The Account Balance Fee is calculated daily based on the balance at the end of each day, using the annual fee rate. For accounts with fluctuating balances, the fee is computed separately for each day's ending balance. The daily fees are then accumulated over the month and charged on the 1st day of the following month.
Example 1:
Scenario for November:
1st November balance: 1000 EUR
2nd November balance: 500 EUR
3rd November balance: 500 EUR
(Assuming these are the only balance changes in November, so until December the balance will be 500 EUR)
Calculation:
The total balance over these 3 days is 2000 EUR (1000 + 500 + 500). The fee for these 3 days is calculated as follows:
2000×(0.01/365)×30 = 1.64 EUR
For each one of the 27 November days the fee for 500 EUR balance will be 0.4109589 EUR.
Total November monthly Account Balance Fee = 1.64 + 0.4109589x27 = 1.64 + 11.09 EUR = 12.73 EUR
Result:
For the fluctuating balances in November, the total Account Balance Fee charged on the 1st of December would be 12.73 EUR
Example 2:
Consistent Balance Calculation:
If you have a consistent balance of 1000 EUR in your account throughout the year without making any payments, the fee for a month with 30 days is calculated as:
1000×(0.01/365)×30 = 0.8219178 EUR
Following Month with Maintenance Fee Adjustment:
After deducting a 50 EUR maintenance fee, your balance for the next month is 949.18 EUR. The fee calculation for this month would be:
949.18×(0.01/365)×30 ≈ 0.78 EUR
Result:
For the month following the maintenance fee deduction, the Account Balance Fee would be approximately 0.78 EUR, reflecting the adjusted balance.
Note: The commission for the annual balance fee is indeed calculated daily, accounting for the total amount of funds in your account at the end of each day. These calculations are then aggregated for the month and the fee is charged on the first day of the subsequent month.
If you need further assistance or have additional questions regarding the Account Balance Fee or any other inquiries, please do not hesitate to contact us. We're here to help.