Sunday, December 4, 2011

What is the difference between available balance and current balance on my checking account statement?

My current balance is $1.69 and today I went a deposited 170 to my checking account. Then i got home and checked my account online and my current balance is 1.69 and my available is 171.69...


what does that mean? cannot i not use more than a 1.69 right now?|||That means the deposit hasnt cleared yet. You can use more than $1.69 right now...|||That is correct, you cannot use more than the 1.69 that you have in your account if that is your available balance. That reflects the amount that is available for you to use.





The current balance (or as the bank calls it, your ledger balance), is the amount projected to be in your account once any recent deposits are made available to you . So if you deposited that check today, the back will do nightly processing tonight, and you should wake up in the morning and see your available balance increased by 170 dollars. Keep in mind, that is not always the case, it could be up to an additional two business days. You DO NOT want to use more than what is available to you, for then you run the risk of overdrawing your account and paying overdraft fees. Only truly pay attention to the available balance. I hope this helps!|||Your 'current balance' is updated once a day after the close of business. Your 'available balance' is your 'current balance' adjusted for transactions the bank knows about that have not 'posted' to your current balance and any 'holds' on the account. You can use the available balance. Tomorrow, the deposit should appear in the 'current balance' unless it was made after the banks cutoff time for same day posting.|||Deposits are usually not available for use right away, taking as much as two business days if the deposit was a check, depending on the banks policy. Most small deposits are made available quickly, but large ones, especially from a check, usually have to clear to issuing bank before being available for use. Also, certain banks require a minimum amount ($1-$5) so only the amount above that minimum is available. In most cases a deposit is shown as available within 24 hours.

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