Maintaining Minimum Balance in Your Account

[Kane]

Many banks have this policy where they want their customers to maintain a minimum balance. If your account funds drop below the minimum balance, they will start charging fines. In my home country, many banks have this minimum balance requirement, however, they do not charge any penalties. Do you have to pay penalties for not maintaining your minimum balance?

 

[Good-Person]

Many banks have this policy where they want their customers to maintain a minimum balance. If your account funds drop below the minimum balance, they will start charging fines. In my home country, many banks have this minimum balance requirement, however, they do not charge any penalties. Do you have to pay penalties for not maintaining your minimum balance?

This is the kind of policy implemented by a few banks in here as well. You not only have to maintain a minimum balance, but you also need to conduct transactions as well. Otherwise, your bank account may become dormant and you may need to reactivate it. These are some of the main reasons why I do not use bank accounts at all.