IXL | Compare checking accounts

The table shows checking account features and fees for two banks in Brookville.

	North Brookville Bank	Star Standard Bank
Checking account services	Free with monthly direct deposit Otherwise, $ 5 per month	No fees
ATM transactions (bank ATM)	$ 1 per transaction	No ATM fees
ATM transactions (nonbank ATM)	$ 1 per transaction	$ 2 per transaction
Account statements	Free online statements $ 2 per month for paper statements	Free online statements $ 5 per month for paper statements

Winston wants to open a new checking account. He will not have a direct deposit to this account and plans to use bank ATMs 3 times per month. Winston uses paper statements to manage his account. Which bank is the better choice for Winston?

North Brookville Bank

Star Standard Bank

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question

The table shows checking account features and fees for two banks in Summerville.

	Good Partner Bank	Tenth Street Bank
Checking account services	Free for veterans Otherwise, $ 9.95 per month	$ 8 per month
ATM transactions (bank ATM)	No ATM fees	$ 1 per transaction
ATM transactions (nonbank ATM)	$ 0.75 per transaction	$ 2 per transaction
Person-to-person transfers	$ 1 per transfer	Unlimited transfers for $ 5 per month

Martin got a new job developing apps and needs to open a new checking account. He plans to use bank ATMs 3 times each month. Martin plans to use person-to-person transfers 2 times a month. He is not a veteran. Which bank is the better choice for Martin?

Good Partner Bank

Tenth Street Bank

solution

To determine which bank is the better choice for Martin, compare the fees each bank would charge him. See which bank would charge him less.

Find the fees Martin should expect to pay in one month at Good Partner Bank.

Since Martin is not a veteran, there is a
$
9.95
fee for having the checking account.
There is no fee for using the bank's ATMs.
There is a
$
1
fee for each of his 2 person-to-person transfers. So, he expects to pay
$
2
in fees for the person-to-person transfers.

In all, Martin should expect to pay

9.95

11.95

per month at Good Partner Bank.

Find the fees Martin should expect to pay in one month at Tenth Street Bank.

There is an
$
8
fee for having the checking account.
There is a
$
1
fee for each bank ATM transaction. For 3 bank ATM transactions, he expects to pay
$
3
in fees.
There is a
$
5
monthly fee for person-to-person transfers.

In all, Martin should expect to pay

per month at Tenth Street Bank.

Martin should expect to pay

11.95

per month at Good Partner Bank or

per month at Tenth Street Bank. Good Partner Bank is the better choice for Martin.

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