Question

Selecting a Bank. Steve just received his first paycheck and wants to open a checking account. There are five banks in his hometown. What factors should Steve consider when choosing a​ bank?

Answer 1

Answer:

The answer is - Minimum balance requirements, Service charges, Per-check charges

Explanation:

Steve should select a bank based on some of these features;

• Minimum balance requirements- Steve should pick a good bank in which their minimum balance requirement is something he can afford. There are some accounts that will require that you maintain a minimum balance before they start to charge account fees.
• Service charges - A service charge is a fee that is charged to customers for specific services such as the use of the Automated Teller Machine (ATM) of another bank, card maintenance, debit or credit message alerts etc.
• Per-check charges - These are fees that are charged for each check you write.

Some other things Steve can consider include; Bank proximity, interest rate, customer services.