Question

How much money could you draw from this account?

• you call the bank to ask your balance
• the bank says your balance is $1000.
• then they say you have $2000 in uncollected funds. The funds will credit to your account in five days.

ANSWER THE FOLLOWING:

- How much money do you have available to spend in your account today?

- How much money do you have available to spend in six days?

Answer 1

$1000

$3000

That's how much you can spend

Answer 2

The correct answer to this question is that you have $1,000 available to spend in your account today, and will have a total of $3,000 to spend in six days.

Uncollected funds is money that you have deposited into your account, but that you cannot access yet. The bank has placed a hold on the money for a specific period of time. This is normally done when you deposit a check, because your bank wants to make sure that the money from the check clears the other account before you withdraw it.