HOW THE NEW BALANCE IS DETERMINED Clause Samples

The "How the New Balance is Determined" clause defines the method by which a new outstanding balance is calculated, typically after a payment, adjustment, or transaction occurs. This clause outlines the specific factors or formulas used to update the balance, such as subtracting payments received, adding new charges, or applying interest. Its core practical function is to ensure transparency and consistency in how account balances are updated, preventing disputes and providing clarity for both parties regarding the current amount owed.
HOW THE NEW BALANCE IS DETERMINED. The total amount you owe us at the end of the current billing period appears as the “New Balance” on your monthly statement. The Outstanding Balance at the end of the previous billing period is called the “Previous Balance”. The New Balance is determined by taking the Previous Balance and (1) subtracting any payments and credits received by us during the current billing period and then (2) adding any purchases, cash advances, balance transfers, interest charges, fees, and other adjustments.
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HOW THE NEW BALANCE IS DETERMINED. The total amount owed to the Bank as a result of each User’s transactions at the end of the current billing period appears as the “New Balance” on each User’s monthly statement. The User’s Outstanding Balance at the end of the previous billing period is called the “Previous Balance.” The New Balance is determined by taking the Previous Balance and (1) subtracting any payments and credits received by the Bank during the current billing period and then (2) adding any purchases, cash advances, interest charges, fees, and other adjustments.
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