Question

Bank A charges a $2 fee each time a customer withdraws money from an out-of-network ATM. They also charge a $12 monthly service fee. If your withdrawals at out-of-network ATMs exceed $12, the monthly service fee is waived. Bank B does not charge a fee for withdrawing money from an out-of-network ATM, but instead charges a $20 monthly fee. Bank B also limits you to 10 free ATM withdrawals per month. After 10 ATM withdrawals, they automatically charge a one-time fee of $5, no matter how many ATM withdrawals you make. You and a friend are on vacation. You bank with Bank A. You withdraw money from an out-of-network ATM 14 times. Your friend banks with Bank B. He withdraws money from an ATM 22 times.

How much did I pay in bank fees? How much did my friend pay in bank fees?
Make sure your answer is 2 sentences

Answer 1

You paid a total of $28 in bank fees, consisting of a $12 monthly service fee (waived due to exceeding $12 in out-of-network withdrawal fees) and $2 fees for 14 withdrawals, resulting in $28. Your friend paid a total of $25 in bank fees, which includes a $20 monthly fee and a $5 charge for the 12 additional withdrawals beyond the 10 free transactions.