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by answerbeggar on November 2nd, 2007

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I deposited some money today and I wanna buy something online, but when I go to the bank of america online banking page I see that money I deposited today was "pending". Do I have to wait until I see the date or else will it over-withdrawn my account?

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  • by Elsabioanciano on November 2nd, 2007

    Elsabioanciano

    It depends on your bank's policy which they provided to you when you opened the account. Typically, there is a hold on checks. If it says "pending" then they haven't cleared the check yet, and if you write out a check, it will result in an overdraft.

    You said you deposited money? Do you mean cash or a check? If it was "money", i.e. cash, it should be available to you immediately if you deposited it with a teller in a bank. If you put it in an ATM, then you will have to wait for them to determine that you actually deposit cash. A check isn't money, it is more like a promise to pay.

    If you are trying to buy online with a direct transfer of funds, you bank will probably reject the transfer since the funds aren't there.

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  • by bambers on November 2nd, 2007

    bambers

    I'm not sure how the Bank of America works but at my bank if I make a deposit at a bank machine or if I deposit a cheque over a certain amount, they hold it for 3-5 days. I think the waiting period is to be sure that a cheque will clear and, if from a bank machine, you deposited the amount of money you said you did on the machine. There's been a lot of bank fraud where people used to deposit an empty envelope claiming it had $100 in it and then withdrawing $100 when really there is no money in the account. I think banks were just sick of losing money.

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  • by Heather on November 2nd, 2007

    Heather

    if it was a check you have to wait until it clears

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