Question

Emma is ready to open a new checking account and is trying to decide between three banks using the chart below: Bank R Bank S Bank T No monthly fees if balance stays above $300, otherwise $7 per month No monthly fees if check card is used more than 6 times per month, otherwise $10 monthly fee $5 monthly fee No minimum balance $25 minimum balance No minimum balance Online banking services Online banking services No online banking options Non-Bank R ATM fee - $2.00 per transaction Non-Bank S ATM fee - $1.50 per transaction Non-Bank T ATM fee - $2.00 per transaction Emma usually has about $1000 in her account at any given time during the month. She usually visits the ATM twice a week and is interested in banking online options. Bank R has 10 ATMs within a 5 mile radius of Emma’s home. Bank S has 1 ATM 10 miles from Emma’s work. Which bank should she choose? a. Bank R b. Bank S c. Bank T d. Bank R and S

Answer 1

Emma should choose Bank R because it has no monthly fees for the next 6 times of usage per month. It also has no minimum balance. The transaction fee is reasonable at $2.00 per transaction. There are also many ATMS for Bank R near the home of Emma.<span />

Answer 2

Answer:

Emma should choose Bank R because it has no monthly fees for the next 6 times of usage per month. It also has no minimum balance. The transaction fee is reasonable at $2.00 per transaction. There are also many ATMS for Bank R near the home of Emma.

Explanation: