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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.
However, you can avoid this fee entirely if you maintain a minimum daily balance of $1,500 or more. ATM Fee You will incur ATM fees if you use ATMs outside of your bank’s network .
The account also pays a bit of interest (0.1 percent annual percentage yield) on balances under $15,000 and a bit more (0.25 percent APY) on accounts that carry a daily balance of $15,000 or more.
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 ...
Waiver: No monthly service fee for account holders with a $3,500 minimum daily balance. Wells Fargo Bank savings rates compared to current top rates* View this interactive chart on Fortune.com.
Banking industry (2 C, 8 P) Investment banking (7 C, 20 P) Islamic banking (6 C, 44 P) M. ... Minimum daily balance; Mitigation banking; Monetary system; Money center ...
Its Interest Checking Account has no monthly fee or minimum balance stipulation. You can open the account with any amount of money and earn 0.10% APY on balances below $15,000 and 0.25% on ...
Bank reserves are a commercial bank's cash holdings physically held by the bank, [1] and deposits held in the bank's account with the central bank.Under the fractional-reserve banking system used in most countries, central banks may set minimum reserve requirements that mandate commercial banks under their purview to hold cash or deposits at the central bank equivalent to at least a prescribed ...