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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 }(l) 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 TATM 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

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 
 }(l)
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 TATM 
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

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 }(l) 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 TATM 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

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HesterMaster · Tutor for 5 years

Answer

a month and uses her check card about 4 times a month. She also likes to use online banking. Which bank should she choose?<br /><br /># Explanation<br />To determine the best bank for Emma, we need to consider her banking habits and compare them with the conditions set by each bank.<br /><br />1. **Bank R**: This bank does not charge any monthly fees if the balance stays above $300. Given that Emma usually has about $1000 in her account, she will not incur any monthly fees. Bank R also offers online banking services, which Emma likes to use. However, it charges a $2 fee for each non-Bank R ATM transaction. Since Emma visits the ATM twice a month, she would incur a total of $4 in ATM fees per month.<br /><br />2. **Bank S**: This bank does not charge any monthly fees if the check card is used more than 6 times per month. However, Emma only uses her check card about 4 times a month, so she would incur a $10 monthly fee. Bank S also offers online banking services. It charges a $1.50 fee for each non-Bank S ATM transaction. Since Emma visits the ATM twice a month, she would incur a total of $3 in ATM fees per month. Additionally, Bank S requires a minimum balance of $25, but this is not a problem for Emma as she usually has about $1000 in her account.<br /><br />3. **Bank T**: This bank does not provide any information about monthly fees or check card usage. It does not offer online banking services, which Emma likes to use. It charges a $2 fee for each non-Bank T ATM transaction. Since Emma visits the ATM twice a month, she would incur a total of $4 in ATM fees per month.<br /><br /># Answer<br />Based on the information provided and considering Emma's banking habits, she should choose **Bank R**. This bank meets all her needs: it does not charge her any monthly fees, it offers online banking services that she likes to use, and the ATM fees are affordable for her. Although Bank R and Bank T have the same ATM fee, Bank R offers online banking services, unlike Bank T. Bank S would charge her a monthly fee because she does not meet the check card usage requirement, making it a less desirable choice.
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