Average Daily Balances definition
Average Daily Balances means the following:
Average Daily Balances means the following: • To get the Average Daily Balance for Purchases and Balance Transfers, we take the beginning balance of Purchases and Balance Transfers on your Account each day, add any new Purchases and Balance Transfers, and subtract any payments or credits, non- accruing fees, and unpaid FINANCE CHARGES during the billing cycle. This gives us the daily balance for Purchases and Balance Transfers. Then, we add up all the daily balances of Purchases and Balance Transfers for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the Average Daily Balance for Purchases. • To get the Average Daily Balance for Cash Advances, we take the beginning balance of Cash Advances on your Account each day, add any new Cash Advances, and subtract any payments or credits, fees, and unpaid FINANCE CHARGES during the billing cycle. This gives us the daily balance for Cash Advances. Then, we add up all the daily balances of Cash Advances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the Average Daily Balance for Cash Advances. • Credits received from merchants are effective as of the posting date. • For FINANCE CHARGE calculation purposes, the billing cycle begins on the day after the Statement/Closing date of the previous billing cycle, and includes the Statement/Closing Date of the current billing cycle. The number of days in the billing cycle may vary.
Average Daily Balances means the average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.
Examples of Average Daily Balances in a sentence
Here is how we determine each of your Average Daily Balances: (a) For each day in the billing cycle, we take that day's beginning balance for the type of Average Daily Balance being calculated (e.g. either "purchases”, “cash advances" or "balance transfers").
More Definitions of Average Daily Balances
Average Daily Balances means the following: • To get the Average Daily Balance for Purchases and Balance Transfers, we take the beginning balance of Purchases and Balance Transfers on your Account each day, add any new Purchases and Balance Transfers, and subtract any payments or credits, non- accruing fees, and unpaid FINANCE CHARGES during the billing cycle. This gives us the daily balance for Purchases and Balance Transfers. Then, we add up all the daily balances of Purchases and Balance Transfers for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the Average Daily Balance for Purchases. • To get the Average Daily Balance for Cash Advances, we take the beginning balance of Cash Advances on your Account each day, add any new Cash Advances, and subtract any payments or, non-accruing fees, and unpaid FINANCE CHARGES during the billing cycle. This gives us the daily balance for Cash Advances. Then, we add up all the daily balances of Cash Advances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the Average Daily Balance for Cash Advances. • Credits received from merchants are effective as of the posting date. • For FINANCE CHARGE calculation purposes, the billing cycle begins on the day after the Statement/Closing date of the previous billing cycle and includes the Statement/Closing Date of the current billing cycle. The number of days in the billing cycle may vary.