What is a pending transaction?
Why do I have a pending transaction for $1?
When a credit card is used to make a purchase, the merchant verifies the credit available on the card by running the card for a purchase amount and waiting for an electronic authorization of that amount. If the exact amount of the purchase is known when the card is ran that amount is authorized. Sometimes the final purchase amount is unknown. This often happens at gas stations and hotels where your card is run before the exact charge amount is known. It is not unusual for a merchant to request an authorization for as low as $1 to make sure you have enough available credit.
Why is my payment showing as pended?
If you sent in your payment but it has not posted to your account, it is because State Farm Bank must make sure that the money is available from your paying bank account before we can clear the payment and post it to your account. The payment will be credited to the account once it is received, however it may not post immediately. Payments can take up to five (5) business days to post to your account.
Does a pending transaction reduce my available credit?
Yes. The authorized amount reduces the available credit on your account and appears as a pending transaction until it is actually posted to your account.
Does a pending transaction add to my current balance?
Yes. The transaction amount will be added to your current balance and subtracted from the available credit on your account. However, it will not yet be included in your account balance.
How long will this transaction show as pending?
It may take up to seven (7) days for a pending transaction to post to your account. After the payment posts to your account, the pending transaction will no longer impact the available credit on your account.If the transaction does not "match" an outstanding authorization, the authorization will continue to be considered an Outstanding Authorization for seven (7) days. After seven (7) days without a matching transaction, the outstanding authorization will no longer impact the available credit on an account.