7 percent a year ago.

According to the study, more institutions are surcharging non-customers, and charging more, for use of their ATMs. Although the most common charge remains $1.50, 56 percent of the institutions charge non-customers $1.50 or more for this service. This is an increase in the number of institutions requiring these high surcharges from 49 percent in October 1999 and 44 percent a year ago.

"The public outcry over ATM surcharging has not deterred institutions one bit," said Greg McBride, Financial Analyst with bankrate.com. "Surcharges are more prevalent now and are hitting consumers even harder than before."

Bankrate.com has forecast the total cost to consumers of ATM surcharges at over $2 billion this year. This is an increase of six percent from the 1999 bankrate.com estimate of $1.9 billion and a staggering 28 percent jump from the 1998 estimate of $1.5 billion.

The full results of the survey, and a detailed breakdown of the fees, will be published at the end of March on www.bankrate.com in the checking/ATM channel. Bankrate.com is also distributing a special TV segment on its ATM findings to participating stations across the country for their local news programming.

Greg McBride, Financial Analyst for ilife.com, is available to discuss the customer ramifications of the study.

About Bankrate.com

Bankrate.com provides consumers with financial data, research and editorial information on non-investment financial products. A large research team surveys some 4,000 financial institutions every week in order to provide objective rate information on banking products including mortgages, credit cards and auto loans. Bankrate.com is unique in its approach to offering objective rate information on 130 markets in all 50 states and Puerto Rico.

About ilife.com

Based in North Palm Beach, Fla., ilife.com (NASDAQ: ILIF) is an industry leader in creating, producing, broadcasting and syndicating personal finance information for the online consumer public through a broad portfolio of Web sites, print publications and TV and radio segments. The company's personal finance portal, www.ilife.com, features original content that deals with financial planning, taxes, insurance, investing and banking. The portal serves as a gateway to ilife.com's family of Web sites and broadcast segments, including the award-winning bankrate.com, Pivot.com, theWhiz.com, IntelligentTaxes.com, Consejero.com, CPNet.com, GreenMagazine.com and the TV and radio version of "Cost of Life." Content from ilife.com is published on co-branded Internet sites through more than 70 distributors, including NBC Internet, Inc. (NASDAQ: NBCI), Yahoo! (NASDAQ: YHOO), CNN, America Online (NYSE: AOL) and Smart Money. The company's original research is also distributed through more than 120 national and state publications. Ilife.com sites have approximately one million unique visitors per month, according to Media Metrix.