₦airaland Forum

Hello House!

This question is directed specifically to bankers with Diamond Bank experience, as they are the ones I have this issue with.
All are however welcome to contribute

Why is it that this bank in particular has 2 different balances on 1 account?
With the available being a LOT lower than the total balance, on a normal savings account?!

My brother I am also confused o! I recently opened a cooperate account with them.
When I saw it too I was totally lost.

You can access available balance anytime. However, total or the difference between total and available balance can only be received if the account is closed

OK thanks

aioluwa:
You can access available balance anytime. However, total or the difference between total and available balance can only be received if the account is closed

I see. Thank you so much

Total balance is the whole amount of money present in the account.
Available balance is the amount of money that can be withdrawn from the account.

Total balance - Available balance = the minimum amount that must remain in the account.

For example, if the minimum balance that must be left in an account is #1,000 and you have a total of #2500 in the account, the amount you can withdraw (available balance) is #1500 (#2500 - #1000).

Remember some accounts, especially savings accounts can't be left empty. You must left something behind, which is the minimum balance.

Compared to current account, you can withdraw everything with #0.00 as balance but not with a saving account.

It varies from bank to bank. Some banks allow #0.00 balance in a savings account while some don't.