Title says it all, I want to know the difference in "Balance" and "Available Balance" in Bank of America. Just makes me wonder why they don't just make it as easy as "spending balance" and "minimum balance".|||your balance is the balance at the end of the day TOMORROW. Your AVAILABLE BALANCE is how much they've absolutely, totally verified you have, which is how much you can spend.
It's sort of like 'probable' and 'actual.'
This exists for the purposes of verifying possibly fraudulent checks, bounced checks, or kited checks.
It's BS, but they have to do it.|||Balance is what you currently have in the account with both potential deposits and potential withdrawals. Your available balance is the theoretical balance available at the moment. Neither one is totally correct if you have outstanding checks or other transactions that have not hit your account. The most accurate balance is the one you keep in hard copy of all deposits and withdrawals.|||An example:
your BALANCE shows $1000
You have just returned home from a shopping trip. You used your debit card to spend $100 at the grocery store, $100 at a restaurant and $100 at Macy's.
Those transactions are 'pending' - they have not yet been subtracted from your account, but the stores and restaurant have reserved this money for payment.
Your AVAILABLE BALANCE is now $700. It is money still available for you to spend or withdraw.
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