Question

13. Which of the following is a service fee? (1 point)

O an amount of money a bank charges for the use of an account
O an amount of money charged as interest on a credit card balance
O a fee charged when there is not enough money in a checking account to cover a check
O the minimum balance a bank requires to be deposited to open a checking account

Answer 1

A service fee in the context of banking is an amount of money a bank charges for the use of an account, which is essentially a monthly maintenance fee.

Step-by-step explanation:

A service fee is a charge made by financial institutions for certain transactions or the maintenance of accounts. When considering the options provided, the one that aligns with this definition is "an amount of money a bank charges for the use of an account."

This is typically a monthly maintenance fee for having an account with the bank and is not dependent on the account's balance or specific transactions like overdrafts or the payment of interest.