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Understanding Online Banking Charges for Fleet Footed Finances

Learn how online banking impacts your account fees and track expenses through a check register. Calculate total charges for transactions like bill payments and cash advances.

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Understanding Online Banking Charges for Fleet Footed Finances

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  1. SECTION 4-6 pp. 182-187 Online Banking

  2. Compute: online banking charges Update: the check register Section Objective

  3. Key Words to Know online banking (p. 182) Doing bank transactions, such as loan payments and funds transfers, electronically over the Internet.

  4. Formula Total Fees = Basic Charge + Bill Payments + Statement + ATM Surcharge + Cash Advance Fee

  5. Fleet Footed Finances p. 182 How might online banking affect Pinsky’s knowledge of the money in Fleet Footed’s bank account?

  6. Example 1 Tiwana Gombash 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?

  7. Figure 4.14

  8. Example 1 Answer Step: Add the fees. 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

  9. Practice 1 Use Tiwana Gombash’s online banking planabove to 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?

  10. Practice 1 Answer $47.95

  11. Practice 2 Use Tiwana Gombash’s online banking plan above to calculate the fees. Service: Basic charge, 18 bills, 1 overdraft. ATM: 4 national, 2 out of network, cash advance of $200.

  12. Practice 2 Answer $56.45

  13. END OF SECTION 4-6 Online Banking

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