80.2K

Verified Solution

Link Copied!

It s never a good feeling to find out that you spent MORE money than what you had available then getting a fee added on top of that overspending In this activity you will practice calculating the overdraft fees associated with major banks checking accounts compare the fees from the different banks and reflect on some of these key ideas to help you feel prepared when you are selecting your own checking account Part 1 Calculate the Fees Read Joshua s scenario in the box below Then use the links provided to help you calculate his overdraft fees The Scenario When the day begins Joshua has 116 in his checking account and he has overdraft protection Before school he buys his cousin a round trip bus fare for 4 using his debit card He then uses the card to get gas in his car for 43 Once the banks open a check he gave the school for his senior yearbook clears and 75 comes out of his account Joshua s Netflix account subscription is automatically debited today too so another 10 leaves the account After school he heads out with friends and uses his debit card to buy a 3 coffee He sends a person to person payment of 15 to his friend Bryant for his share of dinner Finally he finishes out the day with some shopping to buy new soccer gear for 35 using his debit card at the store A Open the link in a new tab the current overdraft fees in NerdWallet s Overdraft Fees by Bank B Using the information provided by NerdWallet determine how much Joshua would pay in overdraft fees at the following banks Alliant Credit Union Ally Bank Citibank Fifth Third Bank SunTrust Wells Fargo Part II Compare the Fees 1 How much did Joshua spend on actual purchases throughout the course of the day BALANCE

Answer & Explanation Solved by verified expert

See Answer