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    #1

    Cool minimum balance

    Hi,

    If a bank clerk says: "you can have a minimum balance of 1,000 usd"

    Does it mean that I can be overdrawn until - 1000 usd in my checking account?

  1. Ouisch's Avatar
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    #2

    Re: minimum balance

    It depends upon the individual bank and the context in which they are indicating your minimum balance. But, at face value, it looks like they are saying that you must keep a minimum of $1,000 in your account to avoid any service charges. If I were you, I would ask the bank representative for clarification.

  2. apex2000's Avatar
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    #3

    Re: minimum balance

    Quote Originally Posted by bieasy View Post
    Hi,

    If a bank clerk says: "you can have a minimum balance of 1,000 usd"

    Does it mean that I can be overdrawn until - 1000 usd in my checking account?
    No. The sentence does not make sense without further information, such the the arrangement for a particular account. For an overedraft, the bank clerk would say ' your balance today is £xxxx and your limit is £1,000'. That means that the customer has available the amount in his account today and an extra £1,000 to spend if needed.
    The customer may have a savings account with a condition that a minimum sum must be kept in it, then the clerk would say 'the minimum amount you must have in your account is £1,000'.

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