Thursday, December 8, 2011

What is the difference between current balance and available balance?

i looked into my new account i saw current balance=5660 and available balance=0. I deposited rs 5660 yesterday in my account(salary account).|||Current balance is how much money is in your account. Available balance is how much you can withdraw from your account. Because your deposit hasn't cleared yet, it is not available for withdrawal.|||The other posters are spot-on.

Current Balance - the total amount deposited into your account.

Available balance - the total amount of funds that have cleared in your account.

Most banks will auto clear up to a certain $ amount. for instance US bank, will auto clear checks under $100, after that it is cleared in tiers taking up to 5 business days.

This is basically done to protect the bank from both sides.

1. fraudulent deposits

3. insufficient funds from the payor

if you deposited your payroll check into this account, i would recommend signing up for direct deposit. you get your money (typically) faster and since it's deposited electronically, it's also auto-verified and fully available upon receipt.|||The current balance is what the bank has received although it has not cleared the central banking so they can't give you access to the funds as yet, thus the money is not available to be withdrawn and zero becomes the 'available' to take money.|||It most likely means that the deposit is pending verification and until the deposit is verified and money actually transferred, you do not have access to the money.|||Apparently your check has not had time to clear.

Did your deposit slip indicate a waiting/holding period or a day the funds would be released? If it is an out of state check, some banks put a five day on the money.|||Current Balance is the money that you have and available balance is how much you can take out.|||The money hasn't cleared yet. As soon as it does it will be available to you.

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