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While you can make the contribution at any time during the year in any amount desired within the prescribed limits, the financial institution administering the account may impose a minimum required deposit or current balance requirement.
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 biggest roadblock for typical discount traders will be the minimum initial balance requirement of $20,000 a far cry from the $1,000 initial deposit required by E*Trade and the $2,000 required by Wall Street rival Morgan Stanley Dean Witter.
The $1 minimum balance requirement.
Arkansas, where I live, pretty much tracks the national median, except for the minimum balance requirement.
Fees remained unchanged at Republic Bank, and Chase Manhattan cut its minimum balance requirement in half, to $1,500.
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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.
In Norway, firms that fail to meet gender balance requirements may face even more severe consequences.
On regular checking accounts, however, there is no limit on balance requirements, monthly fees or per-check charges.
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CEO of Professional Science Editing for Scientists @ prosciediting.com