Today at MyBambu, we want to talk to you about some basic financial terms that you may come across when you arrive in the United States and want to open an account, such as “minimum balance.”
When opening your account in various places, whether it’s a checking or savings account, you’ll come across this concept, and it might be new to you. However, it’s essential to avoid unexpected fees and make the most of your account, so let’s start with the basics.
What is a minimum balance, and how does it work? In some cases, it’s a requirement set by the financial institution, meaning that to avoid paying a maintenance fee on your account, you must maintain the minimum balance. If your balance falls below that amount, the institution might charge you a monthly fee. It’s worth noting that MyBambu does not charge maintenance fees or require minimum balances—creating your account is completely free.
There are several types of minimum balances, and now we’ll tell you what they are:
- Minimum balance to open an account: This is an initial deposit when opening the account. This amount can vary depending on the type of account you choose.
- Daily minimum balance: This is the minimum balance you must have in your account each day.
- Monthly average balance: In some accounts, what matters is not the daily balance, but the average monthly balance.
- Minimum balance to avoid fees: In many accounts, if you maintain the required minimum balance, you avoid paying account maintenance or transaction fees.
Not meeting the minimum balance requirements if your financial institution requires it can result in additional charges. At MyBambu, we want you to be part of the financial system. We understand that it can sometimes be difficult to meet certain amounts, which is why our account is designed for you. It’s a great way to keep your money safe and improve your financial well-being without any minimum balance or monthly fees.
It’s always important to be clear about your account’s requirements and ensure it fits your needs. Understanding this concept will help you recognize the benefits of being part of MyBambu. Remember that when opening your account, we do not verify your immigration status; you can do it with an ID from your home country.
