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They don't know what the ultimate median price will be, but early tests suggest that people will end up paying around $2 to3.. GoBank won't have overdraft fees, penalty fees, minimum balance requirements, or required monthly fees.
If you check out other banks, focus on accounts with little or no minimum balance requirements, no monthly fees, and no other strings attached, such as requiring direct deposit, a minimum activity level, or enrollment in certain products or programs.
Or they may raise the minimum balance requirements that some banks already have.
Q. Are you planning any new fees or minimum balance requirements?
Most banks offer accounts with varying balance requirements so that customers can avoid maintenance fees or other charges.
Account disclosure formats vary, despite recent attempts at simplifying the way in which banks present information about fees, minimum balance requirements and other details to consumers.
Similar(11)
You may have noticed that most "free" checking accounts now have a higher minimum balance requirement than they did before, or maybe they require you to perform more types of transactions each month.
The $1 minimum balance requirement.
Arkansas, where I live, pretty much tracks the national median, except for the minimum balance requirement.
If the balance requirement is not met, there is a $10 monthly service fee ($8 with direct deposit); the fee can be waived for those 60 and older.
Compare that with Massachusetts, which has a median minimum balance requirement of $6,000 — the highest among the states — but fewer additional sorts of fees (11).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com