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

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Presentation transcript:

SECTION 4-6 pp. 182-187 Online Banking

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

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

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

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

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?

Figure 4.14

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

Practice 1 Use Tiwana Gombash’s online banking plan above 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?

Practice 1 Answer $47.95

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.

Practice 2 Answer $56.45

END OF SECTION 4-6 Online Banking