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Latest balance vs available balance

 

 

Two of the most commonly confused terms used in the banking sector is Available Balance and Current Balance. Although, these terms seem almost similar, if someone hears about them for the first time, yet, they are not similar. Available balance and current balance are two different terminologies, and every card holder should be aware of the difference between the two.

 

Available Balance:

 

So, what exactly is Available Balance and Current Balance? Available balance is the amount of balance or funds that you can access immediately. If you exceed the level of available balance, overdraft balance starts to form, even if you are within the limits of your current balance. This balance is updated on a continuous basis in order to show the fees, charges, pending transactions, holds, and cleared deposits. Available balance can also be used by banks and other financial institutions to calculate overdraft balances and penalty charges in case the customers exceed the limit.

 

Current Balance or latest:

 

Current balance, on the other hand, is the amount of the money that you have in your account at all times. It changes every day when the business day ends at banks and remains the same until the business hours closes the following day. The current balance/ latest is also referred to as Account balance. However, some of the individuals may confuse the term "current" with the updated amount shown in your bank account, but this may not always be the case, because the purchases you make or any other charges, fees, or deposits that you make after the business day closes do not appear until the next business day.

 

I trust this will be helpful to you.

 

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‎21-02-2018 01:31 PM
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Comments
Tgliebenberg
New Member

This is such a horible experience with the new app! 

My sms says something different, my current is different and my available is different!!! 

 

Ill go so far to delete the app.

Perifort
Occasional Visitor

Okay, so is the difference between  the 2 an overdraft? 

 

I have a huge difference between my available and latest balance but completely unsure why. 

Community Coordinator

Hello @Perifort,

 

This is completely different to overdraft. Please don't confuse the two, note because the purchases you make or any other charges, fees, or deposits that you make after the business day closes do not appear until the next business day. Once all transactions are cleared this will be the same balance with your available.

 

Let me know if this answers your questions.

 

Regards,

Boitumelo

blignautcorey
Occasional Visitor

I have started to have the same issue in the last month as well, what do I need to do to get the money frommy latest balance into my available balance?

Community Coordinator

Hello @blignautcorey,

 

Please be advised that this is not possible as the Available Balance is the amount of money in the account that can be spent. It takes into account all transactions effected on the account (Debits and Credits). The Latest Balance, however, displays the balance of an account but excludes any unbanked / uncleared transactions. For example merchants haven’t yet banked point of sale transactions or where deposits haven’t yet cleared (like cheques). The purpose of the difference is exactly to show that there are possible transactions in play that affects your balance.

 

Kind Regards,

Mandy

 

 

Theralee
New Member
Evening... So this says if may latest balance is maybe R2000 and my available balance is R50, this means the R2000 is yet to be in my available balance as it may have been a deposited cheque?
Community Coordinator

Hello @Theralee,

 

It simply means that there are other transactions that are yet process as it will deduct the money from your available and allocate to transactions and not transact on your latest. Latest balance it will be non-processed payments.

 

Let me know if you still need more clarity on this.

 

Regards,

Boitumelo