Define: Balance Subject to Interest Rate
Balance Subject to Interest Rate means the average of all daily account balances, including all current transactions, over a billing cycle.
Legal accuracy standard set & glossary spot-checked by Imad Mohammed Nazar , Skadden-trained M&A lawyer, Legal Engineer at GenieAI
Balance Subject to Interest Rate means the average of all daily account balances, including all current transactions, over a billing cycle.
Relevant Circumstances
- When a credit card is issued to a customer.
- When a person obtains a loan.
- When a customer opens a new bank account.
- When an individual or corporation enters an agreement for a loan from a bank.