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Business Checking Account:

1The daily balance is the principal in the account at the end of the day. The average daily balance is calculated by adding the principal in the account at the end of each day of the statement cycle and dividing that figure by the number of days in the statement cycle.

2A debit is any account-owner initiated transaction that lowers the balance of the account, e.g., withdrawals, transfers, checks paid or other payments out of the account.

Business Interest Checking Account:

1The daily balance method is used to calculate interest on the account. This method applies a daily periodic rate to the principal in the account at the end of each day.

2The daily balance is the principal in the account at the end of the day. The average daily balance is calculated by adding the principal in the account at the end of each day of the statement cycle and dividing that figure by the number of days in the statement cycle.

3A debit is any account-owner initiated transaction that lowers the balance of the account, e.g., withdrawals, transfers, checks paid or other payments out of the account.