Account Balance:
Noun
1. The amount of money or value remaining in a financial account after all debits and credits have been accounted for.
2. A measure of the financial position of an individual, business, or organisation, indicating the net value of assets and liabilities at a specific point in time.
3. The difference between the total credits and total debits in an account, representing the current financial status of the account.
4. A numerical representation of the funds available in a bank account, credit card, or other financial instrument, taking into account deposits, withdrawals, and any accrued interest or fees.
Example sentence: “Before making a purchase, it is important to check your account balance to ensure you have sufficient funds available.”
Account balance refers to the amount of money or assets held in a financial account at a given point in time. It represents the net value of the account after considering all deposits, withdrawals, and any applicable fees or charges. The account balance is crucial for individuals and businesses to track their financial position and make informed decisions regarding their finances. It is typically provided by financial institutions through periodic statements or online banking platforms. In case of disputes or discrepancies, account holders have the right to request an explanation and clarification from the financial institution. Additionally, account balances may be subject to legal regulations, such as minimum balance requirements or restrictions on certain types of transactions.
Q: How can I check my account balance?
A: You can check your account balance by logging into your online banking account, using a mobile banking app, or by visiting your bank’s nearest branch and requesting the information from a teller.
Q: Can I check my account balance over the phone?
A: Yes, most banks provide a phone banking service where you can check your account balance by calling a designated phone number and following the prompts.
Q: How often is my account balance updated?
A: Account balances are typically updated in real-time for online and mobile banking. However, if you check your balance at an ATM or through phone banking, there might be a slight delay in the update.
Q: Can I check my account balance without an internet connection?
A: Yes, you can check your account balance at an ATM or by visiting your bank’s branch even without an internet connection.
Q: Are there any fees associated with checking my account balance?
A: Generally, checking your account balance through online banking, mobile banking, or at an ATM is free of charge. However, some banks may charge a fee for checking your balance at a teller window.
Q: Can I check the balance of my joint account separately?
A: Yes, you can usually check the balance of a joint account separately by logging into your online banking account or using a mobile banking app. However, it’s always best to check with your bank for specific instructions.
Q: Can I check the balance of my account from a different bank?
A: Yes, if you have linked your accounts or set up external account access, you can usually check the balance of your account from a different bank through your online banking or mobile banking app.
Q: What happens if I have a negative account balance?
A: If your account balance is negative, it means you have overdrawn your account. This may result in overdraft fees or other penalties. It’s important to contact your bank immediately to rectify the situation and avoid further charges.
Q: Can I set up alerts for my account balance?
A: Yes, most banks offer account balance alerts that can be set up through online or mobile banking. These alerts can notify you via email or text message when your balance falls below a certain threshold or when significant transactions occur.
Q: Is my account balance protected from unauthorized access?
A: Banks have security measures in place to protect your account balance from unauthorized access. These include encryption, secure login procedures, and
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
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