You are trying to decide which bank to start an account at. You pull up a website that compares four of the most popular banks in your area. The chart on the site looks like the following one.

Question

Bank A Bank B Bank C Bank D
Minimum Deposit Per Month $0.00 $100.00 $50.00 $10.00
ATM Fees $1.00 None $5.00 $3.00
Overdraft Fees $20.00 $10.00 None $40.00
Nearby Locations None 1 3 5
You make money occasionally tutoring. You like the idea of going into the bank and talking to someone when making transactions. You are pretty organized and think you will be able to keep track of how much money is in your account, so you are not concerned about overdraft fees. Which bank would be the best fit for your needs?

(1 point)
Responses

Bank A
Bank A

Bank B
Bank B

Bank D
Bank D

Bank C
Bank C

Answer 1

Based on your needs and preferences, Bank D would be the best fit for you. Here’s why:

1. Minimum Deposit Per Month: Bank D has a low minimum deposit requirement of $10.00, making it easier to maintain without stress.

2. ATM Fees: While Bank D does have a $3.00 ATM fee, it's more reasonable compared to Bank C's $5.00 fee. Additionally, having 5 nearby locations in Bank D means you likely have more ATM options and less chance of encountering those fees frequently.

3. Overdraft Fees: You mentioned you're organized and can keep track of your account balance, so overdraft fees are not a concern for you. But it’s worth mentioning that Bank C has no overdraft fees at all if that becomes a concern in the future.

4. Nearby Locations: Bank D has the most locations available (5), allowing you more access to in-person banking, which you appreciate.

Overall, considering your preference for low fees, ease of access, and your banking habits, Bank D is an excellent choice.