Respuesta :

stefanovicmiloseng

The minimum daily balance in banking is the minimum amount on the balance that the bank requires from the account owner, that they should have each day to avoid charging a maintenance fee. The minimum daily balance is a different thing from the average daily balance, which is calculated as the sum of daily balances in a given period divided by the number of days. If it happens that the daily balance falls below the minimum amount required, and payment is made to the account on the same day, the bank will not charge a fee for the service. Otherwise, if the minimum daily balance falls below the minimum, a maintenance fee is charged.

ashutoshmishra3065

If your savings account balance drops, then you have to pay maintenance charge.

What is savings account?

  • Basically, savings account is a type of bank account which allows you to secure money depositing facility in a bank.
  • It provides protection and easy access to your money

What can happen if your savings account balance goes down the minimum daily balance?

Saving accounts require a minimum daily balance required to avoid the monthly adjustment fees. If your saving account goes down the required least amount, the maintenance amount will be checked on the last day of your the statement cycle and the maintenance fee will be charged.

Hence, you have to pay the required maintenance fee.

Learn more about Savings account on https://brainly.com/question/6594263

#SPJ2

Otras preguntas