Q:

What does "pending" on an account mean?

A:

The term "pending" on a bank account means that the transaction is not fully processed through the Automated Clearing House. The ACH is a network of financial institutions that handles electronic monetary transfers.

Each time an electronic deposit is made, a paper check is presented for redemption, a debit or credit card is swiped or an automatic payment is made, the issuing bank verifies the account through the ACH.

Due to the enormous number of daily transactions and communication speeds, that ACH verification process can take one minute or take a couple of days. During the verification period, the term "pending" often appears alongside the transaction.

Once verified, the amount of debit or credit to the bank account is made and the term "pending" is vacated.

Learn More

Related Questions

  • Q:

    Can I check my Premium Bond numbers online?

    A:

    The National Savings and Investments Agency allows Premium Bond holders to enter their holder's numbers on the NS&I website to see if they have won a recent or unclaimed draw. Premium Bond holders can also check their numbers by phone or through the mail.

    Full Answer >
    Filed Under:
  • Q:

    How long can creditors freeze a bank account?

    A:

    Creditors can legally require a bank to freeze a bank account for a few weeks or until the debt is paid. Nolo explains that any funds that are in the account at the time of the levy are used to satisfy the debt, which can lead to bounced checks and additional bank fees. Bank garnishments that result in account freezes are activated when a creditor wins a court judgement.

    Full Answer >
    Filed Under:
  • Q:

    How do I close a joint bank account?

    A:

    Financial Web notes that to close a joint bank account, one or both of the account holders must go to the bank in person and request to close the account. The bank may require the account holder to show photo identification and sign a formal request to close the joint account. Once the bank's terms are met, the account is closed and remaining funds are distributed to the account holder.

    Full Answer >
    Filed Under:
  • Q:

    Why would my bank account be frozen?

    A:

    Investopedia explains that bank accounts may be frozen for a variety of reasons, including civil court judgements, suspected illegal activities or suspicious activities that have been detected by government agencies or regulatory bodies. The death of the account holder may also trigger a temporary freeze on bank accounts.

    Full Answer >
    Filed Under:

Explore