What is the difference between "Total balance" and "Avaliable balance" on a checking account.

If I put a deposit into a checking account of $500 and the Available balance is $500 but the total balance is $0 does that mean I can make a payment today or does this mean the deposit is pending and I cannot make a payment until it clears (which will be tomorrow)

Re: What is the difference between "Total balance" and "Avaliable balance" on a checking account.

Available is what you can take out right at this moment.

total balance is what you'll have when everything clears.

at least i think that's what it means...

I bank with chase and in the situation you mentioned you could make the payment and they'll take the funds out which would technically give you a negative balance but as long as the deposit hits before the payment is does, you're clear and won't really be over drafted nor will you be charged for an over draft.

Message edited 7/7/2011 4:43:17 PM.

Re: What is the difference between "Total balance" and "Avaliable balance" on a checking account.

Re: What is the difference between "Total balance" and "Avaliable balance" on a checking account.

Re: What is the difference between "Total balance" and "Avaliable balance" on a checking account.

if you have checks pending they usually take it out, or if transactions took place over the weekend they might not have been taken out right away...

always go with available balance if you want to know what you have to spend

Re: What is the difference between "Total balance" and "Avaliable balance" on a checking account.

Thanks ladies! Thats exactly what I thought but wanted to be sure!