I Am The Law
Cincinnati,#2Consumer Comment
Tue, December 02, 2008
Easy answer to your question. The difference between your account and availible balance is check card transactions waiting to be claimed by the merchant. These transactions come off your availible balance immediately, but don't come off the account balance until the merchant shows proof of purchase to the bank. Banks must pay off the availible balance, not the account balance. So it is possible to have a negative availible balance and a positive account balance. My advice is to check your balance online; if there is a blue high-lighted balance on a particular day, click on the balance and it will show the figures that I'm talking about. Far be it for me to take up for the bank, but they're not wrong.
J G Shrugged
Austin,#3Consumer Suggestion
Mon, December 01, 2008
Debits before credits. So even though a deposit is made at the counter or online, it doesn't actually impact the balance until at the close of the day, after all of the debits are processed. Most banks have been doing this for years, some have refined their own procedures. A few banks and most credit unions I believe do post credits before debits, so this kind of balance issue won't be an issue. But if you are spending money the same day after a deposit, well, times have changed. Even the Federal Reserve agrees that cash doesn't have to be made available until first thing the next day, which would be midnight.