Question

community trust bank
monthly maintenance fee: $5 (waived with a minimum daily balance of $100 or with a student id)
atm fee: $1.50 for out - of - network atms; no fee for in - network atms
overdraft fee: $25 per occurrence
minimum balance fee: $0
wire transfer fee: $15 for domestic, $25 for international
savings account interest rate: 0.3% annual percentage yield (apy)
special feature: offers financial education workshops for account holders
global exchange bank
monthly maintenance fee: $15 waived with a minimum daily balance of $1,000
atm fee: $3 for in - network and international atms, $0 for domestic atms
overdraft fee: $35 per occurrence
minimum balance fee: $10 if the balance falls below $500
a student opens an account with community trust bank and maintains a balance of $300. he uses an out - of - network atm twice during the month, and uses an in - network atm three times during the same month. what are his total fees for the month?
$3
$8
$9
$5

Explanation:

Step1: Determine monthly maintenance fee

Since the student has a balance of $300 and for students, the monthly maintenance fee is waived with a minimum daily balance of $0. So, the monthly - maintenance fee is $0.

Step2: Calculate ATM fees

For in - network ATMs, there is no fee for students. For out - of - network ATMs, the fee is $1.50 per use. The student uses in - network ATMs 3 times (no fee) and out - of - network ATMs 2 times. So the ATM fee is $1.50×2 = $3.

Step3: Determine other fees

There are no overdraft fees (no mention of overdraft), no wire transfer fees (no wire transfer), and no minimum balance fees (student status waives certain requirements).

Step4: Calculate total fees

The total fees are just the ATM fees. So the total fees for the month are $3.

Answer:

$3