Irma has $500 to open a checking account. She wants an account with the lowest fees. She plans to use only her bank’s ATM to deposit her paychecks and withdraw cash. Bank Account Terms and Conditions Minimum Balance Interest Overdraft Protection ATM Fees Monthly Fee A 500 dollars 0 point 1 percent Yes 0 dollars for all ATMs 0 dollars B 250 dollars 0 percent no 0 dollars for ABC bank ATMs 5 dollars C 50 dollars 0 percent no 2 dollars per transaction 10 dollars or 0 dollars with direct deposit D 100 dollars 0 point 1 percent no 0 dollars per transaction 5 dollars or 0 dollars with direct deposit Which checking account would be best for Irma?
Account A is best because Irma’s $500 meets its $500 minimum balance, and it has no monthly fee or ATM fees. Since she plans to use only her own bank’s ATM, the other accounts offer no fee advantage; Account A avoids the monthly fees charged by B and the possible transaction or monthly fees charged by C and D.
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