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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 between...
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 ...
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.
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 minimum age for opening a bank account is most commonly 18 years. However, in some countries, the minimum age to open a bank account can be 16 years, and accounts may be opened in the name of minors but operated by their parent or guardian. In general, it is unlawful to open an account in a false name.
U.S. Bank’s Standard Savings account has a monthly maintenance fee of $4, which you can get waived if you keep a $300 minimum daily balance or a $1,000 monthly collected balance.
An overdraft occurs when withdrawals from a bank account exceed the available balance. This gives the account a negative balance and in effect means the account provider is providing credit. If there is a prior agreement with the account provider for an overdraft facility, and the amount overdrawn is within this authorised overdraft, then ...