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.Know More
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 about Bank Accounts
The checking account with the highest interest rate is offered by Boeing Employees Credit Union with an annual percentage yield of 4.07 percent, according to Bankrate's 2014 High-Yield Checking Survey. Consumers Credit Union offers 3.09 percent, and Great Lakes Credit Union and Lake Michigan Credit Union both offer 3 percent.Full Answer >
A Pershing account is a financial account with Pershing LLC, a clearing firm headquartered in Jersey City, N.J. According to Pershing, InvestmentNews stated in December 2013 that it is the number one clearing firm in the United States. It is a wholly owned subsidiary of The Bank of New York Mellon Corporation.Full Answer >
A checking account is a transactional bank account through which a person can make deposits and withdrawals of money, according to Investopedia. The money held in checking accounts is considered highly liquid because the account owner can easily withdraw it via checks or electronic debits.Full Answer >
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