Your Available Balance Clause Samples
The "Your Available Balance" clause defines the amount of funds in an account that a customer can access or use at any given time. It typically takes into account pending transactions, holds, and deposits that have not yet cleared, meaning the available balance may differ from the account's total or ledger balance. This clause ensures that customers are aware of the actual funds they can spend or withdraw, helping to prevent overdrafts and manage their finances more accurately.
Your Available Balance. 1. Actual Balance Versus Available Balance. Your checking account has two kinds of balances: the “actual” balance and the “available” balance. Both can be checked when you review your account online, at a Credit Union-owned ATM, by phone, or at a branch. It is important to understand how these two balances work so that you know how much money is available to you in your account at any given time. This section explains actual and available balances and how they work.
Your Available Balance. Your available balance does not reflect any checks, ACHs, automatic bill payments or other items that you have issued, initiated, or authorized until they are presented to us for payment from your account. Debit card transactions, UMB online bill payments and other pending transactions will reduce your available balance during the day. UMB online bill payments may reduce your available balance up to five (5) calendar days before the due date you select when you set up those payments. It is possible for you to overdraw your account even though your available balance shows that there are sufficient funds in your account to cover an item you want to issue, initiate, or authorize. For example, when you write a check, the payee may not present the check to us for payment on that same day. That outstanding check will not be reflected in your available balance until the payee presents that check to us for payment. Your available balance also may not reflect recent deposits to your account. For details concerning availability of your deposits for withdrawal, see Our Funds Availability Policy. A debit card transaction occurs in two parts. First, a merchant sends an authorization request and, second, usually a few days later, the merchant presents the item for payment and we post the item. We have the right to place a temporary hold—known as an “authorization hold”—against some or all of the funds in your account when we receive an authorization request from a merchant or other party from which a purchase is being made with your debit card. If we place an authorization hold against your account, the amount of such authorization hold will decrease your available balance. If we receive an authorization request from a gas station, restaurant, hotel, car rental agency, or other merchant, the amount of the authorization hold may differ from the final amount of your purchase from that merchant because the purchase amount may not be known at the time the merchant makes its request for authorization. In those circumstances, we may either not place an authorization hold against your account or the amount of the authorization hold that we place against your account may be different from the final amount of your purchase. We have the right to maintain an authorization hold against your account until we receive the purchase transaction that matches the authorization hold. However, if we do not receive the matching purchase transaction within three (3) business days (or such oth...
Your Available Balance. Your available balance is the amount of money in your account that is available to you without overdrawing your account. Your available balance takes into account holds that have been placed on deposits and pending transactions (such as pending debit card transactions) that we have authorized but that have not yet posted to your account. Example of Available Balance. If your actual balance and available balance are both $100 and you swipe your debit card at a restaurant for $35, the merchant could ask us to preauthorize the payment. We would place an “authorization hold” on your account for $35. Your actual balance is still $100 because the debit card transaction has not yet posted to your account; however, your available balance would be $65 because you have already authorized the $35 payment to the restaurant. When the restaurant submits the transaction for payment (which could be a few days later and could be for a different amount if you have added a tip), we will post the transaction to your account and your actual balance will be reduced.
Your Available Balance. You may check your Available Balance at any time in the Account Center, where you can view the funds held in each of the Currency Wallets. The Available Balance for each Foreign Currency Wallet will be displayed in such currency, not in US Dollars. Spending on the Account is limited to your Available Balance. You are not allowed to exceed your Available Balance or to create a negative balance through an individual transaction or a series of transactions. If your Available Balance is not sufficient to pay for any transaction, we may, at our discretion, decline or reject the transaction. If you have a negative balance, you must immediately load funds to satisfy any negative balance. Maintaining a negative balance constitutes a breach of this Agreement which may result in the suspension, closure or termination of your Account, at our sole discretion, as well as civil or criminal liability for damages or losses incurred by us. For the purpose of correcting a negative balance, rectifying an error or overpayment, or for collecting on any liability, direct or contingent, past, present or future that you owe against any Account, you: (i) grant us a lien on and security interest in any funds you have in any account with us, and (ii) authorize us to deduct funds from any account you may have with us. If we exercise any right of set-off, we will notify you. You have no right to defer payment of the liability for any negative balance, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft.
Your Available Balance. Your available balance is the amount of money in your account that is available to you without incurring a fee. Your available balance takes into account holds that have been placed on deposits and pending transactions (such as pending debit card transactions) that we have authorized but that have not yet posted to your account.
Your Available Balance. Your available balance is the amount of money in your account that is available to you to use without incurring a fee. The available balance takes into account factors such as holds placed on deposits and pending transactions, like pending debit card purchases that the Credit Union has authorized, but that have not yet posted or settled to your account. For example: • Assume you have an actual balance of $50. If you were to use your debit card at a restaurant to buy lunch for $20, then that merchant could ask us to pre- authorize the payment in that amount (or even a different amount). If the merchant requests preauthorization in the amount of $20, we will place a “hold” on your account for $20 (referred to as an “authorization hold”). Your actual balance will still be $50 because this transaction has not yet posted, but your available balance will be $30 because of the restaurant’s $20 preauthorization request. When the merchant submits its ▇▇▇▇ for payment (which could be days later and for a different amount than the amount of the authorization hold), we will release the authorization hold, post the transaction to your account, and your actual balance will be reduced by the amount of the posted transaction.
Your Available Balance
Your Available Balance