Pending direct deposit is a status for a payment going through to a bank account or online wallet. Before a direct deposit payment can go through successfully, banks need to verify that the incoming deposit is valid. During this time, the money is in a “pending direct deposit” status.
What Is a Pending Direct Deposit? When your money is in pending direct deposit, this means the money is scheduled for deposit into your account but has to be verified by your bank or financial institution first.
To implement a pending direct deposit, the party attempting to send money will need either the bank account information, online wallet credentials, credit card information, or debit card information of the person set to receive the money. Without this information, individuals or companies wouldn’t be able to set up any payments.
How Does a Pending Direct Deposit Work? When you receive a payment from an employer or company, or you get approved for a direct deposit loan, that money goes through a verification system so banks can confirm the money is coming from a legitimate place. The money is no longer pending direct deposit once verified. At that point, the money legally belongs to the account owner, and the party making the payment loses any right to rescind the funding.
How Can I Check the Pending Direct Deposit Status of my Money?
With online banking being so popular, looking up the pending direct deposit status is so easy, you don’t even need to leave your house to do it. Simply log onto your bank account profile and look at your checking account or savings account history. Depending on when payment was sent, your money could come up as pending direct deposit in either one of these accounts.
Go into your bank account history to check the status of your money. There, you should see a detailed description of each time money has either left or entered that account. Look for a notation of the deposit you’re looking for, and check the month, day, and year. You should be able to see this status under the “date” column in your account history. If you see a specified date, then your money is not in a pending direct deposit status and is securely in your account. If your funds are still pending direct deposit, you should see an indication saying so instead of a date in most cases.
How Long Does it Take to Get the Money with a Pending Direct Deposit?
Depending on the kind of payment, a pending direct deposit status can last for just a few hours or up to several days. Usually, the direct deposit process is fast and efficient. Suppose someone you know sends you money via a cash app or online wallet system. In that case, there’s a chance your money may never have the pending direct deposit status at all. Sending money between friends, family, and trusted ones via apps or online can often be a quick way to transfer funds that are almost always available instantly.
Suppose an employer sends you money via direct deposit for your paycheck, or you’re approved for quick cash loans. In that case, this money may take a bit longer to process than a quick transfer from a friend. Usually, direct deposit from someone you work for may be pending for any time between a few hours or a day. However, you may still be able to utilize the funds while it’s pending direct deposit.
When commercial businesses, like retail stores, send money to customers for refunding purposes or otherwise, funds can often be pending direct deposit for quite some time.
Can I Still Spend Money with a Pending Direct Deposit?
You may be wondering if you’ll be able to spend your money while your paycheck is pending direct deposit. The good news is that depending on what kind of scheduled payment you receive, you may be able to start spending money as soon as funds hit your account, even if they’re pending.
With payments like paychecks from employers, you are most likely able to start spending money right away, even if your money is technically pending direct deposit. Other kinds of payments, like a refund from a retail store, may not be accessible until the money is no longer pending direct deposit.
To avoid accidentally overcharging your bank account, it may be best to not spend money while your funds are pending direct deposit. That way, you can know your account information is always up to date and accurate.