Understanding Pending Transactions at Bank of America: Clearing Time and Factors
A pending transaction at Bank of America typically takes 1 to 3 business days to clear. However, the exact time can vary based on several factors, such as the type of transaction, merchant processing times, and whether the transaction is domestic or international. Once the transaction is processed, it will be reflected in your account balance. If you have specific concerns about a transaction, it is best to contact Bank of America's customer service for detailed information.
Dependence on the Type of Pending Transaction
The reason for a transaction being pending can vary, affecting the clearing time. For example:
If the deposit date on the transaction is specified, it will remain pending until that date. If a transaction is pending due to fund verification, it will stay pending until funds are verified.
Processing of Bank of America Accounts
Every Bank of America account holder has funds in a checking or savings account that earns interest. When making a purchase, the customer sends money electronically from her checking or savings account to cover the cost of the purchase. The transaction is known as a pending payment request. Once your funds are received by Bank of America, the clearance process can take from a couple of hours up to about 2 days.
Weekend and Weekend-Related Transactions
Transactions performed on the weekend, starting from Fridays afternoon, are not cleared until Mondays mornings. Typically, other transactions are cleared within 1 business day. However, certain transactions can take up to 3 business days. It is important to remember the amount used before making another transaction to avoid overdraft and overdraft fees.
Other Types of Transactions
Withdrawing funds and purchasing cashier's checks are different from general transactions. With withdrawals, the funds are posted immediately after the withdrawal is made. Similarly, cashier's checks are cleared as soon as the Bank of America cashier's check is printed.
For any concerns or difficulties related to pending transactions, you can contact Bank of America's 24/7 customer service hotline at 1-800-532-9076. They will work with you to resolve the issue as quickly as possible.