Which term refers to money you must keep in your account to avoid fees?

Which term refers to money you must keep in your account to avoid fees?

• A. Interest
• B. Low Balance Alert
• C. Mobile Deposit
• D. Minimum Balance

Answer: (D)

Minimum balance is the amount you must keep in your account to avoid fees. Banks set this threshold, and if your balance stays at or above that level during the statement cycle, the monthly maintenance fee is usually waived. If you fall below, a fee may be charged or you could lose certain benefits. Other options aren’t about meeting a balance: interest is what you earn on your balance, a low balance alert is a notification when your funds get low, and mobile deposit is a way to deposit checks using your phone.

Minimum balance is the amount you must keep in your account to avoid fees. Banks set this threshold, and if your balance stays at or above that level during the statement cycle, the monthly maintenance fee is usually waived. If you fall below, a fee may be charged or you could lose certain benefits. Other options aren’t about meeting a balance: interest is what you earn on your balance, a low balance alert is a notification when your funds get low, and mobile deposit is a way to deposit checks using your phone.