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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.
You may also be able to avoid this fee by maintaining the required minimum balance. For example, Bank of America, Member FDIC, charges up to $12 per month for its Advantage Plus Banking® account ...
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.
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 ...
Many Bank of America customers will now face a $12 a month fee if they don’t maintain a $1,500 balance or have a direct deposit of $250. ... or maintain the minimum daily balance requirement ...
Banking terms (2 C, 146 P) ... Minimum daily balance; Mitigation banking; Monetary system; Money center bank; Money creation; Mortgage note; MSI 20000;
For balances under $15,000, Ally’s Spending Account pays APY, and for a minimum daily balance of $15,000 or more, you’ll earn APY. Outgoing domestic wire transfers have a $20 service charge. Fees
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 ...