BANKING AFFAIRS

Detailed explanation-1: -An account balance is the total amount of money available in a financial account after all the debits and credits have been calculated. It can also refer to the total amount of money that a person or organization is due to pay to a third party, such as a service provider.

Detailed explanation-2: -An account balance is the amount of money present in a financial repository, such as a savings or checking account, at any given moment. The account balance is always the net amount after factoring in all debits and credits.

Detailed explanation-3: -What is an Account Balance? An account balance is the amount of money present in a financial repository during the current accounting period. It is the net difference between the credits and debits posted in any given accounting cycle, added to the balance carried forward from the previous month.

Detailed explanation-4: -Your account balance is the total amount of money that is currently in your account, including any pending transactions (e.g., debit card purchases that have not cleared).

Detailed explanation-5: -At the moment of deposit, the funds become the property of the depository bank. Thus, as a depositor, you are in essence a creditor of the bank. Once the bank accepts your deposit, it agrees to refund the same amount, or any part thereof, on demand.