I was just wondering is the money that says available balance in the bank? do i got to do anything? cuz my current balance just says everything that i have deposited either by check or cash.|||Banks maintain two figures for an account. The ledger balance (current) and the available balance.
When you make a deposit to your account the bank looks at the MICR line to determine how to collect the check. It assigns availability on the deposit depending upon how quickly it can collect on the check.
If the check is local and your account is in good standing your deposit is usually available to you the next business day. If it is cash deposited at a teller or a check drawn on that bank it usually is available same day. Most checks are collected in 3 business days, but can be legally held for up to 10 days (20 for new accounts) if the bank suspects fraud or you have bounced items on them.|||Current balance is the balance in your account at the close of the previous business day. The available balance includes payments and deposits that occured that day but haven't yet posted. I explain in greater detail in a Youtube video I made (close to the end):
Link: http://youtu.be/kjGxWcSgm2k
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