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

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

Step-by-step explanation:

Please just trust me on this one (edg2020)

Answer 2

The common differences in benefits and or fees include :

1. Minimum opening amount

2. Withdrawal limitation - maximum spending or withdrawal depending on age

3. Cost of notification on transaction and monthly statement or hard copy statement fee.

4. Return deposit charge - fee charged on a bounced cheque

5.Overdraft charge - fee charge on unfulfilled commitment

Explanation: The benefits attached and the charges or fees incurred in managing a checking account may differ depending on the policy and business process of the financial establishment.