Pending Deposit

Posted on4/11/2022by admin

Whether it’s a weekly paycheck, a stack of cash you earned through a side hustle, or birthday money, it feels great to deposit money into your bank account. But if you need some quick cash, you might be wondering, if a deposit is pending, can I use the money?

Pending Deposit Chase
Pending Deposit Usaa
My Direct Deposit Says Pending
Pending Deposits Bank Of America

Nov 24, 2020 The initial status for every ACH deposit is “Pending.” For this Beta launch, we will “Confirm” the ACH deposit in around 3-5 business days. If there’s an issue getting the funds from your bank account during this 3-5 business day period, we will alert you via email and inform you of the reason. If a deposit has already posted to your account, you can order a copy of a past deposit slip online or select View Details beside the deposit if you are already signed on. If the deposit has not yet posted, or if the deposit was made to an account you do not access online, call us at 1-800-TO-WELLS (1-800-869-3557).Please have your Transaction Receipt available when calling. Yes the bank can see a pending deposit. However they will not apply this said “pending “ deposit to your account until it goes through internal approval measures to insure that it is backed/funded by the senders account in full.

Every deposit must be verified and authorized before it becomes available for use. Therefore, when a deposit is pending, you cannot use any of the money. Only when a pending deposit is approved and added to your ‘available balance’ does it become accessible.

Let’s be honest, there is something wonderful about depositing money into your bank account. But, before you try to spend your next deposit, be sure to give it enough time transition from ‘pending’ to ‘available’. Otherwise, you are at risk of overdrawing your account.

For the rest of this article we will explore how deposits work behind the scenes. Additionally, we will answer a few other personal banking questions.

Side Note: Here at Be The Budget, we understand how frustrating it can be to wait for a direct deposit to become available. That’s why we highly recommend opening an Axos Essential Checking Account. With their Direct Deposit Express feature, you can get paid up to 2 days earlier than most traditional checking accounts allow. Plus, with no minimum monthly balance fees, no overdraft fees, no monthly maintenance fees, and unlimited domestic ATM fee reimbursements, we can’t seem to find a checking account that competes with this one. Click here to learn more about an Axos Essential Checking Account.

Table of Contents

What Is A Pending Deposit?

When you deposit money into your checking or savings account, the money will show as ‘pending’ until it the funds are verified and added to your available balance. Essentially, a pending deposit is money that has been deposited, but not yet authorized for your use.

The reason banks show pending deposits, is so that you know the actual deposit is processing. It lets you know that the bank is working on verifying the funds, and that they will be available soon.

Additionally, every deposit you make — including mobile deposits, in-person deposits, and direct deposits — will go through the authorization process, and initially show as ‘pending’. This verification process protects the bank from giving you access to money that doesn’t actually exist.

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How Do I Know If I Have A Pending Deposit?

Typically, when you log into your bank account, there will be a line-item that shows any pending deposits. Just be sure you don’t mistake your pending deposits for your available balance.

How Long Does A Pending Deposit Take To Post?

In general, you can expect your pending deposit to clear within 2 business days. In fact, there are regulations (source) surrounding the amount of time a bank can place a hold on a deposit that ensure you gain access to your money in a timely manner.

However, there are certain exceptions. For instance, a bank can place a hold on funds that raise any suspicions. So, if you deposit an unusually large amount, or make a series of deposits that are outside your normal behavior, a bank may place a hold on the deposit to investigate further.

That said, holds placed on a deposit will only extend the length of time they take to process by a few days, max. Worst case scenario, you can expect a pending deposit to become available within 9 business days of the original deposit (source), but this would be a very rare circumstance. Rest assured, banks cannot place indefinite holds on your deposits.

Can A Pending Deposit Get Declined?

Your bank can most certainly decline a pending deposit. As I said, whenever you make a deposit, your bank must verify that the funds are available in the first place. To do this, they must contact the bank with which the funds are currently held and prove there is enough money to fulfill the deposit.

If there is enough money, your bank will approve your deposit and add it to your available balance. If there is not enough money in the payor’s account, the bank will decline the deposit, and remove it from your bank account, entirely.

Other Bank Account Terms You Should Know

In order to properly handle your money, it is important for you to understand some personal banking terminology. The more you know, the less likely you will be to get confused. So, what follows are a few banking terms with which you should familiarize yourself. Hopefully this helps you understand your bank account a little better the next time you log in, or read your monthly statement.

Pending Deposit Chase

Deposits/Credits

When you log into your bank account or look at your bank statement, you will likely see a column called Deposits or Credits. This column refers to the amount of money that was added to your account.

Though, it is important to note that pending deposits will not show up in this column until they are actually authorized.

Available Balance

Your available balance is the most important number in your bank account. This is the actual amount of money available for you to use. Whether you want to transfer money from one account to another, or spend money, you will be pulling it from your available balance.

As I mentioned earlier, when your bank approves a pending deposit, they add the money to your available balance.

Pending Transaction

A pending transaction is the opposite of a pending deposit. A pending transaction is any money you spent or moved from your bank account, but hasn’t officially been approved. Similar to a pending deposit, every purchase you make must be approved. And until it is, it will appear in your bank account as a pending transaction.

It is important to note that pending transactions — unlike pending deposits — will be subtracted from your available balance. This ensures the funds remain available for the payee, and also keep you from thinking you have more money in your account than you actually will when the transaction gets approved.

Posted Transaction

Simply put, a posted transaction is any money that you moved out of your bank account (whether for a purchase, or anything else) that has been officially approved by the bank.

Ending Daily Balance

Every day, your bank adds up your transactions and any approved deposits in order to determine the remaining amount of money in your account. They then include this number as a line-item in your account to show your total available balance at the close of each business day.

Final Thoughts

Pending deposits are an important aspect of personal banking for you to understand. In fact, in order to make the most out of your money and avoid mistakes it is important to educate yourself on the ins and outs of your bank account.

Hopefully this article has provided you with some useful information.

Understanding your bank account is an important part of personal finance.

You May Also Like:15 Ways To Save Money On RentWhat To Do If You Hate Your Job But Can’t Afford To Quit7 Reasons To Pay Off Your Car Loan EarlyWhat Is A Spending Trigger?Zach Buchenau is a self-proclaimed personal finance nerd. When he isn't writing about budgeting, getting out of debt, making extra money, and living a frugal life, you can find him building furniture, fly fishing, or developing websites. He is the co-founder of BeTheBudget, and Chipotle's most loyal customer.

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Transcript: Making Sense of Available Balance

It’s a typical day.

You’re shopping for groceries, buying gas, getting things done.

As you make purchases with your debit card and withdraw cash from the ATM, it’s important to be aware of the available balance in your checking account.

Pending Deposit Usaa

This is the money you currently have available to cover purchases or to withdraw. This balance can change throughout the day as we authorize or receive notice of pending transactions. And your available balance is used to determine if you have enough to cover your next purchase or withdrawal.

You can find your available balance by using Wells Fargo Online® or the Wells Fargo Mobile® app, or at the ATM.

Note that your available balance only includes the transactions that Wells Fargo knows about, so it’s important to keep track of anything that’s pending or hasn’t posted to your account yet.

These can be:

Checks you’ve written that haven’t been cashed or deposited yet.

Monthly memberships, streaming video services, and other scheduled direct withdrawals that are paid automatically from your account.

And even the tip on a meal. For example, if you use your debit card to pay for take-out at a restaurant, the tip may be added a day or two later.

Now that you understand what available balance means, here are some tips to help you stay in the know.

Get into the habit of using your account’s tools — Wells Fargo Online® and our mobile app — to help track when money comes in and out.

You can also set up alerts to know when your available balance is at or below an amount you specify.

Set your calendar reminders a few days ahead of automatic payments so you can make sure you have enough money in your account.

Keep track of outstanding checks that you have written.

And if you see where you might come up short, you can quickly transfer money between Wells Fargo accounts.

Smart, simple strategies like these can help you stay on top of your money.

My Direct Deposit Says Pending

Available balance is the most current record we have about the funds that are available for your use or withdrawal. It includes all deposits and withdrawals that have been posted to your account, then adjusts for any holds on recent deposits and any pending transactions that are known to the bank. This balance may not reflect all of your transactions, such as checks you have written or debit card transactions that have been approved but not yet submitted for payment by the merchant.

Sign up may be required for alert notifications, and availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates apply.

Pending Deposits Bank Of America

Our overdraft fee for Business and Consumer checking accounts is $35 per item (whether the overdraft is by check, ATM withdrawal, debit card transaction, or other electronic means); our fee for returning items for non-sufficient funds is $35 per item. We charge no more than three overdraft and/or non-sufficient funds (NSF) fees per business day for Consumer accounts and eight per business day for Business accounts. Overdraft and/or non-sufficient funds (NSF) fees are not applicable to Clear Access Banking℠ accounts. The overdraft and/or non-sufficient funds (NSF) fee for Wells Fargo Teen Checking℠ accounts is $15 per item and we will charge no more than two fees per business day.

The payment of transactions into overdraft is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is overdrawn or you have had excessive overdrafts. You must promptly bring your account to a positive balance.

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