Same Day Funds

Posted in Finance, Accounting and Economics Terms, Total Reads: 318
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Definition: Same Day Funds

Same day funds refer to the money that can be utilized, in terms of withdrawing the money out of the existing account or transferred to another account, in the same working day as it is deposited in. These funds are usually constrained by the net settlement of accounts between the 2 banks – one which presents and the other which remits the funds.


Most customer deposits are usually not of this kind and are often available only after the next business day. This applies regardless of whether it is for withdrawal or for transferring out.


In the US, the money is sent between banks using the Fedwire in the same day.

 

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