Checking Account Question?

Question

Ok when you set up a checking account and they say you need a $100 to do it. Does It it mean that they will keep the $100 dollars for themselves, or you just need at least $100 dollars in your account.

Answer 1

Do yourself a favor and make sure your banking institution doesn't have a minimum balance requirement or monthly account fees. In this day and age, it's almost unheard of for standard checking accounts to have these provisions. If your institution doesn't offer these perks, go elsewhere.

Answer 2

~~It just means you need $100 to start, but it remains yours. After the account is open your free to withdraw whatever you need from that amount.~~

Answer 3

No, they mean you have to have $100 to put into an account. They don't keep it, but they WILL deduct the monthly account fee from whatever your account balance is.

Once you get the account open, most of them have no minimum balance AFTERWARD.