Why does my checking account have a minimum balance?

Bank accounts will often carry a minimum balance requirement from the bank as a means to ensure that a certain amount of money is available to the bank for them to lend to others. The minimum balance requirement allows the bank to earn interest by lending it to others and the interest they make can then help to cover the costs associated with your account. Often banks will offer more account “features�

(e.g. , higher interest rates, greater flexibility, etc. ) in return for accounts that have a higher balance because the higher that the minimum balance is, the more they can do with your money. Banks also know that you will typically carry significantly more than your minimum balance to avoid charges associated with going below that level.

Bank accounts will often carry a minimum balance requirement from the bank as a means to ensure that a certain amount of money is available to the bank for them to lend to others. The minimum balance requirement allows the bank to earn interest by lending it to others and the interest they make can then help to cover the costs associated with your account. Often banks will offer more account “features” (e.g. , higher interest rates, greater flexibility, etc.) in return for accounts that have a higher balance because the higher that the minimum balance is, the more they can do with your money.

Banks also know that you will typically carry significantly more than your minimum balance to avoid charges associated with going below that level.

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