One question we often get from our readers is a request for an explanation regarding Direct Express Pending Deposits.
- Apr 11, 2020 How can I find and see pending deposit to my turbo card Once your refund status on the IRS shows 'Refund Sent' it can take 1 to 5 business days approximately, for the financial institution to deposit fund into your account.
- Nov 13, 2019 However, if your pending deposit has not yet posted to your account, you should not spend that money. This means that if your available balance in your account does not reflect the pending deposit, then you should not spend or withdraw money that money. It is possible that a pending deposit will never post to the account.
If you are receiving your government benefits on Direct Express debit card, knowing exactly when your money is available helps.
Nov 24, 2020 The initial status for every ACH deposit is “Pending.” For this Beta launch, we will “Confirm” the ACH deposit in around 3-5 business days. If there’s an issue getting the funds from your bank account during this 3-5 business day period, we will alert you via email and inform you of the reason.
In this post, we will review the Social Security’s policy around electronic deposits, direct express pending deposit dates, and the Social Security payment schedule.
This post on “Direct Express Pending Deposits” will cover:
- Social Security Electronic Deposit Policy
- Direct Express Pending Deposits
- Direct Express Payment Deposit Date and Time
- Social Security Payment Dates
- Direct Express FAQs
Social Security Electronic Deposit Policy
As of March 1, 2013, Social Security stopped mailing paper checks. Beneficiaries are now required to receive their monthly payments electronically.
One of the benefits of electronic payments is the promise that you can count on your money being in your account on time, every time.
This is true whether you’re using direct deposit or the Direct Express debit card.
However, that is not always the case. Direct Express cardholders complain about the pending deposit process.
Our goal with this post is to explain what pending deposit means and when your money is truly available to you for use.
Direct Express Pending Deposits – What it Means
The question cardholders want to know about a pending deposit is whether they are allowed to take money from their account even when the deposit is in pending status.
The answer depends on your payment date.
To be on the safe side, you should only take money from your account on your payment deposit date.
For your payment deposit date, see the schedule below.
However, if your pending deposit has not yet posted to your account, you should not spend that money.
This means that if your available balance in your account does not reflect the pending deposit, then you should not spend or withdraw money that money.
It is possible that a pending deposit will never post to the account.
For example, if the paying agency cancels or rolls back the deposit, it will not post to the account.
If you log into your account on your payment deposit date and it is showing that the deposit is in pending status, you are allowed to take money from your account.
That’s because the Social Security Administration and other government benefit programs guarantee your payment to be in your account and available to you for us on your payment date.
However, If you are asking if you can take out cash or use your Direct Express card as a method of payment prior to your monthly Social Security payment, then the answer is no.
The Direct Express card is considered a debit card, it is not a credit card and as such funds will never be loaned.
Therefore, you should wait until your payment date has come before taking money out of your account.
Direct Express Payment Deposit Date and Time
One of the biggest sources of confusion is what date and time Social Security and disability benefits are posted.
Generally, you should expect the payment to post at Midnight on your payment date.
For example, if your payment date is the 1st of the month, you should expect the deposit at midnight on the 31st.
This is true as long as it is a weekday.
However, if the prior day is a weekend or holiday, then expect the payment to be deposited midnight the business day prior.
Social Security Payment Dates
If you are unsure about your Social Security Payment dates, we can help you figure that out.
Click here to see the most current Social Security payment date for retirement benefits, disability benefits and supplemental security income benefits.
In addition, see the Social Security Payment Schedule for the current month here.
NOTE: If you would like to write a review and rate your experience with Direct Express Customer Service or Direct Express in general, see the review and ratings form immediately below the end of this article.
Direct Express FAQs
Here are five (5) of the top questions we get about the everyday use of the Direct Express card:
Can I get a loan or cash advance from my Direct Express card?
What if my card balance is less than what I purchased?
If you are making a purchase and the money on your Direct Express card account is less than the amount of your purchase, here is what you need to know:
You can still use your Direct Express card to make a payment towards your purchase even if the remaining balance on the card is less than the purchase price.
Tell the cashier the amount on your Direct Express card so that they will charge your card for that exact amount.
You can then use another form of payment, like cash or another debit card or even a credit card to pay for the remaining balance of your purchase.
For example, if you made a purchase for $100, but you only have $70 on your Direct Express card, here is what to do:
Tell the cashier to charge $70 to your Direct Express card and then pay for the remaining with cash or another form of payment accepted by that merchant.
Can I get cash at a bank teller window?
Yes, you can use your Direct Express card to get cash at a bank teller. There is no fee to withdraw cash at a MasterCard member bank location.
When using your card at the bank teller window, present your card and tell the cashier the amount of cash you wish to receive.
You may be asked to show identification and sign a receipt.
If the bank teller has any questions, he or she may call the toll-free Customer Service at 1-866-606-3311.
What’s the Easiest Way to Check my Card Balance?
The easiest way to check the balance on your Direct Express card is to log in online and review your account information. Click here to log in to your account.
If you need help logging in, see our login help here.
You can also view your card balance on the Direct Express Mobile app. Click here for details on how to download the app on your phone.
In addition, you can also check your card balance at no cost by calling the Direct Express card toll-free Customer Service Department number.
They are available 24 hours a day, 7 days a week. The number to call is 1 (888) 741-1115.
Finally, you can check your card balance at any ATM that displays the MasterCard acceptance mark, at no cost.
If my card is lost or stolen, is my money protected?
Your Direct Express debit card comes with protection against unauthorized use.
If you experience any fraudulent or unauthorized use of your card, your liability for unauthorized transactions is limited if your card is reported timely to Direct Express as lost or stolen.
Under the federal law, cardholders who dispute a transaction within 2 business days of learning of the loss or theft cannot be held liable for more than $50.
Those who dispute a charge within 60 days cannot be held liable for more than $500.
For Direct Express cardholders, this deadline is stretched to 90 days.
Therefore, you have 90 days to report any unauthorized transactions and not be liable for more than $500.
Direct Express Customer Service
We hope this post on Direct Express Pending Deposits was helpful.
If your question was not answered and are still having trouble with pending deposits, please let us know in the comments section below.
Be sure to check out our other articles on Direct Express including Direct Express Login, Dispute Resolution, and Top Complaints about Direct Express Card.
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Pending Deposit Chase
Whether it’s a weekly paycheck, a stack of cash you earned through a side hustle, or birthday money, it feels great to deposit money into your bank account. But if you need some quick cash, you might be wondering, if a deposit is pending, can I use the money?
Every deposit must be verified and authorized before it becomes available for use. Therefore, when a deposit is pending, you cannot use any of the money. Only when a pending deposit is approved and added to your ‘available balance’ does it become accessible.
Let’s be honest, there is something wonderful about depositing money into your bank account. But, before you try to spend your next deposit, be sure to give it enough time transition from ‘pending’ to ‘available’. Otherwise, you are at risk of overdrawing your account.
For the rest of this article we will explore how deposits work behind the scenes. Additionally, we will answer a few other personal banking questions.
Side Note: Here at Be The Budget, we understand how frustrating it can be to wait for a direct deposit to become available. That’s why we highly recommend opening an Axos Essential Checking Account. With their Direct Deposit Express feature, you can get paid up to 2 days earlier than most traditional checking accounts allow. Plus, with no minimum monthly balance fees, no overdraft fees, no monthly maintenance fees, and unlimited domestic ATM fee reimbursements, we can’t seem to find a checking account that competes with this one. Click here to learn more about an Axos Essential Checking Account.
Table of ContentsWhat Is A Pending Deposit?
When you deposit money into your checking or savings account, the money will show as ‘pending’ until it the funds are verified and added to your available balance. Essentially, a pending deposit is money that has been deposited, but not yet authorized for your use.
The reason banks show pending deposits, is so that you know the actual deposit is processing. It lets you know that the bank is working on verifying the funds, and that they will be available soon.
Additionally, every deposit you make — including mobile deposits, in-person deposits, and direct deposits — will go through the authorization process, and initially show as ‘pending’. This verification process protects the bank from giving you access to money that doesn’t actually exist.
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How Do I Know If I Have A Pending Deposit?
Typically, when you log into your bank account, there will be a line-item that shows any pending deposits. Just be sure you don’t mistake your pending deposits for your available balance.
How Long Does A Pending Deposit Take To Post?
In general, you can expect your pending deposit to clear within 2 business days. In fact, there are regulations (source) surrounding the amount of time a bank can place a hold on a deposit that ensure you gain access to your money in a timely manner.
However, there are certain exceptions. For instance, a bank can place a hold on funds that raise any suspicions. So, if you deposit an unusually large amount, or make a series of deposits that are outside your normal behavior, a bank may place a hold on the deposit to investigate further.
That said, holds placed on a deposit will only extend the length of time they take to process by a few days, max. Worst case scenario, you can expect a pending deposit to become available within 9 business days of the original deposit (source), but this would be a very rare circumstance. Rest assured, banks cannot place indefinite holds on your deposits.
Can A Pending Deposit Get Declined?
Your bank can most certainly decline a pending deposit. As I said, whenever you make a deposit, your bank must verify that the funds are available in the first place. To do this, they must contact the bank with which the funds are currently held and prove there is enough money to fulfill the deposit.
If there is enough money, your bank will approve your deposit and add it to your available balance. If there is not enough money in the payor’s account, the bank will decline the deposit, and remove it from your bank account, entirely.
Other Bank Account Terms You Should Know
In order to properly handle your money, it is important for you to understand some personal banking terminology. The more you know, the less likely you will be to get confused. So, what follows are a few banking terms with which you should familiarize yourself. Hopefully this helps you understand your bank account a little better the next time you log in, or read your monthly statement.
Deposits/Credits
When you log into your bank account or look at your bank statement, you will likely see a column called Deposits or Credits. This column refers to the amount of money that was added to your account.
Though, it is important to note that pending deposits will not show up in this column until they are actually authorized.
Available Balance
Your available balance is the most important number in your bank account. This is the actual amount of money available for you to use. Whether you want to transfer money from one account to another, or spend money, you will be pulling it from your available balance.
As I mentioned earlier, when your bank approves a pending deposit, they add the money to your available balance.
Pending Transaction
A pending transaction is the opposite of a pending deposit. A pending transaction is any money you spent or moved from your bank account, but hasn’t officially been approved. Similar to a pending deposit, every purchase you make must be approved. And until it is, it will appear in your bank account as a pending transaction.
It is important to note that pending transactions — unlike pending deposits — will be subtracted from your available balance. This ensures the funds remain available for the payee, and also keep you from thinking you have more money in your account than you actually will when the transaction gets approved.
Posted Transaction
Simply put, a posted transaction is any money that you moved out of your bank account (whether for a purchase, or anything else) that has been officially approved by the bank.
Ending Daily Balance
Every day, your bank adds up your transactions and any approved deposits in order to determine the remaining amount of money in your account. They then include this number as a line-item in your account to show your total available balance at the close of each business day.
Final Thoughts
Pending deposits are an important aspect of personal banking for you to understand. In fact, in order to make the most out of your money and avoid mistakes it is important to educate yourself on the ins and outs of your bank account.
Hopefully this article has provided you with some useful information.
Understanding your bank account is an important part of personal finance.
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Zach Buchenau is a self-proclaimed personal finance nerd. When he isn't writing about budgeting, getting out of debt, making extra money, and living a frugal life, you can find him building furniture, fly fishing, or developing websites. He is the co-founder of BeTheBudget, and Chipotle's most loyal customer.Leave a Reply
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