Question
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Checking Accounts and Debit Cards Quick Check
4 of 54 of 5 Items
Question
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.
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 a good amount of money every month and tend to withdraw lots of cash every few days. You have had to pay an overdraft fee a few times. Which bank would be the best fit for your needs?
(1 point)
Responses
Bank C
Bank C
Bank D
Bank D
Bank A
Bank A
Bank B
Bank B
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Checking Accounts and Debit Cards Quick Check
4 of 54 of 5 Items
Question
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.
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 a good amount of money every month and tend to withdraw lots of cash every few days. You have had to pay an overdraft fee a few times. Which bank would be the best fit for your needs?
(1 point)
Responses
Bank C
Bank C
Bank D
Bank D
Bank A
Bank A
Bank B
Bank B
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Answers
GPT-4o mini
Based on the information provided and considering that you make a good amount of money and tend to withdraw cash frequently, it's important to evaluate each bank based on various factors such as minimum deposit, ATM fees, overdraft fees, and the convenience of nearby locations.
Here's a breakdown:
- **Bank A**: No minimum deposit, $1.00 ATM fee, $20 overdraft fee, no nearby locations.
- **Bank B**: $100 minimum deposit, no ATM fees, $10 overdraft fee, 1 nearby location.
- **Bank C**: $50 minimum deposit, $5 ATM fee, no overdraft fees, 3 nearby locations.
- **Bank D**: $10 minimum deposit, $3 ATM fee, $40 overdraft fee, 5 nearby locations.
You frequently withdraw cash and have experienced overdraft fees, so minimizing those fees and having convenient ATM access is key for you.
1. **ATM Fees**: Bank B has no ATM fees, which is a significant advantage since you make frequent withdrawals. Bank C has a higher ATM fee ($5), which can add up over time.
2. **Overdraft Fees**: Bank C has no overdraft fees, which is ideal since you have had overdrafts before. Bank B's $10 fee is reasonable, while Bank D's $40 fee is quite high.
3. **Nearby Locations**: Bank D offers the most convenient access with 5 locations, but Bank B has 1 location. Bank C also has 3 locations, which is decent but not as convenient as Bank D.
Given that you prefer to avoid both ATM and overdraft fees, **Bank C** would be the best fit considering it has no overdraft fees (which would be beneficial since you've had those issues before) and offers a reasonable nearby location count.
However, if minimizing ATM fees is your highest priority, **Bank B** would be a standout option due to having no ATM fees but will require a higher minimum deposit.
In summary, considering the balance of your needs, **Bank C** would likely be the best choice for you.
Here's a breakdown:
- **Bank A**: No minimum deposit, $1.00 ATM fee, $20 overdraft fee, no nearby locations.
- **Bank B**: $100 minimum deposit, no ATM fees, $10 overdraft fee, 1 nearby location.
- **Bank C**: $50 minimum deposit, $5 ATM fee, no overdraft fees, 3 nearby locations.
- **Bank D**: $10 minimum deposit, $3 ATM fee, $40 overdraft fee, 5 nearby locations.
You frequently withdraw cash and have experienced overdraft fees, so minimizing those fees and having convenient ATM access is key for you.
1. **ATM Fees**: Bank B has no ATM fees, which is a significant advantage since you make frequent withdrawals. Bank C has a higher ATM fee ($5), which can add up over time.
2. **Overdraft Fees**: Bank C has no overdraft fees, which is ideal since you have had overdrafts before. Bank B's $10 fee is reasonable, while Bank D's $40 fee is quite high.
3. **Nearby Locations**: Bank D offers the most convenient access with 5 locations, but Bank B has 1 location. Bank C also has 3 locations, which is decent but not as convenient as Bank D.
Given that you prefer to avoid both ATM and overdraft fees, **Bank C** would be the best fit considering it has no overdraft fees (which would be beneficial since you've had those issues before) and offers a reasonable nearby location count.
However, if minimizing ATM fees is your highest priority, **Bank B** would be a standout option due to having no ATM fees but will require a higher minimum deposit.
In summary, considering the balance of your needs, **Bank C** would likely be the best choice for you.