balance

Banking Terms -> balance

• A bank account balance stands for the net of credits and debits of an account as of the end of every reporting period. This is applicable to all account types. The amount your bank owes you is shown in the bank account balance while what you owe to your credit card issuer is shown in the credit card balance. In simple words, an account balance is the money you presently have in your bank account. In banking, account balances give important information. They determine if account holders have enough money to cover living expenses, outstanding debts, or emergency expenses. Account balances are also important in margin accounts as they determine whether account holders can carry out margin transactions.
  
  The available balance represents the bank account balance you can access and use. This excludes deposits of checks that are not collected as of yet. The available balance includes the withdrawals and deposits which are posted to your bank account provisionally but are still to be finally posted. The book balance or current balance, on the other hand, covers all withdrawals and deposits that your financial institution has processed against your bank account on the previous working day.
  
  In some cases, your current balance may be lower than your available balance. The reason is that your current balance represents your account’s balance at the end of the prior working day. So, it will not reflect any transactions in progress as of present. In other cases, your available balance may be lower than your current balance. The available balance includes deposits which are not finally posted as well as withdrawals from your bank account. If it happens that the current day’s withdrawals are in excess of the collected deposits, the available balance will be lower than the current balance. Note that what you have at your disposal is the available balance.
  
  It is important to have an idea of your bank account balance so that you don’t withdraw money than you haven’t deposited in your bank. You may incur high overdraft fees if you do that. You can check your bank account balance in one of three ways. You can visit the nearest branch of your bank, go to an ATM, operated by your bank, or check the account balance online. If your bank offers online banking, you can simply open your bank’s website in your Internet browser. Use your username and password to log onto your account where you can check your bank account balance. If you don’t have a username and password, you will have to select the ‘register’ feature. You will then have to fill out the required fields so that your online profile gets lined to your bank account information.
  
  If you have more than one account, select the one you wish to find the balance of. You will see all recent withdrawals and deposits, as well as any remaining fees. Visiting a local branch of your financial institution is another way to do that. Simply give the teller your account or debit card and request that your bank account balance be printed out. It takes less that a minute to print it off, and you have the balance at your disposal. Finally, you can use an ATM operated by your bank. If the machine is not affiliated with your financial institution, you may be unable to access your bank account details. To check the balance, insert your card into the reader and type your PIN. Press ‘check balance’ after you select the account you want to check, and the information will show on the screen.

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