A question I see quite often when it comes to banking is this:
“If a deposit is pending, can I use the money?”
When money is deposited in your account, you want to be able to use it, right?
Whether it’s your weekly paycheck, a little extra cash you earned doing some side hustle, or maybe a cash gift for your birthday or a milestone in your personal life. If a deposit is pending though, you start to wonder when you’ll be able to use the money.
After all, you likely have plans on how to use the cash, whether it’s to pay a bill or to spend on a purchase you’ve had your eye on.
In today’s post, I’ll cover everything you need to know about pending deposits, from whether or not you can withdraw the money to whether or not the bank can see pending deposits.
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Let’s get started…
What will I learn?
If a Deposit is Pending, Can I Use the Money?
No. You cannot use the money yet as the bank is in the process of verifying the deposit.
After the bank has verified the deposit, it will change from pending and it will be added to your available balance where it can be used.
Sure, this can be frustrating if you need money fast, but the bank does it for your benefit. You see, if the deposit isn’t approved for some reason, but you’ve already used the money, then there’s the risk of overdrawing your account.
What Does Pending Deposit Mean on My Bank Account?
When you deposit a check and your account says that a deposit is pending, this means that the funds have been received but the bank has put them on hold, usually to verify that the deposit is valid.
Basically, the bank wants to authorize and verify the funds, and it shows the deposit as pending so that you know the deposit has been received.
Does pending mean it went through?
Deposits that are pending have not gone through yet. Instead, as I mentioned before, it means that the money is still in the process of being verified.
You’ll know that the money has gone through when it appears in your available balance.
Now, you may see the pending deposit appear under your current balance, but this doesn’t mean it can be used. You can only use the money if it also appears in your available balance.
Can my bank decline a pending deposit?
Yes. A pending depositing can be declined.
Reasons for this can include lack of funds in the originating account, the details of the transaction are incorrect, or the bank thinks that the transaction is illegitimate in some way.
If the bank does decline a pending deposit, the funds will go from appearing on the account as “pending” to not appearing at all, so they’ll also be removed from your current balance.
Can you withdraw money from a pending deposit?
No. You cannot withdraw money from a pending deposit as those funds are not yet available for you to use.
You won’t have access to the funds until the bank has approved the deposit.
That’s why it’s important to wait until the funds become available so that you don’t use money that isn’t in your account and end up being charged overdraft fees.
Are pending deposits included in the available balance?
Pending deposits are not included in your available balance. Your available balance shows you how much money you have to spend
Since, as I mentioned above, pending deposits aren’t usable, they don’t appear in your available balance.
As I said before, the money will appear in your available balance after the bank approves the pending deposit.
How Long Does a Pending Deposit Take?
The time it takes for a pending deposit to go through varies from bank to bank. Generally speaking though, a pending deposit takes 2 business days to go through.
This is, of course, assuming that the funds are able to be verified by your bank.
There are also situations where it may take the bank longer to authorize the deposit, like, for example if you are depositing a much larger amount than usual. Even then though, for most cases, this will only add a couple of extra days to your bank’s processing time.
Sometimes, the funds may be processed faster. For many deposits, if the deposit was made within the bank’s regular business hours, then the money can be in your available funds at the opening of the next business day.
If you think that your funds should have been deposited by now, then don’t hesitate to contact your bank for more details. There are actually regulations in place that limit how long a bank can take to process a pending deposit. You can learn more about this on the Federal Reserve website here.
What time do pending deposits go through?
What time your direct deposit goes through will depend on the bank.
For some banks, the deposit will go through at midnight on the day the deposit is authorized.
Other banks will put the deposit through at the start of business on the day after verification.
Handily enough, some banks allow you to get notifications when the deposit is processed, either by SMS or through your banking app. This means that you’ll know exactly when your deposit goes through, and when your funds are available.
Can banks see pending deposits?
Banks and account holders can see pending deposits.
Why is my pending deposit not showing up?
Okay, so if your pending deposit isn’t showing up, then you will need to contact your bank.
Even though the funds aren’t available to use yet, a pending deposit should still show up on your account. If it doesn’t there could be an issue that you need to discuss with your bank.
If a deposit is pending, you can’t use the money. This can be frustrating if you need money right now. That’s why it’s important to budget to account for those extra days that a deposit could be pending.
You don’t want to leave yourself short of cash. So, hopefully, this post helped you out if you have a payment that’s pending. And, don’t forget that you can always contact your bank for assistance.