Legal Definition and Related Resources of Ending Balance Method

In accounting, a method of imposing finance charges whereby charges assessed against debit balance in customer’s account on designated closing day for monthly statement , and finance charges are assessed in full even though a debit balance may have been created by purchase as late as statement closing date; in its pure form, a customer cannot avoid paying finance charges except to the extent that he makes payments on his account before statement closing date. Grigg v Robinson Furniture Co., 260 N. W.2d 898, 78 Mich. App. 712.

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Ending Balance Method in Historical Law

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