Common use of Average Daily Balance Computation Method Clause in Contracts

Average Daily Balance Computation Method. Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the Account for the period. The average daily balance is calculated by adding the balance in the Account for each day of the period and dividing that figure by the number of days in the period. The period we use is the monthly statement cycle. The balance in this Account will be transferred to your Checking Account, if you do not have a checking account funds will be transferred into your Regular Share Savings account between October 1st and November 5th of each year.

Average Daily Balance Computation Method. Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the Account for the period. The average daily balance is calculated by adding the balance in the Account for each day of the period and dividing that figure by the number of days in the period. The period we use is the monthly statement cycle. The balance in this Account will be transferred to your Checking Account, if you do not have a checking account funds will be transferred into your Regular Share Savings account between October 1st and November 5th of each year.