How is Low balance account defined in a legal contract?
- Low balance account means a deposit account which is not a primary deposit account or linked with any loans, nor an account specified in any [schedule] that existed before a set date. This includes an account with a balance that, when added to all other similar accounts, should not exceed a specific threshold. Seen in 1 SEC Filing
- Low balance account means a customer's account with a balance equal to or less than double the standard rate normally paid by the customer. Seen in 1 SEC Filing
Note: pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
yourself to verify these results. We are always keen to point people to source documents.
Which definition should you use?
🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
Low balance account means a deposit account not linked to primary transactions or loans, keeping within an agreed monetary limit.
Relevant Contract Type
Relevant Circumstances
- Opening a new bank account
- Setting criteria for account types
- Managing account balance limits and thresholds
Relevant Sectors
Genie Definition 2
Low balance account means a customer's account holding a balance less than or equal to double the standard rate.
Relevant Contract Type
Relevant Circumstances
- Arranging a loan or credit line
- Setting up overdraft conditions
- Defining a 'low-balance' alert for a customer
Relevant Sectors
Low balance account means a deposit account not linked to primary transactions or loans, keeping within an agreed monetary limit.
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