Minimum Balance to Open an Account
- The minimum initial deposit required to open the account described.
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,
➥ Bank account transaction code.
- The amount that a cheque exceeds the available balance in the payor's account; also insufficient funds.
- 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.