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.Continue Reading
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
According to BALANCE, a financial fitness program, when a charge hits your bank account and there are insufficient funds to cover it, either your bank may refuse the charge or allow your account to go into a negative balance. If the bank allows an overdraft, it typically applies a charge for each item that overdraws the account, and these fees can stack up.Full Answer >
CNN notes that consumers with bad credit who are not eligible for a traditional bank account may be able to open a second chance bank account. Banks such as Wells Fargo, PNC, Chase, Liberty Savings, Woodforest and BBVA Compass, among others, all offer second chance bank accounts.Full Answer >
To open a personal bank account, talk with an associate in person at a bank or credit union, or apply to open an account online. According to Bank of America, applicants should have their social security number, current address, email address and co-applicant's personal information.Full Answer >
A bank trust account is a bank account that holds assets of another person or entity, and the bank acts as the custodian, Legal Zoom says. The assets can include cash, stocks and bonds or real estate.Full Answer >