Frequently Asked Questions

Products

What types of services does RateWatch offer?

RateWatch offers services in the areas of Deposits, Loans, Fees, and Competitive Analysis. RateWatch provides clients with reports containing competitive information to use as a comparison tool. Knowing what others down the street and across the country are doing is imperative in today's competitive environment. RateWatch products provide insight for decision makers to determine what products to offer and how to price them so they can continuously meet and exceed their revenue and profit goals.

View RateWatch report types in more detail.

RateWatch also offers access to its entire database of deposit rates. With the purchase of a weekly Deposit report, clients receive free access to search the database for their state. Access to additional states or the entire nation may be purchased. Clients also have access to the Rate Averages tool to search averages for deposit and loan products across states, regions, and the nation.

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How are RateWatch reports delivered to clients?

Reports can be received in a number of ways. The most versatile way is to retrieve the report from RateWatch's website. This allows the user to "slice and dice" the report to view the information in smaller, targeted pieces or to view the report in its entirety. The user can save multiple customized formats to download the current data into at any time.

Clients can also receive the report via Email - PDF or Email - Excel.

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How do I know what products to have surveyed on my report?

After many years of working with clients to provide them with relevant, comparable data, RateWatch has created standard reports that are ideal for most clients. Account Representatives work closely with clients to ensure that the standard products are sufficient. If alternate products or products at alternate dollar amounts may be needed, they will then be able to suggest appropriate products to suit the needs of the client.

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Survey Practices

How are rates obtained?

RateWatch works with institutions to obtain rates in the most efficient, least intrusive way possible. Rates may be obtained by one or more of the following ways:

  • Call
  • Email
  • Institution Website
  • FTP File
  • Online Rate Submission

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How is it ensured that RateWatch obtains the most current data?

RateWatch works with institutions to determine the schedule upon which rates/fees are updated. For deposit information, RateWatch tracks the day of the week rates are reviewed and obtains the rate information on or after that day, prior to a report's scheduled delivery. Market Research Specialists also verify the last change date when calling contacts and the effective dates of emails and websites. For loans, RateWatch maintains a short window of time for obtaining rates prior to a report's delivery. Effective dates/last change dates are also verified when obtaining fee information.

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What kind of quality checks are in place?

RateWatch employs several different types of quality checks at multiple points in the survey process.

RateWatch is known for a strong training program where Market Research Specialists learn financial products and standard survey requirements to ensure an apples-to-apples comparison for the client on all products.

The rate entry process, for both the in-house programs and the online submit rates, include automated warnings to identify potential errors. Some of the warnings include:

  • Rate higher than APY
  • Rate/APY higher for a lower dollar tier than a higher tier
  • Tiers overlap/have too large of a gap
  • Too large of a change from the previous Rate/APY
  • Rate/APY is too high or too low compared to the current market standard

RateWatch has a dedicated Quality Department. Team members:

  • Research questionable rates at the request of Market Research Specialists
  • Research questionable rates flagged by the automated system
  • Randomly monitor calls and data entry using state-of-the-art phone monitoring and screen capture technology
  • Review 1st time reports looking for inconsistencies and questionable data prior to client delivery
  • Engage in one-on-one sessions with Market Research Specialists to improve individual survey techniques
  • Work closely with the company trainer to implement individual and group training programs

RateWatch works with institutions to designate a specific, knowledgeable and reliable contact to provide rates.

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How are my rates used?

RateWatch gathers interest rate and fee information for the main purpose of providing a competitive comparison to financial institution clients. Your rates are provided to those financial institutions specifically requesting them. Rates are also stored in our vast database which clients can conduct searches from on the RateWatch website. Finally, RateWatch provides access to its interest rate database for a select group of deposit and loan products to its sister company BankingMyWay.com. This relationship allows consumers to view interest rates and branch locations across the country providing free publicity for financial institutions.

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Report Timing

How long is a contract?

RateWatch offers reporting on a 12 month subscription basis. Additionally, one-time reports are also available for testing purposes (to determine if products should be included on a report on a regular basis), special mid-cycle reporting, or ad hoc reporting needs.

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How often are reports delivered?

Reports are delivered as often as needed. Typically, reports are requested on the following schedule:

Retail Deposits Weekly
Business Deposits Weekly or Monthly
Consumer Loans Monthly
Mortgages Weekly or Monthly
Commercial/Ag Loans Monthly or Quarterly
Fees Semi-Annually
Peer Analysis Quarterly
Product Analysis Annually

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How is it determined what day of the week/month reports will be delivered?

RateWatch schedules deposit and loan reports based on the state the client is located in. This ensures that institutions will be contacted the fewest number of times possible. This creates efficiency for RateWatch, maintains positive relationships with surveyed institutions, and ensures low costs for clients.

Each state is assigned a day of the week for deposits and a day of the month for monthly and quarterly loans (example: 2nd Tuesday). Weekly loans are assigned the same day of week as the monthly and quarterly loans would fall.

Fee reports are scheduled based on client needs and the current workload of the RateWatch Fee Department.

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Pricing

How is pricing determined for RateWatch Products?

RateWatch reports are priced on a case-by-case basis and are based on a number of factors. The number of institutions surveyed, the specific products requested, and the frequency with which the report is delivered are utilized to determine pricing.

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Does RateWatch provide discount pricing?

RateWatch encourages clients to purchase multiple types of reports by offering discount packages. To contact your account executive for more information, contact RateWatch.

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Coverage

Who does RateWatch have rate information for?

Deposit rate information is obtained for over 98,000 financial institution locations on a weekly basis and loan information is obtained for over 76,000 locations. Surveys are conducted in all 50 states.

RateWatch surveys institutions of all types and sizes. See the map on the home page for a visual of RateWatch's nationwide coverage.

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Help

What if I forgot my password?

If you enter your password incorrectly or your username is not valid, or if you click "Forget Your Password" from the Log In box, you will be directed to enter your username or e-mail address. If your email address is tied to a valid user in our system, you will then be emailed a temporary link to log in to the website where you can change your password.

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