Can You Withdraw Funds Out of Your Bank Account Balance?

Not being familiar with the rules regarding bank account withdrawals can be costly.

Sep 5, 2015 at 11:00PM

Your bank account balance is a bit different from your funds available. Photo:

If you're wondering whether you can withdraw funds out of your bank account balance, the answer is a resounding yes! -- kind of.

The answer is yes because your bank account balance shows you how much money you have in your account. That money is there for you withdraw or leave in place, perhaps in order to collect interest payments on it.

The answer isn't completely yes, though, because your balance may not be exactly what it seems. It does reflect how much money your account is worth, but some funds in it may not be available quite yet. If you've recently deposited a check, for example, it may not have cleared yet. Deposited checks can take several business days to clear. The folks at the Consumer Financial Protection Bureau, or CFPB, explain  it this way: "Generally, if you deposit a check for $200 or less in person to a bank employee, you can access the full amount the next business day. If you deposit more than $200, you can access $200 the next business day, and the rest of the money the second business day."

It's not as simple as that, either, because banks and credit unions consider a business day closed at different times of the day. So if you deposit a check at your bank at 3:30 pm on a Monday and your bank considers its business day closed at 3:00 p.m., you may not get access to the first $200 of your deposit the next day, Tuesday, because your bank will consider it as having been deposited on the next business day (Tuesday), even though the calendar at the time of deposit said Monday.

The CFPB also wants consumers to know that deposits can clear especially quickly if they're made from an account at the same bank, from a government check, or via cash, money order, or certified check. They can take extra long to clear if they're for large sums, are deposited via an ATM that doesn't belong to your financial institution, seem problematic in some way, or if you're a new account holder or you've bounced too many checks lately.

Thus, the trick to knowing how much you can actually withdraw from your bank account is to look not at the listed balance, but at your "funds available." You might ask a teller at the bank what your available funds are, or you can look it up online via online banking.

This might seem like a minor topic, but not being familiar with the rules can be costly. The median charge for a single bounced check was recently around $35, according to findings by The Pew Charitable Trust. 

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4 in 5 Americans Are Ignoring Buffett's Warning

Don't be one of them.

Jun 12, 2015 at 5:01PM

Admitting fear is difficult.

So you can imagine how shocked I was to find out Warren Buffett recently told a select number of investors about the cutting-edge technology that's keeping him awake at night.

This past May, The Motley Fool sent 8 of its best stock analysts to Omaha, Nebraska to attend the Berkshire Hathaway annual shareholder meeting. CEO Warren Buffett and Vice Chairman Charlie Munger fielded questions for nearly 6 hours.
The catch was: Attendees weren't allowed to record any of it. No audio. No video. 

Our team of analysts wrote down every single word Buffett and Munger uttered. Over 16,000 words. But only two words stood out to me as I read the detailed transcript of the event: "Real threat."

That's how Buffett responded when asked about this emerging market that is already expected to be worth more than $2 trillion in the U.S. alone. Google has already put some of its best engineers behind the technology powering this trend. 

The amazing thing is, while Buffett may be nervous, the rest of us can invest in this new industry BEFORE the old money realizes what hit them.

KPMG advises we're "on the cusp of revolutionary change" coming much "sooner than you think."

Even one legendary MIT professor had to recant his position that the technology was "beyond the capability of computer science." (He recently confessed to The Wall Street Journal that he's now a believer and amazed "how quickly this technology caught on.")

Yet according to one J.D. Power and Associates survey, only 1 in 5 Americans are even interested in this technology, much less ready to invest in it. Needless to say, you haven't missed your window of opportunity. 

Think about how many amazing technologies you've watched soar to new heights while you kick yourself thinking, "I knew about that technology before everyone was talking about it, but I just sat on my hands." 

Don't let that happen again. This time, it should be your family telling you, "I can't believe you knew about and invested in that technology so early on."

That's why I hope you take just a few minutes to access the exclusive research our team of analysts has put together on this industry and the one stock positioned to capitalize on this major shift.

Click here to learn about this incredible technology before Buffett stops being scared and starts buying!

David Hanson owns shares of Berkshire Hathaway and American Express. The Motley Fool recommends and owns shares of Berkshire Hathaway, Google, and Coca-Cola.We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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