GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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38% - Moderately

Minimum Average Balance to Avoid Fees


Synonyms:bank fees, fine print, surcharge clause
Filed Under: financial-banking
Tags: banking
 

Definition of minimum average balance to avoid fees

minimum average balance to avoid fees
1. The balance in the account from day-to-day must average this amount when calculated. If the account balance falls below this amount, the account holder is subject to the monthly charge and/or per usage transaction charges.

Related Terms and Acronyms:

  • atm access fee   Fee charged in addition to the individual account fees for an account holder to gain access to the ATM system. Can be monthly, weekly, or annual fee. See also "Automated Teller Machine."
  • closed-account fee   A fee charged for shutting down an account. Sometimes charged if the account is closed before a certain time period has passed.
  • minimum monthly balance   The least amount of money in a bank account during an entire month.
  • number of free transactions per month   The number of transactions an account holder is allowed to make before being charged a fee. If the limit is exceeded, a per-item charge is applied. Some accounts offer an unlimited number of free transactions or no free transactions per month.
  • per item charge   A fee charged to account holders who exceed the allowable number of free transactions for their accounts. Or, the balance in an account does not meet the average monthly balance required to waive the fee.
  • service charge (SC)   Fees charged to customers for specific services or as a penalty for not meeting certain requirements such as insufficient funds in a chequing account.
      ➥  Bank account transaction code.

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