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.
The current balance is all the money that is in your bank account right now. This balance might include pending transactions, like a credit card payment or a check that hasn't cleared. If there hasn't been any activity on your account in at least a week, your current balance might be the same as your available balance.
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.
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.
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.
What is a Zero Balance? The amount owed on a credit card account when it has been paid in full. The payment made completely wipes out the amount owed, sending the account balance to zero.
Put simply, your current balance in a checking account is your total amount, why may include pending transactions, while your available balance specifies the actual amount you can withdraw at that point in time. In other words, your bank will allow withdrawals up to your available balance.
Cash and direct deposits are most often made available same day. Banks typically make most checks available within a couple days. Larger deposits over $5,000 usually take more time to clear. Your bank might also make a portion of it available sooner.
Pending transactions can happen when the money needed for the transaction is still moving between accounts, like after using your credit, ATM or debit card to purchase gas at the pump, get cash or add a tip at a restaurant. In a bank account, pending transactions include: Cash, check and direct deposits.
Can I spend the money that's being held for a pending transaction? No, the funds are temporarily unavailable until the transaction clears. Spending them could result in overdrafts or declined transactions.
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.
Your statement balance typically shows what you owe on your credit card at the end of your last billing cycle. Your current balance, however, will typically reflect the total amount that you owe at any given moment.
That total is the sum of all cleared and posted transactions. So any purchases you've made in the last day or two (or longer depending on the day of the week and the timeframe in which your financial institution processes its transactions) will not show in the current balance.
A hold prevents access to an account or restricts some transactions from occurring in the account. A deposit of a large check, an out-of-state check, or a foreign check may trigger an account hold. A hold may occur when there is suspicious activity detected on the account.
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.
Some banks or credit unions may make funds available more quickly than the law requires, and some may expedite funds availability for a fee. If you need the money from a particular check, you can ask the teller when the funds will become available.
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.
Your bank may hold the funds according to its funds availability policy. Or it may have placed an exception hold on the deposit.
If an issuing bank has not cleared a check deposit, for example, the funds will not be available to the account holder, even though they may show up in the account's current balance.
Use an ATM
Every ATM is slightly different but you simply insert your debit card, enter your PIN (personal identification number), select the account you wish to withdraw money from (if you have more than one), enter the amount, and then wait for the ATM to give you your cash and a receipt.
Choosing to pay your current balance in full will eliminate the balance on your card temporarily. But pending transactions, fees and interest charges may post later and require additional payments.
An "balance unavailable" message on an ATM could indicate a temporary issue with the bank's system, connectivity problems, or maintenance. It's advisable to contact your bank for clarification and to ensure there are no issues with your account.
As the name of the account implies, this is a zero-balance account. Therefore, you don't have to maintain a minimum balance. Consequently, there is no penalty in the case of zero balance.
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.