Discover uses what is called a two-cycle average daily balance billing method, which applies interest in some cases to the average of the balances for the preceding two months.
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The most common formula is based on the average daily balance, in which daily outstanding balances are added together and then divided by the number of days in the month.
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For new Fleet customers, the only way to avoid monthly checking account fees will be to open a Fleet One Classic account, which requires a $ 4, 000 average daily balance.
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In that sense, the two-cycle average daily balance can be likened to electric charges for industrial clients, in which the charge is based upon the peak usage rather than the actual usage.
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As is often the case, finance charges on Anderson's account are calculated on the average daily balance, so to save some interest she wanted to pay as early in each billing cycle as she could.
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Therefore, the key to keeping the interest rate stable and close to the " expected rate " ( as given by average daily balance method ) is to keep the balance close to the same every month.
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Its purchasing system uses obscure and perhaps illegal accounting methods, makes payments for consulting and professional services without keeping records or securing bids, and keeps an average daily balance of $ 100, 000 in non-interest-bearing bank accounts, the audit said.
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The Section 42 ( 1 ) says that every scheduled bank must have an average daily balance with the RBI . The amount of the deposit shall be more that a certain percentage of its net time and demand liabilities in India.
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Computer systems in place will alert bank officials when a customer engages in various suspicious activities, including frequently depositing cheques bearing the same, large monthly total deposits accompanied by near-zero average daily balances, or avoidance of tellers by frequent use of ATMs for deposits.
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Take the annual percentage rate ( APR ) and divide by 100 then multiply to the amount of the average daily balance ( ADB ) divided by 365 and then take this total and multiply by the total number of days the amount revolved before payment was made on the account.
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