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What type of checking account usually requires the highest balance to be kept on deposit?
Wiki User
∙ 14y ago
A high-yield checking account typically requires the highest balance to be kept on deposit. These types of accounts often offer higher interest rates than regular checking accounts, but in exchange, they require a minimum balance to be maintained in order to earn the high interest rate.
Wiki User
∙ 14y agoIt differs from bank to bank. Each bank has different types of checking accounts that require different balances because they get diffrent benefits. For example, Wells Fargo has a checking account called the PMA checking, which stands for Portfolio Management. To keep it free you need to have $25000 or more in combined balances, including 10% of your mortgage. Combined balances means the total of all your accounts with Wells Fargo. This account gets bonus interest rates on savings accounts, gets all check designs free, entitiles the owner to 100 free stock trades per year in a wellstrade account, makes any other account the owner has free without a minimum balance, waives the fee on a line of credit, and gets other perks. Usually MoneyMarket checking accounts require high minimum balances because they earn the highest rate of interest.
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What is my balance?
what is my recent deposit and balance on checking account elcantante i need my saving account balance
What will be the initial deposit to open a Bank of America account?
I think it is US $ 500 for a simple checking account. The bank would give you an ATM card and a check book for this account. However if you arrange to have a Direct Deposit (Your Monthly Salary/paycheck) into this account Bank of America waives this minimum balance requirement and you can have it as a Zero-Balance checking account.
Are Chase Checking accounts free to open?
Chase Banks offer two types of checking accounts. They offer a free checking account with no minimum balance with direct deposit and an interest checking account with a $5000 minimum balance and direct deposit.
How can one avoid monthly service fees on a Citibank checking account?
There are many types of Citibank checking accounts, some with no monthly fees such as Student Checking. Other monthly fee requirements differ by account, but in general options include keeping a minimum balance (Basic Checking requires $1500) or by making a minimum amount of certain transactions (Basic Checking requires one direct deposit and one BillPay).
Can your employer access your checking account?
No. He cannot access your checking account to view the balance or to withdraw money. However, he will be able to access your account to credit your monthly paycheck or salary through direct deposit. Even during direct deposit, he wouldn't be directly accessing your checking account. Instead, his bank would be doing that by means of direct deposit instructions to your bank.
Who much is the opening deposit for a checking account?
It depends on the bank and also the type of account you are opening. for example a basic feature savings account in a nationalized bank in India requires a min balance of 500 rupees and for an account with a cheque book requires 1000 rupees for private banks the min balance is usually 2500 or 5000 or even more based on the facilities provided.
What is money in a checking account called?
Money in a checking account is called demand deposit.
How much cash must be deposited to open a checking account at the Whidbey Island Bank?
"Whidbey Island bank requires you to make a deposit of 100 dollars to open a checking account with them. If you are opening a savings account, you must deposit at least 150 dollars."
What is the purpose of an online checking account?
An online checking account allows you to view your balance and pay bills from your account. Some banks are starting to implement systems where you take a photo of your check and send it to your online account to deposit it.
Can I deposit cash in someone esle's checking account?
Yes. There are no restrictions as to who can deposit cash into a checking account. Anyone can deposit cash into anyone else's account as long as they know the account number of the account into which they want to deposit cash. For ex: I can walk into the bank branch where you hold a checking account and deposit $500 into it if I know the account number. Nobody will ask or question me as to why I am doing so…
What is the technical name for checking account is?
Demand Deposit Account
Which bank offer free checking?
I am sure most banks do have free checking accounts only if you sign up for a direct deposit or maintain the minimum account balance that is required.
