Which describes the purpose of minimum-balance fees?

O make sure customers keep sufficient funds in their account

collect funds for withdrawals from a competitor's machine

pay for the costs of having bank employees

penalize customers for writing checks for money they don't have

Question

Jocelyn Ferrell

Business

9 March, 16:58

Which describes the purpose of minimum-balance fees?

O make sure customers keep sufficient funds in their account

collect funds for withdrawals from a competitor's machine

pay for the costs of having bank employees

penalize customers for writing checks for money they don't have

+4

Answers (1)

Know the Answer?

Jovanni Hamilton · Answer 1

The correct answer is A. Make sure customers keep sufficient funds in their account

Explanation:

In bank accounts or similar, minimum-balance fees are fees paid when your funds or balance is below a certain level determined by the bank or financial institution. In this way, if you keep the total balance or funds above the minimum you can avoid paying certain fees or losing certain benefits. According to this, the main purpose of minimum-balance fees is to motivate customers to keep sufficient funds or money in their accounts, and in this way avoid extra fees.

Which describes the purpose of minimum-balance fees?O make sure customers keep sufficient funds in their accountcollect funds for withdrawals from a competitor's machinepay for the costs of having bank employeespenalize customers for writing checks for money they don't have

Which describes the purpose of minimum-balance fees?

O make sure customers keep sufficient funds in their account

collect funds for withdrawals from a competitor's machine

pay for the costs of having bank employees

penalize customers for writing checks for money they don't have