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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.
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 ...
Download as PDF; Printable version; ... Banking terms (2 C, ... Minimum daily balance; Mitigation banking; Monetary system; Money center bank;
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 ...
A deposit account that allows for the withdrawal of funds without penalty but requires a higher minimum balance to earn interest. [1] 6 Sweep account: A deposit account in which amounts over a certain balance are automatically transferred to another account pursuant to a pre-determined set of arrangements. 7 Automatic transfer service account
The benefits of balancing your checking account are tenfold, and the process is easy to incorporate into your daily life. The practice helps you to: Avoid overspending and overdrafts
Creditors and lenders use different methods to calculate finance charges. The most common formula is based on the average daily balance, in which daily outstanding balances are added together and then divided by the number of days in the month. In financial accounting, interest is defined as any charge or cost of borrowing money.