Table of Contents
Can I use my available balance if I still have money pending?
Customers can use the available balance in any way they choose, as long as they don’t exceed the limit. They should also take into consideration any pending transactions that haven’t been added or deducted from the balance.
Can I spend my available balance or current balance?
Sometimes you’ll see an available balance that’s lower than your current balance. In those cases, you can only spend your available balance (or less if you have outstanding checks), and the rest of the money is being held by your financial institution.
What does it mean when it says current balance and available balance?
The current balance on your bank account is the total amount of money in the account. Your available balance is your current balance minus any holds or debits that haven’t yet been posted to the account. If you have no holds or pending transactions, the two balances are likely the same.
Why is my available balance more than my current balance?
The available balance for your account may differ from the current balance because of pending transactions that have been presented against the account, but have not yet been processed. The available balance also includes credit available if you have a line of credit linked to your checking account.
Can I withdraw available balance?
Your available balance is the amount you can spend right now. You can think of it as “funds available to withdraw.” You can use the money in several ways. You can take that amount out of your account in cash, either at an ATM or with a bank teller.
How long does it take to clear a pending transaction?
What is a pending transaction, and how long can it stay pending? A pending transaction is a recent card transaction that has not yet been fully processed by the merchant. If the merchant doesn’t take the funds from your account, in most cases it will drop back into the account after 7 days.
Can I withdraw more than my available balance?
It is possible to withdraw funds beyond the account balance, but they are subject to repercussions, bank terms, and fees. Funds withdrawn beyond available funds are deemed to be overdrafts that can incur penalties. Account holders need to understand how to protect against them through overdraft protection.
How long do Pending transactions expire?
The pending transaction will expire if it might capture and settles within thirty days; the card issuer sets the time frame for settlement. Therefore, awaiting transactions take three to five days to process.
How do pending transactions affect my available funds and account balance?
As we show two balances for your accounts; available funds balance and account balance, we’ll explain how pending transactions affect each: Pending transactions only affect your available funds. While the transaction is pending, the transaction amount is deducted from your available funds.
What is the difference between available balance and pending balance?
You may have noticed that your bank account reflects two balances. The first is your available balance and the second is your pending balance (or current balance), more often referred to as your account balance by most banks.
What is my available balance?
Your available balance is the amount of money in your account to which you have immediate access. Your available balance will be different from your current balance if we have placed a hold on your deposit or if an authorized credit or debit card transaction has not yet cleared.
Why is there a pending charge on my debit card balance?
Most typically this is due to transactions using your debit card. Your bank will be aware of the debit card transactions and reflect it in your pending or account balance. However, the merchant where you used the card may not have submitted the charge for payment yet.