Actual and Available Balances Sample Clauses

Actual and Available Balances. In order to accurately manage your checking account and avoid overdrafts and resulting fees, it is important to understand that your checking account has two kinds of balances: the “actual balance” and the “available balance.” Funds used to pay transactions may be limited based on the available balance. We use the available balance to determine if your account will be overdrawn. You can check the amount of your actual balance and your available balance when you review your account online, on the X.X.X. audio response system, at most ATMs, by phone, text banking or at an FCCU branch office. You must be enrolled in our electronic funds transfer services in order to check your balance through those systems. The actual balance of your account is the actual amount of money that is in your account at any given time. The actual balance reflects transactions that have been posted to your account. It does not reflect transactions that are pending. For example, if you have $50 in your account and you write a check for $40, then your actual balance remains at $50 until the check is posted to the account. The actual balance does not reflect the pending check while it is in transit to be settled with us. The actual balance also does not reflect items that have not yet been posted to your account, such as a remote deposit check that has been submitted for deposit and is under review. The available balance is that part of the actual balance that is available for you to use without incurring Overdraft Transfer or Overdraft Privilege fees. The available balance takes into account holds placed on account funds such as check deposit holds under our Funds Availability Policy, holds for pending debit card transactions that have been preauthorized but not yet posted, and legal holds. For example, if you have $50 in your account and you use your debit card at a restaurant for $20, then the merchant may ask us to preauthorize the payment. When that happens, we will place a hold on your account for $20 and your available balance will be $30, even though your actual balance will remain at $50 until the transaction posts or the hold is released. Funds subject to a hold are not available to pay checks, debit card, online xxxx payments, ACH, and other transactions. Please refer to the Electronic Fund Transfers Agreement and Disclosures for more information about debit card preauthorization holds. You should also keep in mind that the available balance may not always reflect all outsta...