Minimum Average Balance timing

[Max_spayne]

How is MAB calculated? At what time do they check the amount? For example, I maintain 10k balance which is the requirement. I withdraw some of it around 8pm and deposit back by 7am. Do I still fulfill the condition?

 

[Skylar]

How is MAB calculated?

Monthly Average Balance (MAB) is calculated by dividing the total closing balances by the number of days in a month.

At what time do they check the amount?

Banks typically check the balance at the end of each day.

How is MAB calculated? At what time do they check the amount? For example, I maintain 10k balance which is the requirement. I withdraw some of it around 8pm and deposit back by 7am. Do I still fulfill the condition?

If you withdraw some amount around 8 PM and deposit it back by 7 AM the next day, it will not affect your MAB as long as the end-of-day balance meets the requirement.

 

[Max_spayne]

But what is "end of the day" timing?

 

[Skylar]

But what is "end of the day" timing?

The timing for calculating the end-of-day balance can vary from bank to bank. However, it is generally around 11:59 PM. Previously, it was often considered to be 6 PM, but with computerized systems, the day-end is now typically at 11:59 PM