Question

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

Answer 1

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

Step-by-step 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.