daily balance


daily balance
An expression of moment in reference to an interest-bearing bank account, meaning the balance standing in favor of the depositor at the close of business on any day of the interest period, an average being taken of the daily balances for the period in computing the amount upon which interest is to be paid.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • average daily balance — daily balances; average daily balance The various balances for the different days in the period for which interest is to be paid, and the average daily balance for the interest period means the sum of these daily balances divided by the number of …   Black's law dictionary

  • average daily balance — daily balances; average daily balance The various balances for the different days in the period for which interest is to be paid, and the average daily balance for the interest period means the sum of these daily balances divided by the number of …   Black's law dictionary

  • Minimum daily balance — In banking, a minimum daily balance is the minimum balance that a banking institution requires account holders to have in their accounts EACH day in order to waive maintenance fees. A minimum average daily balance is the minimum average balance… …   Wikipedia

  • average daily balance — The average daily balance is a method used to calculate finance charges. It is calculated by adding the outstanding balance on each day in the billing period, and dividing that total by the number of days in the billing period. The calculation… …   Financial and business terms

  • average daily balance — /ˌæv(ə)rɪdʒ ˌdeɪli bæləns/ noun the balance in an account calculated by taking the final balances for each day, and averaging them (NOTE: The average daily balance is used for the purpose of calculating interest or bank charges.) …   Dictionary of banking and finance

  • Average Daily Balance Method — A finance/accounting method where costs (and interest) are based on the amount(s) owing at the end of each day. Most department store credit cards use this system. Interest payable is calculated daily, this results in less interest payable… …   Investment dictionary

  • daily balances — daily balances; average daily balance The various balances for the different days in the period for which interest is to be paid, and the average daily balance for the interest period means the sum of these daily balances divided by the number of …   Black's law dictionary

  • daily balances — daily balances; average daily balance The various balances for the different days in the period for which interest is to be paid, and the average daily balance for the interest period means the sum of these daily balances divided by the number of …   Black's law dictionary

  • daily — I adjective accustomed, common, diurnal, established, habitual, ordinary, quotidian, quotidie, regular, routine, usual associated concepts: daily attendance, daily balance, daily occupation, daily output, daily publication, daily rate of pay,… …   Law dictionary

  • balance — The difference between the sum of debit entries minus the sum of credit entries in an If positive, the difference is called a debit balance; if negative, a credit balance. Often used in the sense of residue or remainder, and, in a general sense,… …   Black's law dictionary


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