No, to have balanced forces means to be in equilibrium.
An object is in a state of equilibrium if all forces acting on said object are balanced.
The main condition for an object to be in equilibrium is that the total force acting on the object must be zero.
Newton's law mathematically is defined as
Assuming that the object has mass, the acceleration
So, as long as the acceleration of the object is zero, the force is zero as well.
You can read further at this link: http://www.physicsclassroom.com/class/vectors/Lesson-3/Equilibrium-and-Statics