Keyword Analysis & Research: balance due def

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What does "balance due" mean?

1 Answer. With medical bills, often you don't owe anything for a visit until after the insurance company pays whatever they are going to pay, and then you owe whatever is left. So the "balance due" is the amount that is due now. It may not be the same as the current balance if you have other charges that are not yet due.

What is the definition of balance due?

balance due. n. the amount of a debt still owed on an account or the principal owed on a promissory note. In the case of a promissory note, the balance due is not the sum of installments due, since these include amortized interest, but may be the principal due without further interest. See: arrears, bill, invoice, nonpayment.

What is past due balance?

The past due balance method is a system for calculating interest charges based on outstanding loan or credit charges that remain unpaid after a certain date. The past due balance method is typically used by credit card companies and gives card holders until a specified date to pay balances off before beginning to accrue interest fees.

When is balance due?

A balance due account occurs when the taxpayer has an outstanding liability for taxes, penalties and/or interest. Balance due accounts are automatically monitored through computer analysis and placed in a specific status based on age and/or activities.

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