When you purchase something and pay through your debit or credit card, you have probably seen the pending tag on your account online or in the mobile banking app. It is because money does not immediately get deposited in the merchant’s account. You may get confused about the successful transaction or pay twice when you see this pending transaction tag. Here is all the information you must know about pending transactions and the steps you can follow if something does not look right.
What Does a Pending Transaction Mean?
As the name shows, a pending transaction is an incomplete transaction. A transaction that you have made through a card number or credit card that has not yet been posted to your account. The bank showing the deposit as pending means the funds are not available for your use. The transaction process comprises a few steps and four parties; the acquiring bank, issuing bank, card association, and merchant. All these steps require time to process and clear. While your transaction is on its way through the system, it is pending. Transactions are first authorized to confirm that your card is valid and you have an amount in your account for the thing you are buying. Once your card issuer transfers the amount to the merchant on your behalf, the transaction is finalized. Mostly the process is finely tuned and does not result in unexpected charges.
However, If you have just started paying through your debit card, you might get anxious about seeing a pending tag after purchase. Hence, there are some transaction terms you must know to avoid any fall traps. If you are someone who does not know about pending charges, keep reading. Further, let’s talk more and discuss what a pending transaction on your account means.
Pending Transaction on Your Account-What Does That Mean
Transaction through debit or credit card does not happen in real-time. If you think like that, this can be your biggest misconception regarding online payments. You might wonder in the hour of such modernity why transactions are not real-time? Let’s see the whole concept to understand it.
Thousands of people do transactions daily. The main reason why this process takes some days is the alignment of the steps involved. I am trying to say that if you go to an electronics shop and buy a refrigerator for yourself and pay $500 through your card, the amount is not going to transfer immediately from your account to the merchant. In addition, if you check your account online or through online banking immediately, you will see the tag pending charge.
Now you know what a pending transaction means: If you purchase something and the merchant somehow cannot take money from your account, you will get the amount back. The period is different for different purchases. Usually, it takes seven days but can go up to 27-28 days if something of that sort happens while purchasing a car or making a hotel reservation.
How Can You See Pending Debit Card Transactions?
If you’re new to online banking and don’t know how to see your pending card transaction, you might be further interested in learning how to do that. Do not worry; You don’t have to be a rocket scientist to do that. Follow the steps mentioned below.
- Log in to your bank account.
- Tap on the account you want to see
- Tap on view pending transactions to see the detail of all your pending transactions. See it’s that easy
Account Balance Will Change After Your Pending Transaction
After purchasing something, in addition to the pending charge tag, the other difference you can note is the total amount balance of your account. The current balance will be related to the amount you need to purchase, while your available balance shows the absolute amount in your account. When you are buying something, you do it with the money in the available balance. You cannot use your current balance if you want to pay online for something you buy.
When Will The Pending Tag Disappear After Making a Purchase?
The pending tag disappears once your transaction is posted or completed. If the label still appears even after 5-7 days of making a purchase contact the merchant and then bank if you are not satisfied with the explanation or did not find something right.
The cashier at the store counter makes sure that you have enough money to buy a thing. Other processes and parties involved in flow perform their part, and then the transaction is posted.
Does My Pending Bank Transaction Already Been Taken From My Account?
As mentioned earlier, the merchant does not get the amount the moment you buy something. By now, hopefully, you get the answer to why that is so. Your bank holds the amount unless the shopping store contacts the bank and claims the amount. You may get confused and think the amount has been deducted after buying a thing immediately because your available balance alters. The answer to this confusion is No; the amount associated with the pending transaction has not yet finally or officially transferred or withdrawn from your account.
When you know what a pending transaction means, do not get anxious when you see a tag pending on your bank account. When you pay through your credit or debit card, it is not a real-time transaction. It contains specific processes which need to be done to complete your transaction. All it takes is 5-7 days, and the tag will vanish after the transaction is posted or completed. If it’s still there, you can contact the merchant or bank, and they will solve your problem in no time.
FAQ About Pending Transactions
Here are some questions that might confuse you if you are new to paying through debit or credit card.
Q1. From Where My Pending Transaction is Deducted?
Your pending transaction is deducted from available funds, not from your total amount. To know the total amount of money, check the available balance of your account.
Q2. How Long Does a Pending Transaction Take To Process?
It usually takes 4-6 business days for a transaction to be completed or posted. Although with varying nature of purchases it may go up to maximum 27-28 days.