What is the difference between current balance and available balance?

Asked by: Finn Kutch  |  Last update: September 9, 2022
Score: 4.4/5 (5 votes)

A current balance is the amount of cash presently sitting in a checking or savings account at any given time. However, the available balance is the current balance minus any pending transactions that haven't been fully processed yet.

Why is my current balance different than my available 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. Once processed, the transactions are reflected in the current balance and show in the account history.

Can I use my current balance or available balance?

The current balance on your bank account is the total amount of money in the account. But that doesn't mean it's all available to spend. Some of the funds included in your current balance may be from deposits you made or checks you wrote that haven't cleared yet, in which case they're not available for you to use.

Why is my current balance higher than available?

If you've made recent purchases with your debit card, but the financial institution hasn't fully processed the transaction, the current balance will be higher than the available balance.

How long until current balance becomes available?

The current balance is what you have in your account all the time. This figure includes any transactions that have not cleared such as checks. Depending on both the issuing bank and the receiving bank's policies, check deposits may take anywhere from one to two days to clear.

What is the difference between the "current balance" and "available balance"?

19 related questions found

Can I withdraw money from my current balance?

Ways to Use Available Balance

Cash withdrawal: The available balance can be taken out of the account in cash at an ATM or with a bank teller.

How do I withdraw money from my Current Account?

You can visit your bank and fill out a form with your account information and amount you want to take out and present it to a teller. Work with a bank teller. Let the teller know you don't have a card, and they can walk you through the bank's process of retrieving money from your account.

Why can't I use my available balance?

You can only spend your available balance in this case, or less if you have outstanding checks. The rest of the money is being held by your bank. This generally happens for two reasons, resulting in a low available balance: You've made deposits that haven't cleared and been credited to your account yet.

How long does it take for current balance to become available balance BDO?

For Savings, Current Account and BDO Cash Card your available balance is real-time and will change throughout the day based on your activities. For Time Deposit and Consumer Loan Accounts, balances are based on the previous day's balances.

What is current balance?

What Does Current Balance Mean? If you're looking at your account online, your current balance is a total of all charges, interest, credits and payments on your account. Think of it as a somewhat real-time view of what you owe. It can change each time your card is used.

What does current balance mean on debit card?

Current balances include all of your money, including all available funds PLUS funds that are being held. For example, assume your available and current balance are both $50, and you swipe your debit card at a restaurant for $20. A hold is placed on your account, so your available balance is only $30.

Why is my available balance 0 when I have money in my account?

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.

How much can you withdraw from a current account?

Current has some strict limits that many other banks don't. This includes the $500-per-day withdrawal limit at ATMs and a $2,000 daily purchase limit using your debit card. Some other banks have higher daily limits for purchases and ATM withdrawals.

How much cash can we withdraw from current account?

12 lakhs per month. It also provides 200 free transactions per month. The cash withdrawal limit offered by the Sweeps Current Account is Rs. 1 lakh per day and the free cash deposit offered is Rs.

How much can you withdraw from current?

Transaction Limits

Current accounts do have a few limits worth noting. These include: $500 daily maximum in ATM withdrawals. $2,000 daily maximum in card purchases.

What are the pros and cons of a current account?

Pros and cons of paid-for current accounts
  • Pros:
  • 1) It's often cheaper than buying the benefits separately. ...
  • 2) Monthly costs start low. ...
  • 3) You might be surprised by the benefits on offer. ...
  • Cons:
  • 1) The fee might not be worth the benefits. ...
  • 2) Insurance policies may have exclusions and limits. ...
  • 3) They may not suit the overdrawn.

What bank does current use?

What bank does Current use? Current's banking services are provided by Choice Financial Group and Metropolitan Commercial Bank, Members FDIC.

Is current a good debit card?

The Current Visa Debit Card is a great option for a lot of people. However, it is the best option for those of us with teenagers that don't otherwise have access to a joint account with them. Since Current offers so many features geared directly towards teaching teenagers about money, this is really a one-stop-shop.

Can you trust current?

Is Current legit? Yes. Deposits are handled by Bancorp Bank, a member of FDIC. That means that even if Current defaults, your deposits are guaranteed by the government up to $250,000.

Does current give you money?

We don't provide cash advances, but with our Overdrive feature, you can overdraft up to $200 with no additional fees! For more information, click here.

Can you use a current card at an ATM?

The Current debit card can be used anywhere Visa is accepted in the U.S., including online merchants. You can also withdraw funds from any ATM that bears the Visa Interlink or Maestro logos. There are no additional fees for using the card, except when traveling internationally.

Can I overdraft my current card at ATM?

Current lets you overdraft up to $200¹ with no overdraft fees, so you're covered. Just set up direct deposit, receive a qualifying deposit, and enable Overdrive™ on your Current Account. Current is a financial technology company, not a bank.

Does current have a monthly fee?

Current doesn't charge a monthly fee for its Spend account, and there are no minimum balance requirements. The account offers a rewards program, too. Account holders can earn points by using their debit card at select retailers.

What time does current direct deposit hit?

In short, you can expect a direct deposit to arrive in your bank account between 12 a.m. and 6 a.m. on the day your employer sends them out.

Can I use current account for personal use?

However, a Current Account can be used for other entities as well. In general, sole proprietors, freelancers and other people who work on their own tend to use their personal Savings Bank account for business transactions. However, this deprives them of the benefits associated with a Current Account.