When money is being deposited or withdrawn from a bank account, the request needs to be reviewed and verified by the bank first. When these requests are received but on hold, they are called pending transactions.
Similarly, a pending deposit is a bank transaction that shows the funds have been received but are pending authorization before being added to your available balance. You can not use the money deposited until it has been cleared.
I know that can be a bit annoying, especially when you have to use the money right away. However, it actually helps to protect you in cases where the deposit is denied. Think if you had already spent that money and ended up with a negative balance and overdraft fees!
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Now that we know a deposit that is pending means it is waiting to be processed by the bank, read more to find out about any other related questions you may have.
How to check pending deposits
You can check your pending deposits by logging into your online account. They are typically shown at the top of your deposit/purchase history. Banks can also see your pending deposits, so you can contact them at the customer service number to inquire about them.
How long does a pending deposit take?
The time it takes for a deposit to clear depends on the type that it is. A cash deposit will usually be available on the same day or the next. A check deposit can take 2 days to a week before it is fully processed; however, a fraction of the check can become available immediately depending on the bank.
More Reading: Learn how to check your account balance online and other simple ways.
Can a bank release a pending deposit early?
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Some banks will authorize the early release of a pending deposit if it is likely to be approved. These are usually direct deposits from an employer.
Otherwise, you may be able to get paid early by paying a fee. The policies of financial institutions are different and it would be best to check with your bank to decide a course of action.
Why did my pending deposit disappear?
A pending deposit can disappear from your account for a wide range of reasons; this can be due to the deposit being declined or approved.
A pending deposit will be declined if there are insufficient funds in the sender’s account, any of the account details are wrong, or it is suspected of being a fraudulent transaction.
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Pending deposits will also disappear once they have been verified and approved. It may go away for up to about 4hrs before showing again on your transaction history.
Can a pending deposit be canceled?
A pending deposit will be declined and canceled if:
- The sender’s account does not have adequate funds to cover the check
- Any details of the transaction are incorrect
- The transaction is suspected of fraud
Some banks may also allow you to cancel a deposit, or “stop payment”, on a check you have written or deposited into your account. This will usually have to be done quickly before the payment starts processing and may incur a fee.
More Reading: Learn more about your bank account here.