For many people, banking processes can sometimes be confusing. Once you deposit your check, the money should be automatically available to you, right? Well, not necessarily….
When do I have access to the funds that I deposited today?
When you deposit a check at your bank, the funds are not immediately available to you. In most cases funds from your check deposit are available to you on the first business day after the day the bank receives your deposit.
In what situation would my funds from a check deposit not be available the next business day?
In some cases, your bank may delay the availability on checks you deposit to your account by placing a “hold” on your account for the amount of a deposited check. For instance, checks that are large or from an out-of-state bank may be placed on hold. If your bank does place a hold on your deposit, you will be provided with a notice that includes the date the funds will be available and the reason for the hold.
What is my Available Balance?
The available balance for personal accounts is the amount of funds available for immediate withdrawal or use. Your available balance is the Current Balance in your account, minus any withdrawals, and plus cash or electronic deposits that are part of the day’s activity. However, the available balance does not reflect outstanding checks or debit items that have not been presented for payment. A penalty may be charged to your account if you draw against unavailable funds.
Is Online Banking A Good Way to See My Available Funds?
Online banking is an incredibly convenient service that allows you to see your account information and manage banking transactions all from your computer. Through Online Banking, you can review all your checking and savings accounts, credit cards and other banking services such as a home loan or home equity product. It also shows you your available balance to the cent and lets you move money between SunTrust accounts with just a few clicks.
What About Unavailable Funds and Overdraft Services?
Many banks offer ways to set-up overdraft services that will allow you to make purchases before your funds are available.
1. Overdraft Coverage is a service provided by many banks, which when selected, allows the bank to approve/authorize transactions and pay checks as a convenience even if the items in question are more than the available balance at the time. If the items are paid, the bank may charge a fee. In the past, this coverage has been provided automatically, but as of August 14, 2010, banks need your authorization to continue overdraft coverage for ATM and everyday debit card transactions.
2. Overdraft Protection is an additional service that you can request. It allows bank clients to link their checking account to other funded checking, savings, money market, credit card or line-of-credit accounts to cover overdrafts.