Comparison of Wachovia and Malvern Federal Savings Bank

April 3, 2009

This simple table will attempt to compare checking account products offered by two banks, Wachovia and Malvern Federal Savings Bank.  Using your reading skills, you may make any conclusions you wish from the information provided.

Attribute

Wachovia

Malvern Federal Savings Bank

Interest Rate on Checking Account 0% (Free checking account) 5.01% (Rewards Plus Checking)
Interest Earned in One Year if Average Balance of $1,500 is maintained in account for a year $0 $75.15
Fee for Using Wachovia ATM’s $0 $2
Presence of the following text: “ MISCELLANEOUS FEE ATM NON-WACHOVIA WITHDRAWALS”  in bank statements Yes No
Fee Assessed by bank for use of the “wrong” ATM $2 $0
Refund of ATM fees assessed by other banks $0 $25 per month maximum
Way the bank name can be cynically re-imagined Walk Over You
Others Possible
Can’t think of any
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