Final answer:
The Perform Check account has a specific minimum balance requirement and charges a service fee if the account balance falls below this minimum. The exact amounts for the minimum balance and the fee are determined by the financial institution providing the account.
Step-by-step explanation:
The Perform Check account mentioned in your question appears to be a checking account offered by a financial institution. Each bank or credit union will have its own specific requirements for such accounts. Typically, the minimum balance requirement refers to the least amount of money that must be maintained in the account to avoid service fees. The actual minimum balance and the service fee amount would be set by the financial institution offering the Perform Check account. If the account falls below this set minimum balance, the service fee charged can vary widely between different banks.
For example, one bank might require a minimum balance of $500, and if the account balance falls below this, a service fee of $25 might be charged. It is important for account holders to understand these requirements to manage their accounts effectively and avoid unnecessary fees.