Minimum Balance
A banking requirement to keep an account above a set balance threshold.
Detailed Description
Minimum Balance
What happens if my account balance falls below the minimum balance?
If your account balance falls below the minimum balance, the bank may charge maintenance fees or impose restrictions on your account.
Are there different minimum balance requirements for various account types?
Yes, different account types have varying minimum balance requirements, such as checking accounts, savings accounts, and business accounts.
Can I avoid minimum balance fees?
Yes, you can avoid minimum balance fees by maintaining the required balance, setting up automated transfers, or choosing the right account.
Do all banks have the same minimum balance requirements?
No, minimum balance requirements can vary significantly between different banks and account types.
Are there exceptions to minimum balance requirements?
Yes, some banks offer exceptions for students, seniors, or under promotional offers that may waive minimum balance requirements.