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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.
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 ...
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 ...
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 ...
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 ...
Commercial bank deposits account for most of the money supply in use today. For example, if a bank in the United States makes a loan to a customer by depositing the loan proceeds in that customer's checking account, the bank typically records this event by debiting an asset account on the bank's books (called loans receivable or some similar ...
$10 (waived if minimum balance is met) $100 to open, $500 daily balance required to waive monthly fee $10,000 in incoming and $10,000 in outgoing transactions per day