Fast Facts: What's the Real Balance in My Bank Account? (2024)

FAQs

What is the actual balance in my checking account? ›

Your actual balance, or sometimes just called balance, is the total of all the transactions on your account including any pending transactions. Available balance is what is available for you to use out of this actual balance – typically this is your actual balance minus any pending transactions.

To check your account balance at an ATM, insert your debit or ATM card, enter your Personal Identification Number (PIN) and select “balance inquiry” or a similar option. Your account balance will be displayed on the screen, along with any recent transactions.

You have several ways to check your bank account balance, including logging in to the bank's website, using the bank's mobile app, visiting an ATM and calling the bank.

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.

In a checking account, the available balance is the amount of money that the account holder can withdraw immediately. The current balance, by contrast, includes any pending transactions that have not yet been cleared. The bank will honor any withdrawal or payment you make up to the available balance amount.

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. Billing cycle times frames may vary if an issuer allows cardmembers to change their billing cycle.

Most banks no longer allow others to check or know your bank account balance. However, some banks provide the account balance details when people simply call and request it. For instance, anyone knowing your account information can call the bank to verify the fund on a cheque.

No one can check your bank statement without your permission. Unless you give out your account number, banks do not release information regarding your bank statement to unknown third parties without your consent.

Internet Banking

When you open a bank account, you have the option to activate net banking for the account. Through this service, you can check your debit card balance. To check debit card balance online through net banking, follow these steps: Go to the official website of your bank and choose 'Net banking' services.

Can I check my balance if my bank account is blocked? ›

You are able to check the balance and the movement of your Blocked Account in several ways. To learn more about this feature, you can read about it further below: How can I check the balance of my Blocked Account online? How can I download my Bank Statement?

About 29% of respondents have between $501 and $5,000 in their savings accounts, while the remaining 21% of Americans have $5,001 or more. Few hold much cash in their checking accounts as well. Of those surveyed, 60% report having $500 or less in their checking accounts, while only about 12% have $2,001 or more.

If you look at your accounts on internet banking, you'll notice each account shows two amounts: 'balance' and 'available'. Here's what they mean: 'Balance' shows how much money is actually in your account. 'Available' shows how much money you're allowed to use.

Current balances include all of your money, including all available funds PLUS funds that are being held. For example, assume your available and current balance are both $50, and you swipe your debit card at a restaurant for $20. A hold is placed on your account, so your available balance is only $30.

The idea is simple - you can open a Savings Account, but you don't have to maintain a minimum balance in it. 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.

Another important reason to balance, reconcile and review your account is to spot financial management mistakes and fraudulent activity. You should look for unfamiliar transactions, forgotten expenditures, recurring deductions for unwanted products or services and bank fees.

You may notice upon checking your account balance that these two numbers are not the same. 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.

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 daily actual balance is displayed on the current day and takes all your confirmed incomes and spendings into account, while your projected balance includes both confirmed and unconfirmed (planned) transactions.