What does MDAB mean in BANKING
MDAB stands for Monthly Daily Average Balance. It's a measure of the average amount of funds held in a banking account over the course of a month. This is an important number for banks, as it helps them calculate fees, rewards and other services they may offer to customers.
MDAB meaning in Banking in Business
MDAB mostly used in an acronym Banking in Category Business that means Monthly Daily Average Balance
Shorthand: MDAB,
Full Form: Monthly Daily Average Balance
For more information of "Monthly Daily Average Balance", see the section below.
Essential Questions and Answers on Monthly Daily Average Balance in "BUSINESS»BANKING"
What is MDAB?
MDAB stands for Monthly Daily Average Balance. It's a measure of the average amount of funds held in a banking account over the course of a month.
How does my bank calculate my MDAB?
Your bank takes the total balance in your account at the end of each day during the month and divides it by the number of days in that month to get your MDAB.
Can my MDAB change from one month to another?
Yes, if there are changes in your balance from one month to another, then your MDAB can also change accordingly.
What factors determine my MDAB?
Your MDAB is determined by any deposits or withdrawals you make into or out of your account during each month and any applicable fees associated with these transactions.
Is my MDAB used to calculate rewards or fees?
Yes, your bank usually uses your monthly daily average balance to help determine what type of reward programs or fees you qualify for based on your relationship with the bank.
Final Words:
Knowing your Monthly Daily Average Balance (MDAB) can help ensure that you're getting the best benefits and services from your bank. Make sure that you understand how it works and how different factors may affect it from month-to-month so that you can take advantage of all the perks available to you!
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