Because you have spent the money. The cycles of deposits and withdrawals from the actual bank aren't instant. Your available balance is the amount left after you consider all deposits and debits to that point that have been submitted.
Check deposits: When you deposit a check into your account, some or all of the funds from the check might not be incorporated into your available balance until the check clears — which usually takes about two business days.
``Present balance'' includes pending transactions (like the check you deposited), ``available balance'' is the amount that is actually available to your right now. The funds from the check are not yet available to you.
Your bank may hold the funds according to its funds availability policy. Or it may have placed an exception hold on the deposit. If the bank has placed a hold on the deposit, the bank generally should provide you with written notice of the hold.
Bank Mix-Ups
Occasionally, your deposit may not show up as planned because of a mix-up with the bank. You can look out for this by monitoring your account daily. When you deposit into your account, it should show up in your account history, even if the funds are not immediately available to you.
Two business days. That's the average amount of time it takes before the money you dropped into your checking account is actually available to you. But that's just the average—depending on the type of deposit you make, you could access your money immediately, or you may have to wait longer than just two days.
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. This is also the case if you have written a check that has not yet cleared.
'Balance' is the amount of money in your account before all pending transactions have been processed. 'Available' is the amount that will be available after any pending transactions have been processed and is a more accurate reflection of how much you can spend at that time.
Because the money is not actually available to spend. It means an instrument like a check or direct deposit has not been fully processed. Conversely, you may have an upcoming auto pay and the funds may have been frozen to pay that. That's common with credit card bills.
Generally, a bank must make the first $225 from the deposit available—for either cash withdrawal or check writing purposes—at the start of the next business day after the banking day that the deposit is made. The rest of the deposit should generally be available on the second business day.
You could have any pending transactions that may be affecting the current balance. There can be deposits, transfers and more which might be pending. Check all the recent transactions from your account to see if there are no unauthorised transactions.
The available balance is the amount of funds you currently have available to use. While a transaction is pending, the amount is deducted from your available funds. The account balance is the total amount you have in your account that includes any pending transactions or other amounts yet to clear (e.g. cheques).
Depending on the type of transaction, it could take anywhere from a few seconds to several business days for a purchase or a deposit to be processed, also known as “settling” or “clearing.” But while the transaction is being processed, the debit or credit won't impact your current balance; it will only impact your ...
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.
Your total and available balances may vary if your account has pending check deposits, debit card purchases and ATM transactions that haven't cleared the account yet.
Thus, there are many reasons your available balance might be different than your current balance. A deposit, a check you've written or a payment with your debit card are some examples of pending transactions that might cause these discrepancies.
A pending transaction can place a hold on your account balance and count toward your credit limit until it is processed. That doesn't necessarily mean you can't use your credit card or bank account. But it can affect your available balance—or the funds you're able to access.
Keep in mind. Some payments, cash withdrawals or deposits may appear as pending on your account until a transaction is fully processed (generally 3-5 business days).
Notice a difference between your account balance and your available funds? It may be because of a pending transaction. Some payments, cash withdrawals or deposits appear as pending on your account until a transaction is fully processed.
Your present account balance (sometimes called the current balance) shows how much money is currently in your bank account—but it doesn't consider pending transactions, which can take up to three business days to clear. That means your present balance will probably run higher than your available balance.
Generally, pending transactions clear within one to five business days, but the exact timing depends on the type of transaction, the payment network, and the bank or credit card issuer.
You should contact the bank and provide any details about the deposit, including a copy of the deposit receipt.
As a result, most bank transfers are instantaneous, although in some cases, payment can take up to two hours. It's important to remember that while Faster Payments aims to provide you with these types of bank transfer times, there's no guarantee that your payment will be cleared on the same day.
When figuring out how to remove a hold on a bank account, you can often contact your bank and find out what caused the hold. If it was a pre-authorization hold placed by a merchant on a debit card transaction, you might be able to contact them directly and have them remove it.