Why Is Your Statement Balance Higher Than Current Balance? (What Does It Mean? What Can You Do?)

Why Is Your Statement Balance Higher Than Current Balance? (What Does It Mean? What Can You Do?). In this video tutorial I will explain why your statement balance is higher than current balance.

Your statement balance is usually higher than your current balance because of a timing issue. When you make a transaction on your account, the bank takes time to process it, which is where the difference comes in.
If you make a purchase on the 24th of the month and your billing cycle ends on the 25th, the purchase amount may not appear in your current balance. Instead, it will be reflected in your statement balance. This is because the bank may take some time to process the transaction, and by the time your statement is generated, the purchase might not have been accounted for in your current balance yet.

Here is what you can do:
● Track your spending throughout the month to take control of your finances. Routinely checking your transactions will help you better understand what’s included in your statement balance.
● Always pay your statement balance in full and on time, as paying less will result in interest charges on the remaining amount.
● If you do not have enough money to pay off all your credit, you can always pay the minimum amount stipulated on the account and get a grace period on your next billing cycle.
● Another helpful tool is the online banking app. Most banks enable you to view your current balance in real-time, so you know precisely where you stand at any given time.

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