Question

understanding banking
metro city bank
minimum balance: $500
monthly maintenance fee: $15, waived if minimum balance remains over
that for the entire month
atm fee: $0 for in - network, $3 for out - of - network
overdraft fee: $25 for each occurrence
wire transfer fee: $15 for domestic transfers, $25 for international transfers
citywide bank
minimum balance: $500
monthly maintenance fee: $10
atm fee: $0 for in - network, $3 for out - of - network
overdraft fee: $30 for each occurrence
wire transfer fee: $10 for domestic transfers, $20 for international transfers
first community credit union
minimum balance: $0
monthly maintenance fee: $0
a customer at metro city bank maintains a daily balance of $650 and uses an
out - of - network atm twice.
what will be their total fees for the month?
$0
$21
$15
$6

Explanation:

Step1: Check maintenance fee eligibility

The customer's daily balance is $\$650$, which is above Metro City Bank's $\$600$ minimum balance. So the $\$15$ monthly maintenance fee is waived.

Step2: Calculate out-of-network ATM fees

Each out-of-network ATM use costs $\$3$, and the customer uses it twice.
$\text{ATM Fees} = 2 \times \$3 = \$6$

Step3: Sum all applicable fees

No other fees are mentioned, so total fees are just the ATM fees.
$\text{Total Fees} = \$0 + \$6 = \$6$

Answer:

$\$6$