What is the difference between 'current' and 'available' balance for a bank?
julz33
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What is the difference between 'current' and 'available' balance for a bank?
I put Cash in on Saturday. The amount with the cash is under available balance and current balance is without that money. ?????
Happybride2005
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Re: What is the difference between 'current' and 'available' balance for a bank?
I think available is how much money that's in the accounot for you to withdraw from. Current is whatever cash/checks plus whatever money you had in the account.
julz33
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Re: What is the difference between 'current' and 'available' balance for a bank?
I don't get why it isn't the same??? Since I put cash in I don't have to wait for anything to clear right?
Happybride2005
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Re: What is the difference between 'current' and 'available' balance for a bank?
Not sure. when did u put the money in
julz33
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Re: What is the difference between 'current' and 'available' balance for a bank?
Saturday... maybe they don't update until monday?
Happybride2005
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Re: What is the difference between 'current' and 'available' balance for a bank?
Posted by julz33
Saturday... maybe they don't update until monday?
Could be.
BriBri529
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Re: What is the difference between 'current' and 'available' balance for a bank?
I know that I am required to keep a minimum in my account to keep it open, so the available balance always shows up as what I have less the minimum amount I have to keep in it.
prncssrachel
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Re: What is the difference between 'current' and 'available' balance for a bank?
What band do you use? I use TFCU, and I had a similar problem last week. JT deposited cash into our account, and the held it. I called and they insisted he deposited a check, but after arguing with them, they FINALLY checked and it was cash, so they released it. It happens with them every now and then.
bridget&jimmy
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Re: What is the difference between 'current' and 'available' balance for a bank?
Since it was Saturday the money will not clear until Monday (which is today), because even though they are open Saturday it is not necessarily banking hours. It also could be how the teller put the deposit through.
The Original 2nd-time-around
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Re: What is the difference between 'current' and 'available' balance for a bank?
also, it could be that you have outgoing checks pending, that haven't cleared yet.
palebride
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Re: What is the difference between 'current' and 'available' balance for a bank?
and if you deposit a check, it takes a few days for it to clear....cash is avaiable right away i think...but checks.....
julz33
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Re: What is the difference between 'current' and 'available' balance for a bank?
I have no checks out. The difference is the exact amount I put in cash. It better go in today or else
ChristineC68
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Re: What is the difference between 'current' and 'available' balance for a bank?
The banks update their systems once a day and since Saturday is not a business day they weren't updated. It might not show as current and available until tomorrow morning if your bank updates in the evening.
Donna
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Re: What is the difference between 'current' and 'available' balance for a bank?
I found this from Chase bank. Here is their definitions -
Available Balance The portion of an account balance on which the bank has placed no restrictions, making it available for immediate use (i.e. withdrawal, transfer, and payment). This field reflects the addition and subtraction of individual transactions posted to the account.
Gross Balance The total amount of money recognized by Chase that is associated to your deposit account; the 'gross balance' includes the amount currently available for withdrawal as well as any checks deposited which have not yet cleared
HearzBellz
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Re: What is the difference between 'current' and 'available' balance for a bank?
Posted by julz33
Saturday... maybe they don't update until monday?
most likely....I find my bank doing this more & more.... I asked Dh to talk to them (he works right next door to our bank) to find out why, but I guess I haven't reminded him nearly enough
I am actually considering changing banks b/c this happened once where the 'available' balance was $500 less than the 'actual' balance & we bounced a check even though there was enough $$ in the account. Then we got charged $30 for it!
I don't understand the point of it to tell you the truth!
palebride
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Re: What is the difference between 'current' and 'available' balance for a bank?
Posted by HearzBellz
the 'available' balance was $500 less than the 'actual' balance & we bounced a check even though there was enough $$ in the account. Then we got charged $30 for it!
the same thing happened to us right after the wedding...we deposited the checks we got, so we definitely had the money for the checks to clear, but they held them....and then we got charged for the insufficient funds....
