Question

3. Royal Enterprises is considering changing its banking relationship. One of the banks under consideration charges very low service fees, but requires that the firm maintain a minimum balance in their account. What type of account is this

Answer 1

checking account

Step-by-step explanation:

Generally most banks require that their customers keep a minimum balance in their checking accounts, this is called an account minimum. Also, checking accounts generally charge low fees, or may times they don't even charge any fees at all. The downside is that they do not pay any interest, or if they do it is extremely low, for the money that you keep in it.