A pending transaction is very common in the banking system and it usually applies to debit cards, cash withdrawals, and payments through checks. Like all other banks, Chase bank usually posts the pending transaction overnight and it might take 24 hours to add to the account balance. However, in some circumstances, it might take up to seven days to clear the pending transaction.
Jump To A Section
- 1 What Is Pending Transaction?
- 2 Reasons For Pending Transactions
- 3 Solution Of Pending Transactions
- 4 Chase Bank Transaction Posting Process
- 5 FAQs About Chase Bank Pending Transaction
- 5.1 1. Can Chase Cancel A Pending Transaction?
- 5.2 2. Can I Stop A Pending Transaction On My Credit Card?
- 5.3 3. How Long Does A Pending Transaction Take To Cancel?
- 5.4 4. How Can I Put A Dispute A Pending Transaction On Chase?
- 5.5 5. Why Does It Say Pending On Chase?
- 5.6 6. How Can I Check The Pending Transactions Of Chase Bank?
- 5.7 7. Does Chase Show Pending Transactions?
- 5.8 8. Can You Use The Pending Money Of Your Chase Account?
- 5.9 9. What Time Does Chase Deposit Stimulus Checks?
- 5.10 10. Does Pending Mean The Money Is Already Taken Out?
- 5.11 11. Can A Bank Release A Pending Deposit Early?
What Is Pending Transaction?
If you are a debit or credit card holder then you might have faced the situation of the pending transaction. A pending transaction is an approved purchase or a recent card transaction that has not yet been fully processed by the merchant or the bank. Card pre-authorizations are also a type of pending transaction and it won’t appear on your Account balance until the merchant submits the final charge to the bank. In Chase bank, the pending transactions are not charged interest and they are also not included in your outstanding balance.
Reasons For Pending Transactions
When you make a transaction using your debit card, there are chances of pending transactions. When you make a payment with your debit card, the bank will hold that balance from your bank account or show it as the pending amount. Moreover, once you make the payment, the amount won’t be deducted from your account and the merchant won’t receive the particular charge as long as the pending transaction is cleared by the bank. Sometimes, the pending transaction also happens because of the merchant’s policy. For example, if the merchant is a hotel or any rental company then they usually place a hold on the debit card until you are using their services. These types of holds are not permanent and once you have stopped receiving the service, the merchant will un-hold the debit card. Merchants impose this type of hold for the proper security of their property. But, you should understand that this type of hold can remain on your account for up to two weeks depending on the situation.
Solution Of Pending Transactions
The pending transaction is a recent card transaction of yours that is not yet possessed by the merchant. If the merchant doesn’t collect the money then the amount will be available to your bank balance within 6-7 days. You might also see a pending transaction because of two same payments. In this type of situation, the awaiting charge appears for the authorized amount, and the other amount is the real payment amount. In this type of situation, the pending will automatically disappear once the bank process the required transaction. If you make a late-night payment then it might appear as a pending transaction and usually, this type of pending transaction will automatically disappear the next day. So, if you want to avoid this type of pending transaction then try to avoid making transactions after 8:30 PM. In most cases scenario, the merchant is the main reason for a pending transaction, not the bank. If the merchant doesn’t process the payment, then the bank has nothing to do. So, contact the merchant and ask them to process the payment as soon as possible.
Chase Bank Transaction Posting Process
Transaction posting initiates the payment clearance and deducts the funds from the account. In the banking system, the transaction is usually processed at the night. The chase bank completes the previous settlements and then adds the deposit to the account. If more than one transaction is done on the same day like through chase.com or wire transfer then both transactions are included in the same day bank transaction. In this type of situation, Chase posts transactions from high dollar to low dollar. Once the posting is completed, the transaction that could not be counted to maintain the account’s desired balance is subtracted. Then, the fees are subtracted from the balance. If you use a debit or credit card with a negative balance then only you are responsible for the pending transaction. If you transfer the desiring funds to your account before the business day ends then the Chase bank will clear that transaction. With Chase bank, you can make the transfer via Chase.com, Chase Mobile, or Using Zelle. If you want Chase bank to post your transaction on the same day then complete the transfer before the business day closes, before 11 PM Eastern Time.
FAQs About Chase Bank Pending Transaction
1. Can Chase Cancel A Pending Transaction?
No, Chase bank can’t cancel a pending transaction. Only, the merchant can cancel a pending transaction.
2. Can I Stop A Pending Transaction On My Credit Card?
No, you can’t stop a pending transaction. You have to contact the merchant and ask them to remove/delete the pending transaction. Once the pending transaction is removed the credit will automatically be available to your account.
3. How Long Does A Pending Transaction Take To Cancel?
If the merchant doesn’t complete the transaction then it might take up to seven days to automatically cancel the pending transaction.
4. How Can I Put A Dispute A Pending Transaction On Chase?
If you use a Chase bank debit/credit card then you can easily dispute a pending transaction. If you want to initiate a debit card dispute then call the Chase bank at 1-866-564-2262. You should remember that you can only be able to dispute a debit card pending transaction once the transaction is posted.
5. Why Does It Say Pending On Chase?
Usually the balance on your account show pending when the amount is sent to the bank but it is not deposited to your account. The bank needs to clear the transaction and add the amount to your account. The time between these processes, the amount will be held as pending.
6. How Can I Check The Pending Transactions Of Chase Bank?
There are many ways you can check the pending transaction of Chase bank. You can check your pending transaction through online banking as well as mobile banking. Moreover, you can also call Chase bank customer service at 800-922-9999 to know details about the pending transactions of your account.
7. Does Chase Show Pending Transactions?
Yes, Chase bank shows pending transactions. If you check your account during business hours you will be able to see the pending transaction. You have to check the pending transaction from the account settings. Chase usually posts the transaction at the end of the business day so if you check your account at night, you won’t be able to see the pending transactions.
8. Can You Use The Pending Money Of Your Chase Account?
No, you won’t be able to use the pending money of your Chase account. You can only be able to use that amount if the pending transaction is cleared and the balance is added to your account. Once the pending amount is added to your account, that money is accessible and you can use it.
9. What Time Does Chase Deposit Stimulus Checks?
Chase deposit stimulus checks till Wednesday and if your money doesn’t come within that time then it will arrive in the next week. Usually, the money arrives at 9 AM.
10. Does Pending Mean The Money Is Already Taken Out?
No, pending doesn’t mean the money is already taken out from the account. It means a transaction to withdraw money from your account or to add money to your account has been started but is not completed yet.
11. Can A Bank Release A Pending Deposit Early?
Not every bank releases a pending deposit early. Some banks can release a pending deposit early for a fee. You have to ask your bank whether they have the early release facility available for a pending deposit. If they have then you can avail of that service to release your deposit early.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.