Pending transactions in my current account

W

wondering

Registered User
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In my current account, there is a long list of pending transactions. Some were payments made online. Most were ordinary purchases made in different shops. These range from today, Monday 3rd to last Thurs, 30th.
Why do these payments go to this seperate list whereas some go straight into the "Recent transactions", which is the main list?

I know that this has existed for years, but it used to be that almost all transactions went straight to the main list (Recent transactions), and pending items would only appear occasionally. Now it seems most go to pending and the list is getting longer, as in going further back in time / taking longer to be transferred to Recent.

A reason I ask is I'd logged into a utility account online and a payment I made last Thursday seems not to have been made yet according to their system. In my current account, it's in the pending list.
 
I'm w PTSB & notice similar long pending list in recent months.

It seems to be taking longer & longer to process transactions.
 
Transactions marked as pending by your bank are waiting for confirmation by the payee that the payment has been received and accepted.

So it is not necessarily your bank's fault if there are delays, especially over a weekend
 
This happens to me with EBS but usually only a day pending. I presume if you use an atm elsewhere it takes 24 hours to wash back to the original account though.
 
jpd said:
So it is not necessarily your bank's fault if there are delays, especially over a weekend
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I didn't mean to imply there was fault anywhere - more just curious to understand the process, or why this is the norm now compared to in the past.

I'll probably contact the company I mentioned because I think there's some glitch in their system, so just wanted to understand this before I do that.
 
wondering said:
Why do these payments go to this seperate list whereas some go straight into the "Recent transactions", which is the main list?
Click to expand...
Because the transactions haven't cleared yet. There's a clearing cycle with debit card transactions. The money is only 'blocked' until a hard posting comes through the scheme which only happens once per day, and only on working days.


wondering said:
I'll probably contact the company I mentioned because I think there's some glitch in their system, so just wanted to understand this before I do that.
Click to expand...
Yes, they are unconnected.
 
Card transactions are authorised at purchase time but no money has yet been sent to the sellers account and so is classed as 'pending'.

There's a bit of a chain of events between the seller, your bank and the VISA/Mastercard etc... but briefly, a settlement file is sent from your bank (usually overnight, as RedOnion says, on working days) through a third-party payment processor, after which the transaction has been 'settled' . The seller has received the payment.
Your online account may still lag a bit behind moving the status of the transactions away from 'Pending'.
Any delays in the chain of events may also affect this, but usually transactions shouldn't remain pending for more than a week.
Also some types of transactions may take longer than others.
 
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