What happens when a transaction is pending but money is deducted from your bank account or credit card? This situation can occur with electronic transfers and card payments, but why does it happen? A bank pending transaction isn’t usually a problem and may be a sign of one of the different issues we’ll be looking at here.
Common causes of pending transactions
It is typically the amount of a purchase you’ve made, often with a debit or credit card. You’ll see that it’s listed as pending, but it’s not on your list of posted transactions that have been completed. That’s because it hasn’t been fully processed yet. Pending transactions are still making their way through the system and should look like normal transactions shortly.
Some people worry when they see a pending credit card purchase or when their available funds don’t match their checking account balance. Yet, just because the posted transactions don’t include something pending isn’t something to worry about.
When you see your account balance or credit card showing pending transactions, this is a natural part of the payment process. Pending transactions act as a way of showing a payment that isn’t yet ready to be completed. The process has started, but something is delaying it.
It is a fairly common situation. Most people will have account balance pending transactions from time to time. However, they often get completed so quickly that you never notice them. Why do they occur? The following are several reasons why pending payments could appear on your account or credit card:
Further processing or verification may be needed by the bank or financial institution. In this case, something is missing or unclear that the bank or credit card issuer needs to explore.
A system delay might be stopping the transaction from being fully processed.
Weekends and bank holidays may affect the processing time for debit card and credit card transactions. It means that pending transactions take longer to go through outside of normal business days. Remember that the business days for bank and credit card transactions vary by country, meaning that international payments may suffer different delays.
It could also be a type of pre-authorization or a sign of a temporary hold on your available funds. If you’re hiring a car or making some other sort of pre-authorization, this may appear on your credit card accounts as pending.
The retailer still needs to collect the payment from your bank account. That’s why pending transactions are reflected in your available balance. Pending transactions take different lengths of time to be completed, depending on the reason for them not being fully processed. The process for handling payments is simple, so you can wait for it to go through.
How long do pending transactions normally take to go through? In general terms, you can expect them to go through in a couple of days. Yet, there may be instances where the issue takes longer to resolve. If the bank needs to confirm the details with you, they’ll be in touch to confirm that the transaction is valid.
Open an account
in Genome online
What to do when a transaction is pending?
When you see pending transactions, you can simply let them go through naturally. In most cases, the transactions will normally be taken from your bank account. It will affect your available balance until then before the merchant completes the process and the final purchase transaction amount is shown.
If you recognize the transaction and feel that the purchase amount is correct, there’s no need to do anything. After the merchant initiates the process, you shouldn’t have to do anything else. Simply wait for the pending period to be completed. Since pending transactions are reflected in your available funds, there’s no risk of you spending this in addition to the current balance.
However, if you have any questions, you can contact your service provider or credit card company. Using an online banking platform to monitor your available balance and any pending transactions is a good idea.
Pending transactions affect your balance, so you must ensure that it doesn’t stop you from making scheduled payments like direct debits. A mobile banking app offers a simple way to inform you of your current balance and available credit.
The pending payments are clearly shown when you look at your account summary or credit card accounts. You’ll also notice that the transaction history lacks a transaction that’s taken into account on the available funds. The exact process varies according to the situation, but you should never need to worry about pending payments you haven’t authorized.
When should you get in touch?
If it takes more than a couple of business days for pending transactions to go through, you might decide to contact your bank or card issuer. However, you can be sure they’ll contact you if you need to do anything else.
If you want to ask to cancel a pending transaction, you should contact the merchant to explore the options. Contacting your bank or credit company is only necessary if you see pending transactions you believe are suspicious. If your checking account or credit card has pending transactions you didn’t authorize, you should get in touch to query them.
How we handle pending transactions
The way that pending transactions work is defined by industry standards. At Genome, we stick to the accepted processes to ensure that pending transactions cause the minimum of issues for our customers.
We work with financial entities to resolve pending transactions speedily and give you an up-to-date picture of your account. Naturally, you can get in touch in the way that suits you best. Use live chat or send us an email to check the progress.
Otherwise, you can check your account statement and available funds to see the full picture.
We make it easy for you to always know exactly how much your available balance is. After all, all our services are available online whenever you go! Apply for a personal or business wallet online and get a dedicated IBAN account for all your needs.
All our clients benefit greatly from multi-currency accounts, that allow you to hold funds in USD, GBP, EUR, PLN, CHF, JPY, CAD, CZK, HUF, SEK, and AUD. Most of the accounts can be linked to Genome-issued virtual and physical Visa cards.
Additionally, all the clients can make SEPA Instant and Credit Transfers, which simplifies cross-border euro payments.
Open an account
in Genome online
Preventing future pending transactions
Avoiding future pending transactions can help you control your cash flow and ensure sufficient funds are available. Before starting transfers or debit card transactions, you should check the expected transaction times. It’s also worth taking a moment to verify the recipient’s bank account details.
Before making payments, check that your incoming transfers have been fully processed. If you have a pending deposit, this could affect your cash withdrawals and online purchases. Since pending transactions affect your available balance, you’ll want to avoid issues like missed payments or overdraft fees.
Contacting Genome for support
Resolving pending charges and payments isn’t a problem when you deal with Genome. We always give you full access to your account activity. So you can see right away any pending transactions that haven’t completed the full payment process.
You can quickly check the status of any pending purchases and confirm if the transaction details are correct. If it’s a more complex matter, you might want to send us an email to find out more or to ask to cancel a pending transaction.
We also provide information to help you understand how long transactions may take. For example, SEPA Credit Transfers only get processed during normal business days and working hours. Bank holidays aren’t classed as business days, so transfers and payments don’t go through then. At the same time, SEPA Instant Transfers are processed 24/7, all year long! It takes just seconds to send/receive such a payment!
It’s also worth pointing out that the Genome Anti-Money Laundering department may stop payments when additional review steps are needed. This can happen on both inward and outward transactions.
Open an account
in Genome online
FAQs
Are pending transactions a sign of a problem?
Pending transactions aren’t necessarily a problem. There are many possible reasons why a payment might not have been fully processed by your bank account or credit card issuer. Most cases will go through smoothly with no extra action from you.
Have pending transactions been taken out of the account?
Pending transactions are reflected in your account balance or available credit. While they are being processed, the pending charges will be taken into account in the amount of funds available to you, but the account balance won’t be updated until they’re processed.
Can I ask to cancel a pending transaction?
When you have pending payments on your debit card or credit card, you can contact the store or merchant. If it’s a suspicious transaction you don’t recognize, speak to your bank or financial institution so they can investigate it.
Could the pending transactions be stopped or declined?
The issuing bank or credit card provider could decline pending payments. This could occur in situations such as when there aren’t enough funds in your bank account to cover the pending transactions.
Can pending transactions affect my credit score?
If your pending transactions are going to put you past your overdraft limit or credit card limit, they could affect your credit score. This is one reason why it’s always good to check whether pending purchases are going to cause you issues once they go through.
