Which term describes a monthly fee that some banks charge to provide access to checking or savings accounts?

Which term describes a monthly fee that some banks charge to provide access to checking or savings accounts?

• A. Direct Deposit
• B. Emergency Fund
• C. Minimum Balance
• D. Maintenance Fee

Answer: (D)

Maintenance fees are monthly charges some banks apply to checking or savings accounts to keep the account open and to cover basic services like online access, statements, and customer support. This fee is assessed regardless of how many transactions you make, and it’s separate from any money you might deposit or the minimum balance requirements. Direct Deposit refers to funds being automatically deposited into your account, not a recurring charge. An Emergency Fund is simply a stash of savings for unexpected expenses. A Minimum Balance is a threshold you must keep in the account to avoid certain penalties or to earn interest. Because the question describes a recurring monthly charge for access to the account, the term that fits best is maintenance fee.

Maintenance fees are monthly charges some banks apply to checking or savings accounts to keep the account open and to cover basic services like online access, statements, and customer support. This fee is assessed regardless of how many transactions you make, and it’s separate from any money you might deposit or the minimum balance requirements. Direct Deposit refers to funds being automatically deposited into your account, not a recurring charge. An Emergency Fund is simply a stash of savings for unexpected expenses. A Minimum Balance is a threshold you must keep in the account to avoid certain penalties or to earn interest. Because the question describes a recurring monthly charge for access to the account, the term that fits best is maintenance fee.