Question

Elliot wants to open a checking account. He researched checking accounts at different banks near his house. List at least five benefits and/or fees that may differ among the accounts.

Answer 1

Answer:

The accounts may differ in minimum balance required, interest rate, ATM fees, overdraw protection, the monthly service fee, and the annual fee.

Explanation:

Answer 2

Basically, checking account are those account which allows for easily deposit and withdrawal of money for daily transactions.

Some of the benefits or fees that differ among the accounts from different banks in his location includes:

• The bank-accounts minimum balance may be different. For instance, some banks need at least $10 in the checking account at minimum.

• The interest rate to be given on deposit with the bank also differs.

• The ATM Card fees charges are different from banks to banks.

• The over-draw protection are also different.

• The monthly and annual service fee also varies.

Learn more about Checking accounts here

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