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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.
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.
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.
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
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?
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
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
Someone transfered money to me but it now shows in my current balance when will this money be available?
Hello @Gail1234,
Please be advised that there is a 24 hour period maximum clearance time for transfers between Standard Bank accounts, while payments to other banks may take two to three business days to reflect on the beneficiary's statement. Payments made into a MasterCard account take 24 hours to reflect on a statement. International transfers take between 2 to 3 business days to clear, please remember that weekends and public holidays aren't considered as business days. Kindly visit; http://community.standardbank.co.za/t5/Internet-banking/EFT-clearance-time/ta-p/523 to learn more.
Kind Regards,
Mandy
I’ve been phoned about an upgrade to Platinum which they should happen any moment. Could this have something to do with it. Worried as leaving for overseas in a few days time
Hello @dihawks,
Firstly congratulation on your upgrade to Platinum card. Please note the latest versus available balance apply to all cheque accounts across all cards but this should not affect your trip to overseas.
Let us know should you need further assistance on this.
Regards,
Boitumelo
I got an sms notification that my account has been credited with R550 appearing on my latest balance. The ref was Instant Money. So i want to know if this money will ever be available for use under Available Balance.
Thank You
How long would it take for a Eft into a student achiever account to be reflected in the available balance, should the payment be from another Standard bank account and has already been reflected in the current balance?
Hi I'm on the student account and my available balance and latest balance do not correspond. I thought my account didn't include any overdrafts.
Also my I haven't received a SMS stating the funds are received however my app states otherwise
@Boitumelo wrote:
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.
Hello Kamogelo99, please forward your query, contact details and ID number to ask.SBSA@standardbank.co.za. The team will be able to assist you.
How do I find out what deposits or transactions arw pending because I have a big difference between the two balances
Hello Mello,
You cannot view the current pending transactions or deposits. This option is currently not available.
The balance on my account isn't correct it seems to have been overstated overdraft who do I bring my query to?
My difference between latest and available balance keep increasing it used to be 20 difference bt now it amounts to 800 can someone explai
@Boitumelo wrote:
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.
Ok i get it bt last year the difference was always the same until this month
Hi there my account says I've got 2000 rand more in the balance and it NEVER changed why can I not access that extra 2000??
It never changes*
The difference between available balance and latest balance remains very confusing. Unfortunately, this article does not explain the difference very clearly, which is also reflected in the nature of the comments and questions posted. I might have a solution: why not ONLY display AVAILABLE balance? In the end, that is what I need to know: how much money is still in my bank account for me to use.
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I am in URGENT NEED OF MY MONEY AS I HAVE PAYMENTS TO DO. PLEASE ADVISE HOW CAN I GET MY LATEST BALANCE AS STANDARD BANK IS NOW BEING RIDICULOUS!! Holding back R50 is ok... but going up to R300/R500 IS NOT ON!! How do you expect us to live day to day and make payments when you Holding our money without any authorization??!!! I need my cash please. I've been a customer for the past 39 years... I AM FED UP NOW. PLEASE I NEED MY MONEY ASAP. Payments due and mouths to feed. You guys have a flippen audacity!!!
MRS D RAMPERSADH
063 678 998 9
Every transaction we do, the fees are deducted at the same time. So this whole available balance and latest balance makes absolutely no sense to me. I have URGENT Commitments. I need my money PLEASE
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