Can you please define for me exactly what a "pending transaction" is in banking? Does this mean that the charge has been received and paid by the bank, but has not hit the account, or does this mean that the charge has not yet been paid by the bank?
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The phrase definitely refers to a transaction that has not yet posted to the account, although the bank may have "memo posted" it in order to have it reflected in your available balance. Whether or not the bank will have paid for the transaction when it is listed as pending, will depend upon the nature of the transaction and the practices of the bank.
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The phrase definitely refers to a transaction that has not yet posted to the account, although the bank may have "memo posted" it in order to have it reflected in your available balance. Whether or not the bank will have paid for the transaction when it is listed as pending, will depend upon the nature of the transaction and the practices of the bank.
