While both numbers provide important information about your bank account, they also differ in some critical ways. The current balance on your bank account is the total amount of money in the account. If you have no holds or pending transactions, the two balances are likely the same. But if you use your debit card regularly or you recently deposited a large check, the two balances may be different.
Like your current balance, you can usually view your available balance via your online account or mobile app, or by checking with a bank teller or ATM.
More specifically, when you deposit a check , the bank may hold some or all of it while it verifies that the check is good and receives funds from the issuing bank. Holding policies can vary by bank, so check with yours to get more information about what you can expect.
If the new transaction is more than your available balance, it could result in a nonsufficient funds, or NSF, fee or overdraft fee. Learn more. Compare checking Accounts. Log in to Online Banking. Search Facebook Twitter LinkedIn. Equal Housing Lender. Member FDIC. All rights reserved. What can we help you with today? User ID. Remember User ID. Current balances include all of your money, including all available funds PLUS funds that are being held. You will be charged an overdraft fee. The fees overdraft or non-sufficient funds will be deducted from your account, further reducing the balance.
For the most part, you depend on your bank to release funds. However, there are ways to reduce the chances of your account running dry. Direct deposit gets money into your account quickly.
As a bonus, the money might even hit your account a day or two before the checks are printed, and some banks offer same-day availability for those payments. You can also keep a buffer of cash in your account to protect you from unexpected expenses and delays. A small cash cushion can help you avoid problems. Learn More. Each issue will feature articles and advice on how to grow financial peace, improve your credit, simplify accounting, and much more.
The primary purpose of this position is to assist Midwest Community Federal Credit Union by delivering outstanding service to both internal and external members. This policy will outline how long the bank takes to process deposits and make the money available for your use. For checking accounts , the important balance to track is your available balance. This number shows the amount of money you can withdraw and spend from the account and may be less than the current balance. Understanding your spending power is important because it can help you avoid accidentally overdrafting your account and incurring hefty fees, or having a transaction declined.
How We Make Money. Written by TJ Porter. Written by. TJ Porter. TJ Porter is a contributing writer for Bankrate. TJ writes about a range of subjects, from budgeting tips to bank account reviews. Share this page. Bankrate Logo Why you can trust Bankrate. Bankrate Logo Editorial Integrity. Key Principles We value your trust. Bankrate Logo Insurance Disclosure. The current balance of your account is the total amount of money in the account. Read more From TJ.
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