Case#1: If there is $5000 in
your saving account and you the money with the Bank of Crooks and the service
fee is as follows:
TAP: $0.50 each time e-transfer:
$1.00 each time
ATM withdraw: $3.50 each time Cheque:
$1.50 per cheque
In branch withdrawal: $2.50
each time If account has less than $2000
anytime, $10 charge
Kwok buys a Starbucks every
morning, and he always TAP
to pay for the drink. In March, he writes a cheque to pay for hydro, a cheque for insurance and a cheque for heat. He also buys something from eBay and e-transfer some money to
the seller. Lastly, by the end of the month, he needs to withdraw some cash
from the ATM machine
and buys ice cream sandwiches for his students.
On March 30, he has $1888
left. Calculate how much service fee he has to pay the Bank of Crooks? Show your calculations.
Step 1: How many days in
March? Step 2: How many TAPs at Starbucks? How much?
31 days $0.50
x 31 = $15.50
Step 3: How many e-transfers?
How much Step 4: How many
cheques? How much?
1 e-transfer x $1.00 = $1.00 3
cheques x $1.50 = $4.50
Step 5: How many ATM
withdraws? How much? 1 x $3.50 = $3.50
Step 6: How much when his
account has less than $2000,
$10 charge (my account has less than 2000
Step 7: Total fee? (good or
bad deal?) 15.50 + 1.00 + 4.50 + 3.50 + 10 = $29.50 total charges
Case#2: If there is $5000 in
your saving account and you the money with the Bank of Toronto and the service
fee is as follows:
TAP: First 10 free, then $0.50/each e-transfer: $0.75 each time
ATM withdraw: $3.00 each time Cheque: $1.50 per cheque
In branch withdrawal: $2.50
each time If account has less than $3000
anytime, $20 charge
Kwok buys a Starbucks every
morning, and he always TAP to pay for the drink. In March, he writes a cheque
to pay for hydro, a cheque for insurance and a cheque for heat. He also buys something from eBay and
e-transfer some money to the seller. Lastly, by the end of the month, he needs
to withdraw some cash from the ATM machine and buys ice cream sandwiches for
his students.
On March 30, he has $1888 left. Calculate how much service fee he has to pay the Bank of Toronto? Show your calculations
answer: $41.25
What do you notice about the service fee compared to Case#1?
What do you notice about the
minimum balance compared to Case#1?.
Homework, Case 3
Case#3: If there is $5000 in your saving account and you the money with the e-Bank and the service fee is as follows:
TAP: First 100 free, then $1.50/each e-transfer: First 10 free, then $2.00
each time
ATM withdraw: $7.00 each time Cheque: $5.00 per cheque
In branch withdrawal: $5.00
each time If account has less than $5000
anytime, $20 charge
Kwok buys a Starbucks every
morning, and he always TAP to pay for the drink. In March, he writes a cheque
to pay for hydro, a cheque for insurance and a cheque for heat. He also buys something from eBay and
e-transfer some money to the seller. Lastly, by the end of the month, he needs
to withdraw some cash from the ATM machine and buys ice cream sandwiches for
his students.
On March 30, he has $1888
left. Calculate how much service fee he has to pay the e-Bank? Show your calculations.
e-Bank encourages customers
to do what to save money?
What do you notice about the
minimum balance compare to Case#1?
Calculate the total fee that must be paid for the month of March if Kwok has the same transactions.
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