What Is a Mini-Branch? A mini-branch, also known as a convenience branch, is a special type of bank branch that offers only a limited range of services to its customers. Mini-branches are usually smaller than conventional branch locations, and they are often located in grocery or discount stores. While some mini-branches offer access to tellers
What Is a Minimum Deposit? A minimum deposit or initial deposit is the minimum amount of money required to open an account with a financial institution, such as a bank or brokerage firm. Higher minimum deposits are generally associated with accounts offering premium services, whereas products oriented toward a mainstream audience generally offer lower minimum
What Is Minimum Wage? A minimum wage is the lowest wage per hour that a worker may be paid, as mandated by federal law. It is a legally mandated price floor on hourly wages, below which nonexempt workers may not be offered a job or agree to work. Key Takeaways The minimum wage is a legally mandated
What Is a Minimum Balance? For bank accounts, the minimum balance is the minimum dollar amount that a customer must have in an account to receive some service benefit, such as keeping the account open or receiving interest. For margin accounts, it is the minimum deposit amount before margin trading is allowed, and after a
What Is Minimum Essential Coverage? Minimum essential coverage is a type of health insurance policy an individual needed to meet the shared responsibility provision under the Patient Protection and Affordable Care Act (ACA). Individuals who lacked minimum essential coverage previously were hit with a financial penalty. The Tax Cuts and Jobs Act passed in 2017
Minimum Finance Charge: An Overview A minimum finance charge is a monthly credit card fee that a consumer may be charged if the accrued balance on the card is so low that an interest charge under the minimum would otherwise be owed for that billing cycle. Most credit cards have a minimum finance charge of
What Are Minimum Lease Payments? The minimum lease payment is the lowest amount that a lessor can expect to make (and a lessee can expect to pay) over the lifetime of the lease. Accountants calculate minimum lease payments in order to assign a present value to a lease in order to record the lease properly
What Is Minimum Margin? Minimum margin is the initial amount investors are required to deposit into a margin account before trading on margin or selling short. Different margin trading accounts have their own minimum margins, though regulations establish the bare minimum. A margin account allows an investor to buy securities long or sell securities short
What Is a Minimum Price Contract? A minimum price contract is a forward contract that guarantees the seller a minimum price at delivery. This type of arrangement is used with commodities to protect producers from price fluctuations in the market. Minimum price contracts are common in agricultural sales, for example, the sale of grain. A
What Is Minimum Spend? The term “minimum spend” refers to the minimum amount of money a customer must spend in order to qualify for the sign-up bonus associated with a credit card. It is short for “minimum spending requirement.” Key Takeaways Minimum spend is one of the common conditions used by credit cards when offering
