Looking for a way to, in the event of a purchase dropping my balance below the minimum daily balance (MDB) with no way to bring it above the MDB before the end of the day, make 6 point of sale (POS) purchases that funnel back into my account (same bank or different bank) for free or at least less than the maintenance fee . It's important to know that the 6 POS purchases will enable me to avoid the maintenance fee, as per the account's policy, while having a balance below the MDB.

As far as I can tell, maintenance fees for MDB violations are recorded and then posted (as debit) in that cycle's statement when other maintenance-fee-avoiding transaction activities are not made within the 30-day cycle.

So, for example, if the MDB is $5000, and I make a $1000 purchase, and I don't replenish the account to $5000 by the end of the day, the maintenance fee will be avoided IF I made 6 POS purchases within the same cycle period. In this case, 6 POS purchases, the dip to a $4000 MDB will be recorded, but not posted as debit.

The idea here is that I don't want to spend money to avoid a fee in the event that the account can't be replenished to the MDB.

I was thinking something like donating 1¢ to my same-bank business account through my website 6 times (PayPal). Any proposed method doesn't have to be exactly free, but at least less than $5.

  • I have no idea how this method is supposed to work. You want to buy things using your debit card and this somehow increases the amount in the bank account so that it does not fall below the minimum daily balance needed to avoid maintenance fees? – Dilip Sarwate Oct 5 '15 at 19:17
  • Let me be more clear: The account in question allows for there not to be a maintenance fee if 6 POS purchases are made before the end of the statement cycle (1 month). – user33802 Oct 5 '15 at 19:27
  • So the next 6 times that you visit Starbucks or Caribou Coffee and pay for your coffee with your debit card, and you are all set? You don't need to maintain the $5000 minimum balance as long as you use your debit card six times a month? Is there a fee for each debit card use? – Dilip Sarwate Oct 5 '15 at 20:32
  • Perhaps my question is too technical and unorthodox for people who use their debit card. I don't use the debit card linked to this particular account. – user33802 Oct 5 '15 at 20:38
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    when noticed by the bank staff - Almost certainly, this is entirely automated and no human even glances at your account. – Bobson Oct 20 '15 at 5:16

Looks like you have three options:

  1. Keep a $5000 MDB
  2. Make 6 POS transactions a month
  3. Call the bank and ask for the fee to be waived (probably will only work 1-3 times/year)

Outside of this you might need to look for a different type of account.

Hope that helps.

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  • I'm aware of the waiver method, but I still think there is a legal way to avoid the fee using the Internet. – user33802 Oct 5 '15 at 20:04
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    Yes, use you card 6 times at a POS system. The bank collects fee for allowing the vendor to use your card. They don't care where you use it. Your website doesn't get charged to allow / for using card transactions? – Ross Oct 5 '15 at 20:09

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