Minimum Balance to Open an Account

Definition

• The minimum initial deposit required to open the account described.

Synonyms
bank policy

Alternate Spellings
Minimum Balance

Related Terms and Acronyms

• Account Agreement — Definition,
  • An agreement that you sign and which lists your rights and responsibilities and the bank's rights and responsibilities for the bank account.
• Balance (bal.) — Abbreviation,
  • The amount of money in your account.
• Minimum Monthly Balance — Definition,
  • The least amount of money in a bank account during an entire month.
• Overdraft (DR) — Acronym,
  • The amount that a cheque exceeds the available balance in the payor's account; also insufficient funds.
  ➥ Bank account transaction code.
• Statement — Definition,
  • 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.