Barbara has $150 to open a checking account. Her employer will send her paycheck via direct deposit, but otherwise she wants to pay her bills by writing and mailing checks. Which account is the best choice for Barbara?
Electronic Banking

Standard Checking

Combo (Checking and Savings)

High Balance

Question

Barbara has $150 to open a checking account. Her employer will send her paycheck via direct deposit, but otherwise she wants to pay her bills by writing and mailing checks. Which account is the best choice for Barbara?
 Electronic Banking

 Standard Checking

 Combo (Checking and Savings)

 High Balance

anonymous · Answer

Electronic Banking = $8.95 per month unless deposits and withdrawals are made at ATM and you receive monthly statements online

Standard Checking = $8.95 per month unless you make direct deposits each statement period or maintain a $1,500 per month balance

Combo( Checking and Savings) = $8.95 per month unless you make direct deposits or maintain a combined balance of $1,500 in both accounts.	

High Balance = $20 per month unless you maintain a combined balance of $15,000.

anonymous · Answer

I know it's not High Balance or Electronic Banking because she's only getting $150 and she's writing and mailing her bills, but I'm not sure about the other two. If I had to I would say Standard Checking as my answer. Anyone else know?

texaschic101 · Answer

I am not sure....what is confusing me is that both say it will cost 8.95 per month UNLESS you make direct deposit......you are getting direct deposit, so does that mean it costs more then $8.95 ? Although, I don't think that is gonna matter in this problem.....I would go with combo (checking and savings)....she could keep some money in savings to earn interest and some in checking account to pay bills.

anonymous · Answer

The only different is that she has to keep 1,500$ on both accounts meaning she needs to keep at least $3,000. I was assuming that she didn't have that much money for both accounts?

hero · Answer

No, she has to keep a combined balance of 1500 in the account. She could have 250 in one and 1250 in the other. Combo is the best

anonymous · Answer

But it says she has to keep a combined balance of 1500 in BOTH accounts, so that would make it a total of 3000? I'm assuming by both they mean each need to have 1500

hero · Answer

what do you think the word "combined" means. Combined means she can have 250 in one account and 1250 in the other account and it as long as they both add to 1500, she's good.

anonymous · Answer

I thought Combo just meant Savings and Checkings

hero · Answer

It does. Why do you think they call it a Combo account? Because you have to keep money in both. If the requirement were 3000, there wouldn't be many people with Combo accounts because the other options would be better choices.

hero · Answer

Combined balance of 1500 means 500 in one or 1000 in the other
Combined balance of 3000 means 1500 in one and 1500 in the other

They are talking about combined balance of 1500, not 3000

texaschic101 · Answer

plus she would earn interest in her savings

hero · Answer

Yes, that too.

anonymous · Answer

Hm, okay I'll go with Combo then

anonymous · Answer

It was wrong!!!!!!!!!!!!!

anonymous · Answer

You just cost me 3 points D: omg

texaschic101 · Answer

I am so sorry....it just seemed like it made sense to go with combo :(

anonymous · Answer

what was the answer