Minimum Balances

Problem

The user doesn't know what to put into the Minimum Balance field for a checking account, credit card account, loan account.

Diagnosis

Goldenseal will warn when the account balance goes below the minimum, so it should be the $$ amount where the user wants that to happen.

Solution

For a LOAN or CREDIT CARD-- enter a negative number for the credit limit. For example, if their credit card has a $13,500 credit limit, then enter -13,500.

For a CHECKING or SAVINGS account-- if they have overdraft protection, enter the credit limit as a negative number. If they have to keep a minimum balance to avoid paying service charges, enter that amount as a positive number. If neither, then enter zero.

Comments

Entered 2/6/06 by Dennis