Monday, December 12, 2011

Difference between Available Balance and Current Balance?

So I called today and it said I have current balance800$


but then it said i have available balance is 200$ why is that?


I want to buy something for 300$ but idk what to do.


thanks.|||Your available balance is the amount you'd be able to access today, so if you want to buy something for $300 you'll have to wait. There's a number of reasons for your available balance not being the same as your current balance, but the most common reasons are


- there's a hold on some of the money as they wait for it to clear (e.g. if you deposited a cheque yesterday, it make take a few days for them to make sure the person who wrote the cheque can honour the amount)


- you have a daily withdrawal limit on your account - which is what most people do have in order to prevent someone from clearing your account out in a single transaction if somehow your account was compromised.





I suggest talking to your bank to determine exactly why and what you can do to make a purchase of $300. It may just be a matter of withdrawing $200 today and $100 tomorrow, or coming into the branch with photo ID to get all $300 in one shot, or waiting for a cheque to clear.|||Current balance is everything that has been fully accounted for.





Available balance might include deduction of pending checks or debit charges that they are aware of, but might not include deposits that have not cleared yet. It would not include recent checks or charges that they are totally unaware of yet.





Some banks will make part of a deposit (like $100) immediately available in your available balance, and the rest when the check clears.





You would have to look at more details of your account on-line to see what pending charges are going to deduct from the $800 or uncleared deposit might add to the $200.

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