available vs present balance??

Question

i bank with chase and i deposited a 600 check. it said the available balance was 100, present balance is 600. whats up with that??

Answer 1

In accordance with the applicable statute, the bank makes the first $100 of your deposit immediately available. The remaining $500 will become available later - when depends upon a few things. If it's a new account and you haven't had much of a balance so far, then the rest of the deposit won't become available until the bank actually collects it from the bank from which the check is drawn. When you start having an account history with a certain average balance - let's say $2,000 - then a certain percentage of your average balance will become immediately available. How much depends upon the bank and the amount of your average balance.

Answer 2

What is mean is that only $100 are available for w/d at this time. Most of time when you make a deposit you have to wait a few days before it's available for w/d.

Answer 3

The bank is closed today so the deposit won't post until Monday morning. Once the deposit posts, your available balance will equal your present balance (as long as more transactions aren't made today).

Answer 4

It means your check hasn't cleared yet--once the check has cleared, the money will be available for withdrawal. It's acknowledging that you deposited a $600 check.