BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Higher balance
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Additional check fees
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Lower balance
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Interest earned
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Detailed explanation-1: -What’s a service fee? Financial instructions charge service fees to their banking customers for conducting a specific service related to their account, such as using an ATM that’s not in-network, or being charged a credit card fee when making certain purchases.
Detailed explanation-2: -Why Do Banks Require a Minimum Balance? Financial institutions impose minimum balances because, simply put, customers cost them money. Your bank or credit union has to pay overhead to run branches, maintain accounts, deliver customer service and more.
Detailed explanation-3: -These fees may be charged on a one-time or ongoing basis. Examples of bank fees range from account maintenance charges, withdrawal and transfer fees, automated teller machine (ATM) fees, non-sufficient fund (NSF) fees, late payment charges, and others.
Detailed explanation-4: -You can be penalized for not keeping the minimum balance. There is no limit on the penal charges that a bank will charge for the non-maintenance of the minimum balance. The charges have to be approved by the bank’s board. Charges will vary from bank to bank and from branch to branch as well.