IXL | Compare checking accounts

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

	Denberg Bank	Fig Bank
Checking account services	$ 8 per month	$ 16 per month
Overdraft protection	$ 30 per incident	$ 10 per incident if transferred from a linked savings account Otherwise, $ 35 per incident
Online banking	Free	$ 3 per month

Finn is looking for a new bank to open savings and checking accounts. He will link the accounts for overdraft protection, because about once a month he spends more than is in his checking account. Finn does not use online banking. Which bank is the better choice for Finn?

Denberg Bank

Fig Bank

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Learn with an example

question

This table shows checking account features and fees for two banks in Hill Valley.

	One Bank	Hill Valley Bank
Checking account services	No fees	Free with monthly direct deposit Otherwise, $ 3 per month
ATM transactions (bank ATM)	$ 1 per transaction	No ATM fees
ATM transactions (nonbank ATM)	$ 1 per transaction	$ 3 per transaction
Account statements	Free online statements $ 3 per month for paper statements	Free online statements $ 4 per month for paper statements

Mona wants to open a new checking account. She does not plan to have any money directly deposited into the account. She does plan to use a bank ATM 8 times a month, but will avoid nonbank ATMs. Mona would also like to get paper statements in the mail. Which bank is the better choice for Mona?

One Bank

Hill Valley Bank

solution

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

Find the fees Mona should expect to pay in one month at One Bank.

There is no fee for having the checking account.
There is a
$
1
fee for each bank ATM transaction. For 8 bank ATM transactions, she expects to pay
$
8
in fees.
There is a
$
3
fee for paper statements.

In all, Mona should expect to pay

per month at One Bank.

Find the fees Mona should expect to pay in one month at Hill Valley Bank.

Since Mona is not using direct deposit, there is a
$
3
fee for having the checking account.
There is no fee for using the bank's ATMs.
There is a
$
4
fee for paper statements.

In all, Mona should expect to pay

per month at Hill Valley Bank.

Mona should expect to pay

per month at One Bank or

per month at Hill Valley Bank. Hill Valley Bank is the better choice for Mona.

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