Which describes the purpose of non-sufficient funds fees? penalize customers for writing checks for money they don't have make sure customers keep sufficient funds in their account pay for the costs of having bank employees collect funds for withdrawals from a competitor’s machine

A: penalize customers for writing checks for money they do not have

Explanation:

A bank reconciliation mainly computed by an accountant, gives the difference between the balance in relation to the bank statement and the cash balance with respect to the accounting records of the depositor in a particular financial institution.

In Financial accounting, a bank statement can be defined as an official summary or list of financial transactions, which typically comprises of the amount of money that has been paid into or withdrawn from an account by an individual or business entity over a specific period of time.

Generally, a bank statement usually has the following information charges, deposits, withdrawals, including the opening and closing balance for each account held at a given the period. Thus, bank customers are advised to frequently reconcile their records with bank statements in order to prevent non-sufficient funds (NSF) checks.

A non-sufficient funds (NSF) checks refers to a check that is not honored by the bank of the issuer due to the fact that the individual or business entity has an insufficient fund. It is also known as a bounced or bad check.

Hence, the purpose of non-sufficient funds fees is to  customers for writing checks for money they do not have. In the United States of America, the fee charged for non-sufficient funds (NSF) checks is between $27 to $35.

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