My fiance and I have just set up a bank account together and I go online everyday to check our current balance. On one of our accounts it has a "pending transaction" of $10 but the date is for Monday when it is only Saturday. What does that mean and everything! Please help I'm a college student still learning things.
2007-01-06 03:10:48 · 6 answers · asked by free2clubs2006 1 in Business & Finance ➔ Other - Business & Finance
whatever that transaction is...it will post to your account on Monday. the funds may or may not have been credited or debited to your balance already. if the ATM was used or a purchase with a debit card was made late Friday after whatever time the institutions have set for end-of-day, to carryover to the next business day, or anytime Sat. or Sun., since these are not business days (the Federal Reserve is not open on weekends) making Monday the next business day, these are pending transactions. the system is waiting for the actaul business day to begin in order to process all the information. if you have an ATM/DEBIT card associated with your checking account, be careful at all times. any time it is used as "credit" (not needing you to enter PIN) a "hold" should appear on your account for that amount, but it may take 3-5 days for the funds to be debited from the balance. this also may show as a pending transaction. save those receipts!!! if you shop at more than one place in a day or weekend, the grand total will show as pending, the system cannot breakdown into individual instances. if you have any questions, be sure to call your financial institution and someone should be able to look up when and where the transactions took place, and how long the funds are held. its a tricky thing though, once the transaction posts to your account, they may not be able to get all the info you want...it's just no longer available. the system automatically drops what it doesn't need. OH Yeah, sometimes if the card is used as credit, nothing shows on your account til the funds are taken. has happened to me...used at gas pump...SAVE THOSE RECEIPTS. since you are one of the good ones who keeps up with your accounts, you will be able verify all your transactions by matching up the receipts. Good Luck.
2007-01-06 04:19:57 · answer #1 · answered by Duxie 1 · 2⤊ 0⤋
sorry for beating this dead horse 7 yrs later.
on a technical/system level:
1. Day of transaction: Saturday
2. Background system automation 1: Commit [or Pending]
3. Background system automation 2: Obligate [then Commit]
4. Background system automation 3: Pending [then Obligate]
5. Monday or Tuesday or Wednesday, could be possible even Friday: Background system automation 4: Disburse
On your end it will finally switch from Pending to Posted. Then it should allow you to pay off the balance.
If you attempt to pay off the balance when the transaction is still pending, the system will not allow it.
If you purchase gas on military installation, there can be a slim chance that the transaction will not post 2 weeks after. It is all because of the system going down, i.e. power-surge/blackout/brownout (i apologize if there are those who feel offended by the term blackout/brownout, i do not mean it in a derogatory way). Then those System people will have to research: which posted/which did not, before the power-outages and then process and disburse. Weather may play a role in system delays as well.
Regards,
marlon
2014-02-17 07:12:25 · answer #2 · answered by skattadondatta 1 · 1⤊ 0⤋
Pending: Transaction in process.
Example, If you send a payment via bank then it may take up to 4 days to get to the intended recipient. Hence the account transaction is pending.
2007-01-06 03:15:17 · answer #3 · answered by ? 6 · 1⤊ 0⤋
A freeze on a bank account is a temporary hold on the funds inside. It begins with a hold/ lock down to prevent anything going in or out. If the state or government get involved, they can or will remove the funds for payment of bills or back taxes etc. Banks are on a public network within the federal system which is why they are your best friends and worst enemy. If you bounce a check, they ping your credit. If you owe school loans they can place a hold on the account by a court order and the school will not transfer any credits until payment is fulfilled. If you owe money to the government for taxes, watch out, they end up having full access to your life. People in the older days would always hide money in the house, under the beds etc. Not many people trust banks, but most have to use them for direct deposits. It's never a win/ win story, sorry if your on lock down.
2016-05-22 22:54:33 · answer #4 · answered by Anonymous · 1⤊ 0⤋
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2016-08-23 14:31:46 · answer #5 · answered by ? 4 · 1⤊ 0⤋
It sounds like you have set up an electronic bill payment. It is scheduled to occur on Monday.
2007-01-06 03:15:10 · answer #6 · answered by cato___ 7 · 1⤊ 2⤋