Wachovia: Available Balance vs Posted Balance

[southerndoc]

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This may be a stupid question...

When I receive my monthly deposit into my Wachovia account, it takes a few days before it "posts."

Wachovia will often list "Available Balance" as my total balance including the most recent direct deposit. The "Posted Balance" doesn't list the new deposit for a few days.

My question: is the available balance indicative of what I can draw out? My Wachovia account is used as a business account, and I quickly transfer money out of it into savings accounts and my Schwab interest checking account. I would like to transfer it to an interest-bearing account as soon as possible, but don't want to overdraft my checking account.

 

[UserNameNeeded]

I don't have a Wachovia account, but from my banking experience "available balance" is always the maximum you can take out from the account at the time with no problems. I would confirm with Wachovia why they have a "posting balance" and what it's good for (other than holding your money).

 

[LeRenard]

Short Answer: Yes
When funds are electronically transferred into your account Wachovia, and most other banks, make the funds available right away (your available balance). Same principle apply when you make a purchase with your check card, your available balance decreases but you posted balance will not change for a day or so until all the back office work is completed.

 

[nontrdgsbuiucmd]

I'd check with the bank,

as an accountholder with multiple bank accounts at a few banks (business, personal, checkings, savings, etc) I've found each bank has slightly different rules, and these may change over time.

Chase (formerly bank one) will allow checks to clear that exceed the "available balance" last I spoke with them about this, but for us they will also let us go negative $500 or so if a big check has cleared -- I suspect some accounts are not set up to let this happen, it may depend on the typical transactions/volume for an account? Would suggest you call Wachovia to make sure you understand their processes.