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Tags: banking
Categories: Economics & Finance
Is the simple average balance of a financial account during some period of time.
– Banks calculate the average monthly balance by adding together each daily closing account balance throughout the month. The bank divides the sum of the daily account balances by the number of days in the month – (source: http://budgeting.thenest.com/banks-work-out-average-monthly-balance-24987.html)
