Question

Henry is moving and needs to open a new checking account. He is trying to decide between three banks using the chart below: Henry usually has about $300 in his account at any given time during the month. He limits his ATM visits to one per week and is interested in banking online options. Bank X and Bank Z have 5 ATMs within a 5 mile radius of Henry’s work and his new home. Which bank should he choose? a. Bank X b. Bank Y c. Bank Z d. Bank X and Z Please select the best answer from the choices provided A B C D

Answer 1

Answer:

C. Bank Z

Explanation:

the chart below: Bank X Bank Y Bank Z No monthly fees if balance stays above $500, otherwise $7 per month No monthly fees if check card is used less than 6 times per month $5 monthly fee No minimum balance $25 minimum balance No minimum balance Online banking services Online banking services Online banking services Non-Bank X ATM fee - $2.00 per transaction Non-Bank Y ATM fee - $1.50 per transaction Non-Bank Z ATM fee - $2.00 per transaction

Answer 2

Answer:C Bank Z

Explanation:

Bank Y is eliminated due to its proximity to his house and office

Bank X and Z are almost similar but Henry would choose bank Z, because Bank X would charge him monthly fees as his balance is $300 at any given time during the month.