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Average daily balance

   Also found in: Acronyms 0.01 sec.
Average daily balance
A method for calculating interest in which the balance owed each day by a customer is divided by the number of days. See also: Adjusted balance method and previous balance method.
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Another provision requires banks to pay interest on an account's average daily balance, rather than its lowest daily balance, Mulford added.
Local banks revamp procedures to comply with feds' new rules by Hathcock, Jim / Los Angeles Business Journal
Using an average daily balance method of calculating finance charges instead of the two-cycle method.
Chase Strengthens Credit Card Practices, Services by Business Wire
75 for opening and funding a checking account with a minimum deposit of $50 and maintaining an average daily balance of $500 for at least one month
NetBank(R) Announces Marketing Alliance With Homes.com by Business Wire
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