What does it mean when your bank account is pending? EXPLAINED
When you see “pending” in your bank account, it generally indicates that a transaction (be it an order you placed or direct deposit you received) has yet to finish processing and won’t appear either in your available balance (the total you can spend) or your current balance (how much is currently in the account).
As earncashteam.com we will explain for you!
Every time you make a payment using either your debit or credit card, the merchant running the transaction will perform an online verification to make sure both that your card is valid and that there are sufficient funds in your account to cover what you’re buying. Once approved by them, they may place a hold on that amount which shows up as “pending” when viewing your bank account online or mobile banking app.
Sometimes the amount of pending transactions might differ from their respective posted transaction amounts–for instance when adding tips at restaurants or paying insurance premiums promptly. This can create unnecessary confusion when managing your bank account as the amount displayed in your transaction history may not reflect what will actually be deducted from your balance.
Once a transaction has been approved, it will appear either in your current balance or available balance, depending on which you view separately; it won’t have an impact on how much you can spend until its processing has completed. Pending transactions also don’t count against your outstanding balance or accrue interest – giving you peace of mind.
There may be occasions where a pending transaction takes longer to clear than anticipated. For example, when buying an espresso machine with your debit card and only having $2,000 available in your bank account, that transaction immediately subtracts $400 from your available balance even though payment to the merchant may take place four days after you made the original purchase date.
Pending transactions may delay direct deposits arriving in your checking or savings account, making it hard to stay on top of them on their journey to reach you. With online and mobile banking apps making life easier than ever, keeping an eye on bank balance has never been simpler! Look out for your checking or savings account having a dashboard section showing both available and current balance (which includes all pending transactions) so you can determine exactly how much is left over to spend and plan accordingly.