Final answer:
To avoid a monthly service charge, keep your balance above a certain threshold set by the bank.
Explanation:
Monthly service charge is the fee that could be avoided by keeping your balance above a certain threshold set by the bank. When you maintain a minimum balance, the bank often waives this fee as an incentive for customers to keep more money in their accounts.
For example, if your bank requires a minimum balance of [tex]$1,000 to avoid a monthly service charge of $[/tex]10, as long as you keep $1,000 or more in your account, you won't be charged that fee.
By monitoring your balance and meeting the bank's threshold, you can save money on unnecessary fees and maximize your account benefits.
Learn more about Banking fees here:
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