The objective of this sections is to compute the online banking charges ...€¦ · 4-6 Online...
Transcript of The objective of this sections is to compute the online banking charges ...€¦ · 4-6 Online...
4-6 Online Banking, Slide 1 of 16
The objective of this sections is to compute the online banking charges and then to update the check register
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online banking
Doing bank transactions, such as loan payments and funds transfers, electronically over the Internet.
Key Words to Know
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What are some advantages and disadvantages of doing online banking?
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Total Fees =
Basic Charge
+ Bill Payments
+ Statement
+ ATM Surcharge
+ Cash Advance Fee
Formula
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Tiwana uses the online banking plan shown below. She pays the basic charge, 7 bills, plus she requests a printed statement. She also has ATM transactions, including 1 out-of-network, and a cash advance of $400.00. What are her total fees for the month?
Example 1
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• 7 bills• printed
statement• ATM
transactions, 1 out-of-network
• cash advance
of $400.00.
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Basic Charge + Bill Payments + Statement
+ ATM Surcharge + Cash Advance Fee
$6.95 + $0.50 (7-5) + $4.00 + $3.00
+ (2% × $400)
$6.95 + $1.00 + $4.00 + $3.00 +
$8.00 =
$22.95
Example 1 Answer
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Calculate the fees.
Service: Basic charge, 11 bills paid, printed statement, International wire transfer.
ATM: 2 regional, 1 national, $700 cash advance online banking fee?
Practice 1
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$47.95
Practice 1 Answer
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When you bank online, you still need to maintain a check register to keep a record of your finances. One feature of online banking is that you can download your current online transactions. Most people put the information into a computer program to maintain a current check register.
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Tiwana downloaded her transactions so that she could update her spreadsheet.
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