Same-Day Funds

DEFINITION of 'Same-Day Funds'

Money that can be transferred or withdrawn the same day that it is deposited. Same-day funds are subject to the net settlement of accounts between the banks that present and remit the funds. Most customer deposits are not same-day funds and are usually not available for withdrawal until the next business day.

BREAKING DOWN 'Same-Day Funds'

"Same-day funds" can also refer to federal funds that are sent via bank wire. This money would be sent between banks via Fedwire the same day. Clearing House Interbank Payments System transfers in New York are also known as same-day funds.