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In banking, a minimum daily balance is the minimum balance that a banking institution requires account holders to have in their accounts each day in order to waive maintenance fees. [1] This is not to be confused with the average daily balance, which is computed as the sum of daily balances in a billing period divided by the number of days.
Maintaining a specific average daily balance or minimum balance requirement. Making a minimum number of debit transactions monthly. Opting in to e-statements or enrolling in online banking ...
A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets. [1] The interest rates paid are generally higher than those of savings accounts and transaction accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest.
A recent GOBankingRates survey found that the majority of Americans (37%) keep a minimum balance of $100 or less in their checking accounts, and an additional 20% maintain a minimum balance between...
The Second Bank of the United States opened in January 1817, six years after the First Bank of the United States lost its charter. The predominant reason that the Second Bank of the United States was chartered was that in the War of 1812, the U.S. experienced severe inflation and had difficulty in financing military operations. Subsequently ...
Waiver: No $10 monthly service fee for account holders below age 24, with a $500 daily minimum balance, $500 in total qualifying direct deposits, accounts linked to a campus debit card or ATM card ...
In 1791, Congress chartered the First Bank of the United States to succeed the Bank of North America under Article One, Section 8. However, Congress failed to renew the charter for the Bank of the United States, which expired in 1811. Similarly, the Second Bank of the United States was chartered in 1816 and shuttered in 1836.
The Way2Save savings account at Wells Fargo Bank has a monthly maintenance fee of $5, which you can avoid if you maintain a $300 minimum daily balance, set up one or more recurring savings options ...