GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Minimum Monthly Balance


Synonyms:lowest monthly surplus
Filed Under: financial-banking
Tags: banking
 

Definition of minimum monthly balance

minimum monthly balance
1. The least amount of money that has been in a bank account during the whole month.

Related Terms and Acronyms:

  • balance (bal.)   The amount of money in your account.
  • minimum average balance to avoid fees   The balance in the account from day-to-day must average this amount when calculated. If the account balance falls below this amount you will be subject to the monthly charge and/or per usage transaction charges.
  • minimum balance to open an account   The minimum initial deposit required to open a bank account.
  • statement   A detailed record of transactions in a bank customer's account(s) for a certain period, usually each month, which shows debits, credits, transfers, payroll deposits, account balance, cheque fees, service and interest charges, ATM activity, etc.

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