Using the Chase Mobile App makes it easier to stay on top of your bank balance and gain control of your spending. However, the available balance may differ from the present balance, which can be misleading as to how much money you spend.
So why is there a difference between two types of balances for the same bank account? Continue reading to learn more about what “present balance” means on the Chase Mobile App:
What does present balance mean on the Chase Mobile App?
The present balance posted on your Chase Mobile App is the balance from the previous business day’s ending balance, plus or minus any transactions made during the current day.
For example, the present balance may include deposits, debit card transactions, and ATM withdrawals, but it does not include checks you may have written that have not yet been presented to the bank for payment.
How long does it take for my present balance to become available?
Sometimes funds deposited into your Chase account may not be immediately available.
For example, check deposits may show under the present balance but will not be available for one or two business days after the deposit. On the other hand, cash deposits are typically immediately available.
Why are my present balance and available balance different?
The available balance listed on your Chase Mobile App is the amount of money available for immediate use. This amount can be used for debit card purchases or withdrawals from an ATM. The present balance is all the money deposited into your account.
Still, the amount may differ from the available balance based on if any checks or deductions have not yet been removed or if there are pending deposits.
What is the difference between the available balance and the present balance?
The present balance is the balance from the previous business day’s ending balance, plus or minus the transactions made during the day. The present balance does not include any checks you have written that have not yet been presented to the bank.
The available balance is the amount of the account’s present balance for immediate use. Essentially, the available balance is the amount of money available to spend or withdraw and may differ from the present balance due to recent deposits, withdrawals, or other pending transactions.
Can you withdraw from your Chase account based on the present balance?
To have access to withdraw money from your Chase account, you must have money in your available balance to withdraw funds.
If your present balance is higher than your available balance, you will have to wait until all pending transactions are completed, and money appears in your available balance.
What are the different ways I can check my Chase bank account balance?
Though the Chase Mobile App is the easiest way to check your Chase bank account balance, there are alternative ways to check the account’s balance. The different ways to check your Chase bank account balance may include the following:
- Online: Log into your Chase bank account online.
- Phone: Call (800) 945-2000 and follow the prompts on how to check your bank account balance.
- App: Check your balance using the app from anywhere.
- Text Message: Text “bal” to 24273 (must be enrolled for this feature to work).
- ATM: Stop by a local Chase ATM to check your balance.
Why should I regularly check my bank account balance?
The Chase Mobile App makes it easy to check your bank balance daily; if you are not checking it daily, you should at least check it weekly. The most significant reason to check your bank account regularly is to ensure there are no errors and you have not made any major financial mistakes.
In addition, reviewing your bank account balance often allows you to catch mistakes early, giving you time to fix them before you accidentally overdraft your account.
The top reasons why you should regularly check your Chase bank account include the following:
- Ensure all deposits are received and credits
- Monitor spending habits
- Check for unexpected charges
- Ensure you are sticking to your budget
- Catch charges you did not make
Final Thoughts
Though it is possible to see your balance using the Chase Mobile App, it is best to ensure you are checking the correct available balance.
By going off the present balance, you may risk having your debit card declined at the point of sale, or you may be unable to withdraw money from the ATM. For more information about the difference between available balance and present balance, speak with a customer service representative at Chase.