Debit and credit cards are becoming popular with time as they are the most convenient instruments of cashless transactions. A debit or credit card can provide you with the money instantly at the moment you want. You do not have to visit your bank branch to withdraw money.

In this modern era of technology, it is easier to transfer money through a card than by writing a cheque in this contemporary era of technology. Moreover, it has made shopping a piece of cake. You can go to the mall, groceries without thinking about the amount of cash you need to carry. With their popularity, are there certain misconceptions regarding these cards? Let’s talk about one of the significant delusions: will freezing card stop pending transactions?

Let’s find out by examining it through different aspects.

Will Freezing Card Stop Pending Transactions?

The shortest answer can be No. Locking or blocking your card will make no impact on your pending transaction. By freezing your card, you can stop transactions that have not been authorized yet. You cannot stop an awaiting transaction if it is authorized. If you want to prevent pending transactions, the only possible way is to contact the merchant and company, depending on the situation.

You may have faced certain situations where you have to freeze or block your credit or debit card. Sometimes it is due to a security issue or technical problems, or maybe you have lost your card. Whatever the reason can be, you must know what’s going on with the card and will the freezing card stop pending transactions or not?

Freezing your card means rendering it inactive. But what happened to your pending transactions? Does the bank cancel all your awaiting transactions? How can you start your transactions again? This question may surround your mind if you have just blocked or frozen your card. Let’s dig deep into a topic and know what blocking your card means.

What Does Blocking a Card Mean?

Credit card companies mainly use ‘block’ or freeze for this feature credit or debit card. This means they have put a hold on your available funds. Now you have a limited amount to use unless the block is clear on the card. By blocking a card, you decline new charges and cash advancements. However, Auto payments such as subscription or monthly bills charged to the card will not stop. Some locks remain valid until you unblock them, while others expire.

Before moving to the topic of will freezing cards stop pending transactions let’s discuss what a pending transaction is?

What Is a Pending Transaction?

A pending transaction that you have made through your debit or credit card but has not yet been posted to your account. Pending transactions lower the available credit on your card.  The awaiting transaction’s amount is shown under the tag pending charge and unavailable for your use. The money is available for your use as soon as it is deposited into your account. Your bank is aware of your pending transactions but is still in process.

When you know what a pending transaction is, you might be interested in learning whether you can cancel pending transactions? If so, what can be the process of canceling pending transactions?

Can You Cancel The Pending Transactions?

Canceling your awaiting transaction is not an impossible thing, but you can not do it on your own. If you have changed a mind after making a purchase and your transaction is still in pending mode. You can cancel it by contacting the merchant. You can ask the merchant to dispute the charge. Another option is to contact your bank if the merchant does not cooperate.

Remember that the money has already been deducted from your account even if the transaction is pending. It just needs a few steps before it gets transferred to the merchant. So, freezing a card won’t stop the pending transactions once the payment has been authorized.

While it’s not an impossible thing, do not think of canceling your pending transaction as a piece of cake. Things can go out of your hands if the merchant decides not to cooperate or the bank refuses to help. Thus, it is advised that you read the return policies before returning a product to the merchant. If your request is granted, a refund will be issued to you.

Can You Freeze a Pending Transaction?

You may have faced certain situations when you need to return the purchase you made. The shoe you ordered online and paid through your card won’t fit you, or maybe the dress you buy from the store won’t look that good on you once you come home and try it on yourself. Your transaction does not get immediately to the merchant. It takes 3-5 business days. During that period, you may want to know if you can freeze your transactions or not?

Sadly, you can not freeze a pending transaction. Once it is authorized, the transaction has been processed and is not stoppable until it posts.

Also Read: How To Cancel The Pending Card Transaction

One thing that can help you cancel a pending transaction is contacting the merchant or your bank as soon as possible. A merchant may tell you that it’s not possible to freeze the awaiting transaction, but, in some cases, you may get lucky if you contact your card issuer within time. Your bank can not help you with the authorized transactions. The only option is to request a merchant to dispute your charges.

Does Pending Transactions Cause Overdraft?

Your bank is allowed to charge you an overdraft fee on pending transactions, especially if the transaction is made online. Since the transaction is pending, it will not reflect your available balance. Usually, your transaction takes 3-5 business days for completion. Whenever you overdraft an account, a fee will be charged by your bank.

Why Am I Charged With Overdraft?

  • You may have opted for the overdraft protection plan of your bank, which links your checking account to backup savings.
  • You have opted for overdraft coverage for transactions that are higher than the amount in your account. There may be a case where your bank has charged you with a mistake. If you ever face such a situation, contact or report to your bank, and they will sort things out for you regarding the overdraft fee.