How Long Does It Take For a Payment to Clear?
Checking the different processing times before you contact customer service is recommended before pursuing a non-reported or non-posted payment. Here are several points to consider:
Retailers and Institutions
If you're making a payment to a credit card company from your bank checking account, it can take up to five days for the funds to be withdrawn. In some cases, there might be a hold on the full amount by displaying a smaller amount in its place. This is used to secure and validate the account before the total amount is withdrawn. If you see a smaller online payment being made initially, check back after three business days to see if the full payment amount has been deducted.
If you're making a payment on a bill and are transferring money from another account to do it, expect a short delay. If the account is with the same banking institution, the payment can appear within minutes online. If you're using a separate bank or account, it could take up to three to five business days.
If you need to make your mortgage payment quickly, the fastest processing time would be a cash deposit from your account balance or an automatic withdrawal from the bank where your mortgage is held. Another option, according to the Consumer Financial Protection Bureau, would be a demand draft or telephone check handled by a bank representative. These transactions should appear online within minutes. In many cases, you can expect a three- to 14-day processing delay if you're making a payment with one of the following:
- A personal check
- An electronic check
- A money order or cashier's check from another financial institution
- A credit card
It can take over 24 hours for your bank to process the transactions and for the deposit process to be completed. Banks often refer to instant deposits as memo-posts or pending transactions. This information is recorded in your account as a deposit or payment and is pending until funds are secured. Once available, they are considered a hard post and are permanently recorded in your account, appearing online as a complete transaction.
See Also: How to Deposit Cash to an Online Bank Account
Credit Card Company Policies
If you're making a credit card payment from your checking account, it might take up to 48 hours for funds to withdraw from your current balance. Each credit card company has different policies regarding when and how an online payment is processed. If your credit card also acts as a debit card, the payment might show the current balance change almost as soon as the payment is made.