I made a purchase today at Wal-Mart using my CheckCard.?

Question

I made a purchase today at Wal-Mart using my CheckCard. I did it as a Credit. Now it says my account is overdrawn. I checked on the phone and it said that in the Withdrawals and Charges, there is a Pending Transaction. Will this Post to my account tomorrow since it was a Credit?? I WILL have money in accont tomorrow morning...its directly deposited into my account. Will my account be okay if there's money in there tomorrow to cover my purchase today and I won't have an Overdraft Fee????

Answer 1

I work in a bank and it sounds like you will be ok and not be overdrawn as long as your deposit posts tomorrow. Usually a check card used as Credit takes about 2 days to post as it has to go through the Visa/Mastercard computer system. It looks like your account is "overdrawn" now because the ledger is "holding" it aside pending completion of the transaction. Even if it should by some chance go through completely tomorrow, deposits are added before debits are deducted.. Most banks update overnight so you should be able to call or check online tomorrow morning (if you use that) and see what activity is happening. Hope this helps :) Suzy

Answer 2

When you use a debit card, most banks will put a hold on your account immediately for the amount of the transaction. Some round this up to the next $25.00 or $50.00. It doesn't matter if you process the transaction as a debit card or credit card transaction. It is ultimately a debit to your account.

Pending transactions will clear within a day or two in most cases, depending upon how the merchant clears their transactions. Once it clears, any hold amount above the transaction (if any) will be released.

If your account did not have enough $$$ in it to cover the transaction, your account will go overdraft. You will most likely be charged an NSF fee for this. The fact that $$$ will be deposited to your account overnight won't matter. When the transaction was submitted, you didn't have funds available so the NSF fee will normally stand.

Answer 3

I would guess that because it says it is overdrawn today, you will be hit with a surcharge. Although you used it as a "credit" purchase, most companies will still draft out the payment immediately. There are certain types of businesses that reserve more money than what you use, but I highly doubt Wal-Mart uses that practice. Good luck.

Answer 4

my bank would charge an overdraft fee.