Availability Float

If you've ever had a checking account, you should know about this...it may have burned you, even if you haven't heard the term. This concept represents the period of time between depositing a check into your account, and having the funds available for use.

The availability float occurs because the bank has to manually verify the check information (such as whether the person who issued it actually has the funds). If you're like us, you may have once or twice misunderstood how long you had to wait for the money to be there, and inadvertently overdrawn your account. Hurray for direct deposit!