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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.
Banking terms (2 C, 146 P) ... Bank tax; Bank transaction tax; Banker to the Poor; ... Minimum daily balance; Mitigation banking; Monetary system;
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 ...
Balance requirement: A minimum $1,500 to avoid a $12 monthly service fee; the fee can also be avoided by receiving a monthly direct deposit of at least $250 or enrolling in Preferred Rewards Yield ...
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.
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.
A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets. [1] The interest rates paid are generally higher than those of savings accounts and transaction accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest.
The minimum daily Ledger Balance in your account is $10,000 or more for the previous calendar month. You have a Monthly Combined Balance of $25,000 for the previous calendar month.