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Money management: How to know when your deposits are available to use

Managing your money means knowing how much you have in your bank account. An important part of being financially fit is understanding when the money you deposit gets added to your account. Sounds simple, right? It is! It's easy to understand when your money will be available based on what type of deposit you're making. Here are a few key points that can help you stay on top of your account balance.

The role of business days and holidays
All banks have guidelines on how deposits get processed. If you deposit cash, that money goes directly to your account and will be ready for you to use immediately. But for checks and other items that might need verification (to protect you and the bank), the money usually won’t be available until the next business day.

It’s important to realize that weekends and federal holidays don’t count as business days, even if your bank is open. If you make a deposit on or the day before a holiday, or on a weekend, you can expect to wait a little longer to access that money.

Let’s say you deposit a check at your bank on a Friday. Normally, those funds would be available to you on Monday. But if that Monday happens to be a holiday, then the money won’t actually show up in your account until Tuesday — the next business day after the holiday.

Banks also have policies related to when they process transactions. Often, they wait until the end of the day, and then go in order by the time of the transaction. For instance, if you make a purchase with your debit card in the morning, then make a deposit in the afternoon, banks will usually process the debit before the deposit.

How to check your available funds
If you’re ever in doubt about whether the money you deposited is available for use, you can simply contact your bank directly and ask. You can also check by visiting your bank’s website, using your bank’s mobile app or checking your available balance at an ATM.

Options to speed up the process
If you need a particular deposit available sooner, check with your bank to learn your options. For instance, making a cash deposit means that your money is available in your account right away. If you need to make a deposit, but can’t get to a bank during business hours, you can often deposit funds through the bank’s ATM or mobile app — so you’re that much closer to having the money available.

TD Early Pay makes your money available as soon as TD receives information on the incoming direct deposit, allowing you to do more with your money sooner and get a jump start on your finances while giving you more flexibility and control over your money. This feature enables you to access eligible direct deposits up to two business days early. Eligible direct deposits also include payments like government benefits, tax refunds, military pay and pensions – and you can get it all faster. This feature comes standard on all eligible TD checking and savings products and is offered to if you are enrolled in direct deposit. There is no enrollment or fee for this service.

Do you need to cover pending payments or emergency expenses before the next business day? Many banks may also have additional services available to make deposited funds available sooner. At TD Bank we offer Fast Funds, which can help you keep your cash flowing with instant access to eligible check deposits. For a nominal fee, Fast Funds gives you access to your deposited money more quickly.
This service has three key benefits:

  1. Provides instant availability of your entire deposit, regardless of the day — even weekends and holidays.

  2. Gives priority posting to your deposit, so it’s processed before any other transactions that day, even if they occurred before your deposit.

  3. Grants check insurance, so if the check you deposit is returned for Non-sufficient funds you can keep the money.

To learn more about Fast Funds or give it a try, just ask anytime you’re making an in-person deposit at a TD store.

If you have questions about funds availability, your account balance or overdraft protection tools, please visit the TD Help Center for assistance with your everyday banking activities. We’re here to help you find the best ways to manage your finances and meet your goals.

This article is for general informational purposes only. It is not intended to provide specific financial, investment, tax, legal, accounting, or other advice and should not be acted or relied upon without the advice of a professional advisor. A professional advisor will recommend action based on your personal circumstances and the most recent information available.