Why is my online payment still pending?
A pending transaction on your bank account means your bank is processing a purchase you made, a bill you paid, or a deposit that’s heading your way, but it hasn’t been completed yet, and this can be due to various reasons such as the payment hasn’t been sent to the vendor yet or the incoming funds haven’t cleared, although they are in process. The pending status indicates that the transaction has been authorized, but the funds have not yet been transferred, and this can take up to three business days to clear, depending on the bank or credit card issuer, the payment network, and the type of transaction.
Understanding Pending Transactions
To better understand why your online payment is still pending, let’s dive deeper into the concept of pending transactions and explore some related questions.
FAQs
Below are some frequently asked questions that provide further insight into pending transactions:
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How long should a pending payment take? In general, it can take up to three business days for a pending transaction to clear, but that time frame can depend on the bank or credit card issuer, the payment network—like the Automated Clearing House (ACH)—and the type of transaction.
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What does pending mean in terms of my available balance? A pending transaction is any transaction that has been authorized but has yet to be posted to your account, and pending transactions can impact your available balance.
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Can I spend money that is pending? With payments like paychecks from employers, you are most likely able to start spending money right away, even if your money is technically pending direct deposit.
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How long can a bank transfer be pending? Pending transactions generally take three to five business days to process, and some can take up to 10 business days.
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What happens if I close my bank account with pending transactions? In most cases, your bank withholds the amount owing for pending transactions, and because the pending amount is deducted from your balance, you can close your account and the purchase will be honoured.
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Can a bank cancel a pending transaction? Pending charges usually can be canceled only by the merchant, not the credit card company.
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How long does it take for a bill payment to go through online? Most banks advise customers to allow some extra time when setting up bill payments, and it takes up to five business days for a scheduled bill payment to reach the payee.
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What happens if money is transferred but not received? If the bank initiated the transfer, notify the bank immediately so that it can investigate your claim.
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Can the bank speed up a pending deposit? The amount of time a bank or credit union holds funds you deposit by check is sometimes referred to as a “deposit hold” or “check hold”, and some banks or credit unions may make funds available more quickly than the law requires.
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Do online bank payments go through on weekends? This all depends on the bank transfer method you use, and if you and your receiver’s bank use Faster Payments, then the money will reach the recipient’s account within two hours – even on weekends.
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Who cancels a pending transaction? You can stop a pending debit card transaction by contacting the merchant and canceling the purchase.
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How long does it take for ACH payments to clear? ACH debits, such as bill pay or withdrawals, generally take 1-3 days to process, while ACH credits, such as direct deposits or vendor payments, generally take just one day to process.
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What does it mean when an online payment is processed? Payment processing is the series of actions that occur when digital payment transactions are initiated by a business.
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Are online payments instant? Instant payments can be processed in seconds and are transferred directly from one bank to another.
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How do I finalize a pending transaction? A pending transaction will affect the amount of credit or funds you have available, and canceling a pending transaction usually requires contacting the merchant who made the charge.
By understanding the concept of pending transactions and the factors that influence their processing time, you can better manage your online payments and avoid any potential issues that may arise.