balance stays above $500, otherwise $7 per month; check card is used less than 6 times per month; no minimum…

balance stays above $500, otherwise $7 per month; check card is used less than 6 times per month; no minimum balance; $25 minimum balance; no minimum balance; online banking services; online banking services; online banking services; non - bank x atm fee - $2.00 per transaction; non - bank y atm fee - $1.50 per transaction; non - bank z atm fee - $2.00 per transaction; henry usually has about $300 in his account at any given time during the month. he limits his atm visits to one per week and is interested in banking online options. bank x and bank z have 5 atms within a 5 mile radius of henrys work and his new home. which bank should he choose? a. bank x b. bank y c. bank z d. bank x and z

balance stays above $500, otherwise $7 per month; check card is used less than 6 times per month; no minimum balance; $25 minimum balance; no minimum balance; online banking services; online banking services; online banking services; non - bank x atm fee - $2.00 per transaction; non - bank y atm fee - $1.50 per transaction; non - bank z atm fee - $2.00 per transaction; henry usually has about $300 in his account at any given time during the month. he limits his atm visits to one per week and is interested in banking online options. bank x and bank z have 5 atms within a 5 mile radius of henrys work and his new home. which bank should he choose? a. bank x b. bank y c. bank z d. bank x and z

Answer

Explanation:

Step1: Analyze account - balance condition

Henry has about $300 in his account, which is below $500. So, he will be charged a monthly fee if the bank has such a condition.

Step2: Analyze ATM - fee

Henry visits the ATM once a week, so 4 times a month. Bank X has a non - Bank X ATM fee of $2.00 per transaction, Bank Y has a non - Bank Y ATM fee of $1.50 per transaction, and Bank Z has a non - Bank Z ATM fee of $2.00 per transaction.

Step3: Consider online banking

All three banks offer online banking services, so this is not a differentiating factor.

Step4: Calculate monthly ATM fees

For Bank X: $2.00×4 = $8.00 For Bank Y: $1.50×4 = $6.00 For Bank Z: $2.00×4 = $8.00 Bank Y has the lowest ATM fees and no information suggests it has other disadvantages for Henry.

Answer:

b. Bank Y