Your Checking Account Balance. Your checking account has two kinds of balances: the “balance” and the “available balance.” Both can be checked when you review your account online, on your mobile banking application, at an ATM, by phone, or at a branch. It is important to understand how the two balances work so that you know how much money is in your account at any given time. Your balance is the full amount of all deposits, even though some portion of a deposit may be on hold and may not be available to you, less payment transactions that have been presented and “posted” to your account, but not payment transactions that have been authorized and are pending. Thus, while the term balance may seem as though the number you see is the amount in your account that is available for you to spend, that is not always the case. Any holds for purchase transactions, holds on deposits, or other checks, payments and fees that have not yet posted will not appear in your balance. For example, if you have a $50 balance, but you just wrote a check for $40, then your balance is still shown as $50 but it does not reflect the pending check transaction. At that point, you actually have $50, but you have already spent $40. Your available balance is the amount of money in your account that is available for you to use. The available balance is the balance less things like holds placed on deposits and pending transactions (such as pending debit card purchases) that MSUFCU has authorized but that have not yet posted to your account. For example, assume you have a balance of $50 and an available balance of $50. If you were to use your debit card at a restaurant to buy lunch for $20, then that merchant could ask MSUFCU to authorize the payment. In that case, MSUFCU will reduce your available balance by $20 because once we authorize the payment, we are obligated to pay it. Your balance would still be $50 because this transaction has not yet been presented to us and posted to your account, but your available balance would be $30 because you have committed to pay the restaurant $20. When the restaurant presents its xxxx for payment (which could be several days later), MSUFCU will post the transaction to your account and your actual balance will be reduced by $20, and both your balance and your available balance will be $30. Available balance at the time transactions are presented to MSUFCU and posted to your account (not when they are authorized) is used to determine when your account is overdrawn. The following exampl...
Your Checking Account Balance. It is important to understand the difference between your Available Balance and your Ledger Balance. We use your Available Balance to determine whether a transaction will overdraw your account (bringing your account to a negative balance) or if the transaction is being presented to us when your checking account is already overdrawn. We also use your Available Balance to decide whether we will pay or return a Debit that causes your account to have a negative Available Balance or a Debit that is presented to us when your account already has a negative Available Balance. Your Ledger Balance or Current Balance, defined below, is not the same as your Available Balance and it is important to understand the differences between these two balances. Your Ledger Balance includes the full amount of any deposits made to your account without regard to any portion of a deposit that may be on “hold.” (See our Funds Availability Policy Disclosure for how and when holds may be placed on deposits.) Your Ledger Balance is also referred to as your Current Balance in some account summaries that are available to you. These balances also reflect payment transactions that have “posted” to your account. However, your Ledger Balance/Current Balance does not include payment transactions (i.e., Debits, as defined above) that have been authorized but still are pending, which means that your Ledger Balance/Current Balance may appear higher than it will be after any pending transactions are posted. The Ledger Balance/Current Balance does not reflect any holds on deposits, holds on funds authorized for purchases, and payments, fees, outstanding checks and other Debits and charges made on your account that have not yet posted, which means that your Ledger Balance/Current Balance is not reduced by these transactions. Your Available Balance is the amount of funds available for withdrawal or use at that moment. The Available Balance takes into account holds placed on deposits and pending transactions (such as pending debit card purchases) that we have authorized but have not yet posted to your account. That means that your Available Balance is reduced by these amounts. It also means that your Available Balance will often be lower than your Ledger Balance/Current Balance. On the other hand, your Available Balance is not reduced for scheduled bill payments or checks that you have written that have not yet been processed for payment. It is important to keep track of your transactions so that you...
Your Checking Account Balance. 1. 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 the two balances work sothat you knowhowmuch money is inyour account at any given time. This section explains actual and available balances and how they work.
Your Checking Account Balance. 1. 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 the two balances work so that you know how much money is available in your account at any given time. Your actual balance is the amount of money that is actually in your account earning dividends at any given time, but not all funds included in the actual balance are considered available for transactions on your account. The actual balance is also referred to as: (a) your balance on Credit Union ATM screens; (b) your current balance in online banking and in Mobile Banking; and (c) your current balance when you use our automated telephone banking system. Your actual balance reflects transactions that have “posted” to your account, but not transactions that have been authorized and are pending or pending deposits that are subject to holds under our Funds Availability Policy. While the term “actual” may sound as though the number you see is an up to date indication of what is in your account that you can spend, that is not always the case. Your actual balance will not reflect any purchases, holds, fees, other charges, or deposits made on your account that have not yet posted. For example, if you have a $50 actual balance, but you just wrote a check for $40, then your actual balance is $50 but it does not reflect the pending check transaction. So, at that point, you have an actual balance of $50, but you have already spent $40.
