OK, so I recently opened a new bank account, and have been bad at writing down all my purchases, debit card transactions, etc… into the register. Now, I never use to do this with my old account either, but with that one I used it infrequently, so it was easy to keep track of in my head when there was one or two purchases a week, tops. Now I’m writing checks here and there for rent, utilities, etc…and using my debit card a lot. So, to check my balance, I used the online banking. Well…this confused me more. For one, it doesn’t show my first few transactions, cause I did them before setting up the online banking, so as far as the online banking is concerned, though don’t exist. The balance, of course, still relfects them happening, I just don’t get to see when/where the happened until I get a maield statement.
The confusing part: On my online balance, there are TWO balances!? :eek:
One is the “current balance” and the other is the “available balance.”
Now, logically, my “available balance” sounds like the actual amount of money I could spend in one day, and not go over my amount. It might not relfect my most recent credits and debits, so it’s put a little lower than the “current balance,” which one might expect to be the amount I have, assuming all pending transactions go through just fine, right? Well, I don’t think that’s how it works. Here’s the desription it gives for each one:
So to me, this reads thusly: current balance is the amount you have as of yesterday (or last posting cycle)
Available balance is the amount that you have added or removed from the account that we haven’t done anything with yet.
Is this right? Am I reading this properly?
Now, let’s assume my current balance is $987.55, and my available balance is $972.60.
How much money do I actually have? As said, I can’t just run through the transactions it lists to tally it up, cause not all of them are shown. Does this mean that, assuming I do nothing with my account and let the “available balance” clear, I will have $1960.15? That can’t be right, cause I KNOW I haven’t put that much money into the account. Does it mean I really have $14.95? That also seems wrong cause I’m pretty damn sure I have more than that!
Does it just mean what I originally thought it mean, that I have, in effect, just what the available balance says? And, in time, that will all clear and the two balances will be equal?
This is a pretty important thing for me to know, cause it will determine if I can buy anything before my next paycheck.