BANKING AFFAIRS

Detailed explanation-1: -Account transfer fee. The overdraft fee is most likely highest, because you need to pay this fee when you spend more than you have in your bank account and to minimize the likelihood that an individual makes many overdrafts, the bank will make this fee quite high.

Detailed explanation-2: -Overdraft fees are incurred when you spend more money than you have available in your bank account, and banks typically charge around $35 per instance, meaning that you can be charged multiple overdraft fees in a single day.

Detailed explanation-3: -Overdraft fees can be seen as a way to compensate financial institutions for the risk they take by allowing customers to spend money they don’t have-at least at the moment. These fees represent an important revenue stream for many financial institutions, so it also benefits the banks.

Detailed explanation-4: -Overdraft fees occur when you don’t have enough money in your account to cover your transactions. The cost for overdraft fees varies by bank, but they may cost around $35 per transaction. These fees can add up quickly and can have ripple effects that are costly.