Does Pending Transaction Mean the Money Already Been Taken Out?

No. A pending transaction means that money is earmarked to be transferred to a merchant.

Does Blocking Your Card Stop Pending Transactions?

Blocking your card generally stops any future transactions, but it may not stop transactions that are already pending. Each bank handles this differently. You should reach out to your bank to understand how they handle pending transactions.

Can You Close a Bank Account With Pending Transactions?

Most banks will advise you to wait until all pending transactions are cleared before closing the account. It's best to consult with your bank to understand their specific procedures.

Can Banks Charge Overdraft Fees on Pending Transactions?

Yes, banks can charge overdraft fees on pending transactions if those transactions lead to an account being overdrawn. It's crucial to keep track of both your available and actual balances to avoid unexpected overdraft fees.

What Time Do Banks Post Pending Transactions?

Pending transactions are usually posted during regular banking hours . The specific time can vary between banks and regions. Transactions initiated on weekends or holidays may be processed on the next business day.

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Why Do I Have Pending Bank Transactions and What Do They Mean?

December 19, 2024

4 min Read

Written by Elizabeth Constantineau, AI Editor

Edited by Emily Gadd

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In the age of digital banking, seeing a pending transaction on your bank account is common. But what does it mean? Will it go through? Is the money already taken out? Keep reading to learn more.

What Is a Pending Transaction?

In most cases, a pending transaction will eventually go through. It represents an agreement between the parties involved, but it can be impacted by various factors.

You can have pending transactions for several reasons, including:

The merchant’s processing time
Issues with the bank’s system
A larger than normal purchase
You’re making purchases in a city far from where you live
Transactions were made on bank holidays

Buying gas at a gas station, purchasing a hotel stay, or dining at a restaurant where you wrote in a tip on the check will also result in a pending transaction. This is because your bank will credit the business before the merchant can officially communicate to your bank how much you owe.

How Does a Pending Transaction Work?

A pending transaction does not mean the money has already been taken out of your account. It signifies that the funds have been earmarked for that transaction but have not yet been transferred. Your available balance may decrease, but the actual balance remains unchanged until the transaction is finalized.

Here’s how a bank processes a transaction:

You make a payment using your debit card.
Through an automatic system, your bank confirms the details of the person receiving your money and that you have the funds in your account.
Your bank takes the money out of your account and transfers it through an electronic clearinghouse.
The transaction is noted on your bank statement and other documentation about the activity on your account.

Does a Pending Transaction Mean It Will Go Through?

A pending transaction will often go through in as little as a few hours or as long as a few days. Sometimes your bank and the merchant just need extra time to communicate with each other.

However, it is possible for your bank to decline a pending transaction. This is most likely to happen if you don’t have enough money in your account to cover the transaction or if your bank thinks the transaction is fraudulent.

How Long Do Pending Transactions Take To Clear?

The time it takes for a pending transaction to go through can vary widely. Generally, it might take anywhere from a few minutes to 3-5 business days. Factors like weekends, public holidays and the nature of the transaction itself can affect this timeline.

Can a Bank Cancel or Clear a Pending Transaction?

Yes, banks can often clear or cancel a pending transaction if necessary. You should contact your bank as soon as possible if you need assistance with a pending transaction, as timing may be critical.

What Does It Mean When a Pending Transaction Is Declined?

If a pending transaction doesn’t go through, it is usually returned to your account, and the funds are no longer earmarked for that transaction.

Depending on the reason, you may need to follow up with the merchant or your bank.

Does the Available Balance Include Pending Transactions?

Yes, your available balance usually includes pending transactions. These transactions have been initiated but not yet finalized, and the funds are set aside or reserved for those transactions. This will reduce your available balance.

Why Are Transactions Pending for So Long?

Transactions can be pending for an extended period due to various reasons. Here are a few factors that might require additional verification and processing time:

Issues with the banking system
The complexity of the transaction
International transactions

Can You Speed Up a Pending Transaction?

While most pending transactions follow a standard processing time, you may be able to expedite the process by contacting the merchant or your bank. This, however, is not always guaranteed and will depend on your specific circumstance.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.