Question

Wilbur has $800 to open a checking account. He can maintain a minimum balance of at least $500. He plans to use the ATM twice a month and he maintains a savings account at the same bank. His employer has direct deposit and he sometimes overdrafts his account.

Bank Account Terms and Conditions
Bank Account terms and conditions. Bank A is best for Wilbur.

Wilbur wants a checking account with the lowest fees. Which checking account would be best for Wilbur?
Account A
Account B
Account C
Account D

Answer 1

Account A.

Reason: With $800 he can meet the $500 minimum-balance requirement and qualify for the fee waiver, Account A offers free/reimbursed ATM use at his bank (he uses ATMs twice a month), and it can link to his savings/direct deposit for overdraft protection—minimizing monthly, ATM and overdraft fees.