When I was hired 12 years ago in the Trust Department, my first question was "What is Trust?" "What do they do in the Trust Department?" I really wasn't aware of what's going on inside there. I only knew of the basic bank products like the deposits and loans. And many ask how does it differ from Deposits in bank? "Doing business WITH you vs Read More...
Computing Interest Using the Average Daily Balance
January 22nd, 2012
I know many of you already know how to compute for Simple Interest where Interest=Principal x Rate x Time. For those who have a Savings Account, do you ever wonder how you earned the interest for that month? Most banks compute interest based on its Average Daily Balance (ADB). First, we will define what is Average Daily Balance Read More...
