ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The available balance is the balance available for immediate use in a customer’s account. This balance includes any withdrawals, transfers, checks, or any other activity that has already been cleared by the financial institution.

Detailed explanation-2: -Your available balance is the amount you can use for purchases or withdrawals. It’s made up of the account balance minus pending debit card authorizations and holds on funds.

Detailed explanation-3: -What’s the difference between my account balance and available balance? Last Updated: 20 Aug 2021. Your account balance is the total in your account. If you see “OD” (meaning Overdraft) in front of the amount, this is the amount you owe. Available balance represents the funds you are able to withdraw, transfer and use.

Detailed explanation-4: -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-5: -You will be charged an overdraft fee. Instead of paying the $40 check, we could have returned the check and would have charged you a non-sufficient funds fee. The fees (overdraft or non-sufficient funds) will be deducted from your account, further reducing the balance.