You are trying to decide which bank to start an account at. You pull up a website that compares four of the most popular banks in your area. The chart on the site looks like the following one.

Question

You are trying to decide which bank to start an account at. You pull up a website that compares four of the most popular banks in your area. The chart on the site looks like the following one.

Bank A Bank B Bank C Bank D
Minimum Deposit Per Month $0.00 $100.00 $50.00 $10.00
ATM Fees $1.00 None $5.00 $3.00
Overdraft Fees $20.00 $10.00 None $40.00
Nearby Locations None 1 3 5

You make a good amount of money every month and tend to withdraw lots of cash every few days. You have had to pay an overdraft fee a few times. Which bank would be the best fit for your needs?

Answer 1

Based on the information in the chart, Bank B would be the best fit for your needs. Bank B has no ATM fees, which would save you money since you withdraw cash frequently every few days. Additionally, Bank B has lower overdraft fees compared to Bank A and Bank D, which would be beneficial if you have experienced overdraft fees in the past. While Bank C has no overdraft fees, Bank B's overall benefits seem to outweigh the one downside of having a monthly minimum deposit requirement.