Question

sunshine regional bank
monthly maintenance fee: $10, waived with a minimum daily balance of $1,000
atm fee: $2 for out - of - network atms; no fee for in - network atms
overdraft fee: $30 per occurrence
minimum balance fee: $0
wire transfer fee: $20 for domestic, $30 for international
savings account interest rate: 0.5% annual percentage yield (apy)
special feature: offers a free safe deposit box for accounts with balances over $2,000
pioneer digital bank
monthly maintenance fee: $0
atm fee: $0 for in - network atms; $1 for out - of - network atms
overdraft fee: $20 per occurrence, with optional overdraft protection
minimum balance fee: $0
wire transfer fee: $10 for domestic, $20 for international
savings account interest rate: 1.2% annual percentage yield (apy)
special feature: provides advanced digital banking tools, including
a sunshine regional bank customer maintains a daily balance of $500, and makes two domestic wire transfers, and uses an out - of - network atm four times. what is their total fee for the month?
$48
$28
$58
$38

Explanation:

Step1: Determine monthly maintenance fee

The monthly maintenance fee is $10. Since the daily balance is $500 which is less than the $1,000 required to waive the fee, the monthly - maintenance fee applies.

Step2: Calculate wire - transfer fees

The customer makes two domestic wire transfers at $10 each. So the total wire - transfer fee is $10×2 = $20.

Step3: Calculate ATM fees

The customer uses an out - of - network ATM four times at $2 each. So the total ATM fee is $2×4=$8.

Step4: Calculate total fees

Add up the monthly maintenance fee, wire - transfer fees, and ATM fees. Total fee=$10 + $20+ $8=$38.

Answer:

$38