Common use of Average Daily Balance Clause in Contracts

Average Daily Balance. To determine the “Average Daily Balance,” we take the beginning balance on your account each day, add any new advances/purchases/fees, and subtract any payments or credits and any unpaid fees and finance charges. This gives us the daily balance. Then, we add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the “Average Daily Balance.”

Average Daily Balance. To determine the “Average Daily Balance,” we take the beginning balance on your account Account each day, add any new advances/purchases/fees, and subtract any payments or credits and any unpaid fees and finance charges. This gives us the daily balance. Then, we add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the “Average Daily Balance.”