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Providing you a bank account and service at the branch means that the bank incurs some expenses or should I say cost. In order to cover for that cost, banks usually specify a minimum balance based on the type of account and services you wish to avail. This minimum balance should be sufficient to offset the cost the bank incurs in providing you with the requisite services. At the end of the day, it is a business for the bank and their motive is to make a profit while providing you with banking services. That is why they require you to maintain a minimum balance on your savings account.
What else can I help you with?
Do most high interest saving accounts require a minimum balance?
Yes, most high interest savings accounts require a minimum balance. Since it is high interest, it is usually a high minimum account balance as well.
Does provident bank require a minimum balance in a personal checking account?
Provident Bank does offer a totally free checking account without a minimum balance. This type of account also offers no fees, unlimited check transactions and no charge for deposited items.
Is there a minimum amount om money to keep in a bank account?
Yes, many banks require a minimum balance in accounts to avoid fees and maintain the account's active status. The specific amount can vary by bank and account type. Some accounts, like basic checking or savings accounts, may have low or no minimum balance requirements, while others, like premium accounts, may require higher minimums. It's important to check with your bank for their specific policies.
How much is the initial deposit of a savings account?
It depends on the bank and the types of facilities offered by your banker. Government banks in India require a minimum balance of Rs. 500 for normal accounts and Rs. 1000/- for accounts with cheque book and ATM card. Private banks require a minimum quarterly average balance of Rs. 2500 or above
What is the minimum deposit to take out money?
The minimum deposit required to take out money varies depending on the financial institution and the type of account. For savings accounts, some banks may have no minimum deposit, while others might require a certain amount to be maintained. It's essential to check the specific terms and conditions of your bank or account type to determine the exact requirements.
What is a type of checking account that also earns interest these accounts generally have a minimum balance?
a type of checking account that also earns intrest
Do business bank accounts require a minimum amount of money to be kept in an account monthly?
Most banks do not require a minimum balance to be kept in a business account. If you are looking at obtaining one, you will want to check with your local bank if they require a minimum balance.
What should be the minimum balance to be maintained in personal ledger accounts?
The minimum balance to be maintained in personal ledger accounts can vary depending on the bank or financial institution's policies, as well as the type of account held. Generally, it ranges from zero to a few hundred dollars. Some accounts may require a higher minimum balance to avoid monthly maintenance fees or to earn interest. It's essential to check specific account terms to determine the exact requirements.
Do most high interest saving accounts require a minimum balance?
Yes, most high interest savings accounts require a minimum balance. Since it is high interest, it is usually a high minimum account balance as well.
Why do you have to keep a minimum balanced in your account in order to invest?
You have to have money to invest money, so an empty account would not have investing ability. Most companies require a minimum investment, which should be close to the minimum balance for your account.
Does provident bank require a minimum balance in a personal checking account?
Provident Bank does offer a totally free checking account without a minimum balance. This type of account also offers no fees, unlimited check transactions and no charge for deposited items.
How much money do you need to start a checkings account?
== == Most of the major banks require a minimum balance to keep open. While some smaller banks and credit unions let this rule slide to keep customers, Financial collapse of September 2008 has forced most banks to moving back to a minimum balance rule. The amount of the minimum balance often varies depending on the bank and the type of account. Savings accounts? Many savings accounts do require minimum balances. Typically as long as you keep the minimum balance in your account, they will not charge you a fee. Many banks offer accounts with no minimum balance or a very low minimum balance.
Why do banks require a minimum checking account balance?
The bank expects or rather needs you to maintain a certain minimum balance for them to be at a situation where it not a loss for them to maintain an account for you. Maintaining a bank account for a customer requires certain resources and the bank provides us in return for our commitment that we shall maintain the minimum balance requirements. If we fail to do so, it becomes unfeasible for the bank to provide the facility and hence they charge us a penalty when you go below the minimum balance requirement or '0' for worse case scenarios.
What is the procedure to open a current account for a new company?
Many banks require an individual identification card and a tax identification number to open a new account for a company. There might also be a minimum balance requirement to keep fees to a minimum.
Does the Susquehanna Bank offer free checking without a minimum balance?
No, it does not require any minimum balance for a free checking account. All monthly maintenance fees are also waved. Customers are able to write as many checks as they would like free of charge. New Jersey Consumer Checking Account qualifier.
all i want is a checking account with debit card no checks needed?
You can walk into any main bank and open a checking account. Some might require a minimum balance, but I know others wont.
How much is the initial deposit of a savings account?
It depends on the bank and the types of facilities offered by your banker. Government banks in India require a minimum balance of Rs. 500 for normal accounts and Rs. 1000/- for accounts with cheque book and ATM card. Private banks require a minimum quarterly average balance of Rs. 2500 or above
