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Home >> Accounts >> Online Banking/BillPay
I Want "Real-time" Online Banking
Is there a bank out there that offers real-time online banking? With Bank of America, my transactions are listed as "pending" for several days sometimes, considering weekends and holidays, etc. Since most of my banking is done online and most of my purchases are with a debit card, what bank can you recommend that could offer me real-time online banking?
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 If the pending transactions are debit card purchases, particularly if you sign for those transactions rather than enter your PIN, you won't find any "real time" institution. Signature-authorized debit card transactions are processed via credit card systems in the U.S., and that means it takes one to three days for the actual transactions to reach your bank and post. The "pending" transactions are typically holds placed in response to authorization requests. Usually, those holds are for the same amount as the transaction. However, some holds are increased by a given percentage of the transaction to allow for your addition of a tip (at restaurants, in most cases), and some are for standard amounts (purchases at gasoline pumps often result in $1 or $50 holds, depending on the retailer). The holds are supposed to drop off when the matching transaction arrives for posting, or after a predetermined number of days.
Published on BankingQuestions.com 5/11/09
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