ANY BANKS ARE FINE!! PLEASE ANSWER ALL OF THESE QUESTIONS↓ It is time to do some...

ANY BANKS ARE FINE!! PLEASE ANSWER ALL OF THESE QUESTIONS↓

It is time to do some bargain shopping as you decide to open your own checking account. Then visit or call three local banks in your area and obtain the necessary information from each to complete the checklist. In a few paragraphs, compare the pros and cons of opening an account with each bank and explain which you would choose and why.

1) Do I have to keep a minimum balance, or amount of money, in the account to avoid fees?

2) Is there a monthly fee? How much is it?

3) Will it be charged check writing fees?

4) How many checks can I write per month?

5) Will the bank return my canceled checks each month or keep them on file?

6) Will I be charged ATM fees?

7) What other fees are associated with this account.

Expert Solution

Sl.no	Checklist	HDFC Bank	DIGI Bank	YES Bank
1	Do I have to keep a minimum balance, or amount of money, in the account to avoid fees?	160$	0	16$
2	Is there a monthly fee? How much is it?	0	0	0
3	Will it be charged check writing fees?	5$/year	0	2.5$/year
4	How many checks can I write per month?	No limit	No limit	No Limit
5	Will the bank return my canceled checks each month or keep them on file?	Retun	Keep them on file	Keep them on file
6	Will I be charged ATM fees?	6$/year	1st year free 2.5$ from 2nd year	5$/year
7	What other fees are associated with this account.	1.) Non-Home branch deposit charges 2.) Insufficient fund charges.	No Hidden charges	1.) Non-Home branch deposit charges

Pro's and Con's

HDFC bank is offering zero monthly charges and there are no limits on number of cheques and also they return the cancelled cheques.However, the minimum balance is far too high when compared with other banks and also there are Insufficent fund charges.

DIGI Bank offers free ATM usage for 1st year and there is no minimum balance requirement and there is no cheque writing fee when HDFC and YES bank are charging 5$ and 2.5$ respectively,moreover there are no associated fees. However they won't return the cancelled cheques.

YES bank also offers less charges on cheque writing and minimum balance requirement, However they won't retun the cancelled cheques.

Decision:

DIGI Bank, as they provide low cost service and there is no minimum balance requirement and no other associated fee. The best thing is the ATM card usage is free for 1st year.

jeff jeffy answered 1 week ago

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