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#2246936 - 12/24/20 07:30 PM CD - average daily balance
ckme Offline
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ckme
Joined: Sep 2002
Posts: 248
A friend started at a new bank and shared the CD TISA. The TISA for CDs says they use the average daily balance method. Does anyone use this method. It appears the bank parameters are set up for it, and the issue may just be that they state the average daily balance method which is calculated over the "period" and the period is the "statement cycle". It appears there are statements printed at maturity, but they may never get mailed. So I am thinking there is not a statement period.

We are trying to see if we have to go to step one, or if there are other banks using this method on CDs.

Thanks
Last edited by ckme; 12/24/20 07:34 PM. Reason: OOPS!
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#2246939 - 12/24/20 08:04 PM Re: CD - average daily balance ckme
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,323
Galveston, TX
Unless 1) you actually are sending statements, and 2) allow deposits or withdrawals, I am at a loss are to why someone would set their system to ADB for a CD. Sounds like they have a set up problem. The real question is the set up wrong in their deposit processing system, their disclosure system or both?
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