I have $18,500 or so in an account that needs an AVERAGE balance of 10k to be Fee free. If I take all of the money out, how many days is that true? Say this month.

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posted: Jun. 23, 2017 @ 11:50p

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redsox9547

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Jun. 23, 2017 @ 11:59p

posted: Jun. 23, 2017 @ 11:59p

Make it simple..if you sum your balance up each day into one large sum..it has to be greater than or equal to $300,000 for it to be a $10,000 average from 1-30 June. As soon as you hit $300,000, the rest won't matter.

Approx: (10*30/18.5) but you need to be very careful on how the month is defined. For most places, the month is the statement month and not the calendar month.

> Say this month

That tells me that you are not thinking about the statement month.

redsox9547 said: Make it simple..if you sum your balance up each day into one large sum..it has to be greater than or equal to $300,000 for it to be a $10,000 average from 1-30 June. As soon as you hit $300,000, the rest won't matter. Right...sure as long as I have 300k, at some point it's impossible to fall below 10k, that's REALLY creative, but not what I am asking

Kingofthenet said: Right...sure as long as I have 300k,

but not what I am asking

You don't get it, and it is exactly what you are asking.

He's telling you to sum the daily balance and divide by the number of days in the period. That is how you calculate average daily balance.

As you were told, you need to know the start and finish dates. It could be by month, by statement, or some other method.

You also need to know whether it's on the balance or the "collected" balance. Some banks don't consider a check deposited today as part of your balance until it is paid by the paying bank which can be a real problem when it happens over a weekend and you lose 3 days.

My daily average balance is $18,500, but my question is how long can my balance go to ZERO before I average less then 10k, can you tell me that, straight up,rather then help me learn to fish? I had the 18.5k in the account since the sixth the START of the period.

Kingofthenet said: My daily average balance is $18,500, but my question is how long can my balance go to ZERO before I average less then 10k, can you tell me that, straight up,rather then help me learn to fish? I had the 18.5k in the account since the sixth the START of the period.

Dude multiply $18,500 by the number of days you had that amount of money in the account.

Is the result greater than $300,000 (assuming 30-day statement period)? You will be fine. Otherwise no.

Now, to reverse this process, you do the opposite of multiplication. How is the math literacy here so poor?

bppcomplete said: Kingofthenet said: My daily average balance is $18,500, but my question is how long can my balance go to ZERO before I average less then 10k, can you tell me that, straight up,rather then help me learn to fish? I had the 18.5k in the account since the sixth the START of the period.

Dude multiply $18,500 by the number of days you had that amount of money in the account.

Is the result greater than $300,000 (assuming 30-day statement period)? You will be fine. Otherwise no.

Now, to reverse this process, you do the opposite of multiplication. How is the math literacy here so poor?

mikk1 said: How about not being an asshat to people who were trying to help you? He can't help it. He was born that way

It's a simple answer (Math wise). Since you aren't a new user I'll answer it.

How many days can you go zero balance? Assuming you go full 18.5k it's 16 days in a 30 day period. 10 / 18.5 = 0.54 30 * 0.54 = 16.21 there is no such thing as a .21 day so 16 days is the answer. Of course there are caveats 1) You are in 30 day month 2) The 16th day is not on a weekend (Sat counts as monday) 3) You don't have an accident on the way to the bank.

forbin4040 said: mikk1 said: How about not being an asshat to people who were trying to help you? He can't help it. He was born that way

It's a simple answer (Math wise). Since you aren't a new user I'll answer it.

How many days can you go zero balance? Assuming you go full 18.5k it's 16 days in a 30 day period. 10 / 18.5 = 0.54 30 * 0.54 = 16.21 there is no such thing as a .21 day so 16 days is the answer. Of course there are caveats 1) You are in 30 day month 2) The 16th day is not on a weekend (Sat counts as monday) 3) You don't have an accident on the way to the bank. No 16 is not correct.

16.21 is the number of days he needs to have a balance of 18.5k to meet the meet the 10k average. Rounds up to 17. That means the number of days he can have a zero balance is 13. That's the only correct answer to ops question assuming a 30 day period.

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