Banks like Standard bank will show you the balance in two parts, "Latest balance" and "Available balance". 22seven seems to pull the latest balance instead of the available balance which could be cause for an inaccurate net worth and possibly inaccurate budgeting.
It would be a lot better if the app could show only available balances as this would be a more accurate reflection of the net worth and the money you can actually use in any given account.
On the main Accounts screen, 22seven will display the Current Balance for all accounts you've linked to the app. The reason for this is that the field we display there needs to be standardised, and not all banks/service providers provide an Available Balance, but they do provide a Current Balance. If your bank does provide an Available Balance, you should be able to see it in 22seven (along with some other info) by selecting your account card on the main Accounts screen to view the account detail card :)
I hope this helps!
Oh I see. yes, you're right! The available balance is viewable when I click on the account.
So seeing that 22seven is able to pull both balances for banks that show two balances (Available and Current), would it then not be possible to make it an option for people to choose which balance they would like factored into the Net Worth amount that is displayed?
As I see it, "Available Balance" is money that is yours...money you can spend...the true worth of the account...and, on the other hand, "Current Balances" (for some banks) is essentially the sum of money that belongs to you and money that is withheld for authorization...in other words...no longer really yours.
With this understanding, we could say that when the Current Balance (as is with some banks) is used in the calculation of the Net Worth (instead of the Available Balance) it essentially means the Net Worth displayed is not really the True Net Worth but a sum of theTrue Net Worth and whatever amount is owed to whoever is waiting for the authorization by the bank.
On the other hand, if 22seven used the "Available Balance" to factor into the displayed Net Worth instead, then the Net Worth would reflect the user's True Net Worth...in other words money that is actually yours.
I could be alone on this but I think people would prefer
1. to see what's actually sitting in the bank account (Available Balance) on the main balance view of the account on 22seven while keeping it an option to view the Current Balance...
2. that the Net Worth displayed be a reflection of what's truly theirs at that moment..
Thanks for the feedback! We haven't opted for this approach by default due to the potential usability issues it would create. We've standardised the main balance field we display across all accounts to avoid creating confusion by showing a mix of different balances based on what's available on each bank/service provider's website. I'll make sure to share your thoughts with our product team, though. Perhaps we can look at introducing an option to prefer "Available balance" when it's available :)
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