Pending Deposit

Direct Deposit

Direct deposit is a payment method in which funds are transferred electronically to a recipient’s account.

Feb 07, 2021 One of the most common reasons for a pending balance is the funds availability of deposits. Bank customers often assume they can deposit a check into their account then get cash back immediately. You may check a pending deposit through Online Banking or Mobile Banking, or you may reach out to our 24/7 Customer Service representatives for assistance at 800-922-9999.

What is Direct Deposit?

With direct deposit, you receive money electronically rather than in the form of a check. It’s a common method of payment that many employers offer their employees. If you choose to use direct deposit, your employer will transfer your pay “directly” – meaning electronically – to your bank account each pay period. Direct deposit is also a common way for people to receive Veterans’ Assistance benefits, social security, and tax refunds.

How does Direct Deposit work?

Setting up direct deposit with your employer is a fairly straightforward process. First, your employer will ask you to submit a voided personal check. The check provides your bank’s identification number and your account’s routing number. If you don’t use personal checks, you can ask your bank for a direct deposit enrollment form, which will provide the necessary information.

To use direct deposit, many companies require you to have a checking or savings account. If you don’t have one, you might be able to use a payroll card as an alternative. If this is the case, ask your employer if they can provide you with one. If they don’t have one, you can order a payroll card online through a major payment processor like Visa.

Can Banks See Pending Deposits

Are Direct Deposit funds available immediately?

Direct deposit funds are typically available the morning of your payday. In some cases, you can withdraw them prior to your bank’s business hours. In other cases, you might have to wait until your bank opens.

What does “Direct Deposit pending” mean?

If you check your bank account online, you might sometimes see a message that says “direct deposit pending.” What this means is that your deposited funds are on hold. The usual reason for this is that your bank is verifying the deposit. In special circumstances, some banks hold the deposit for up to seven business days.

Why choose Direct Deposit?

You may find that direct deposit reduces hassle. Since your employer transfers your paycheck directly to your account, you don’t have to go to the bank yourself. Also, there’s no chance that you’ll misplace a paycheck or forget about it.

In addition to reducing hassle, direct deposit can help improve your financial planning. You can choose to deposit some of your payment into a savings account to help you spend less and save more. To do this, check with your employer to see if they offer this service. If they do, you’ll choose between depositing a set amount (like $25) or a percentage (like 20 percent) of your deposit.

Is Direct Deposit safe?

Direct deposit is widely considered safer than traditional check payments. When you’re issued a physical check, it travels through many hands, and is therefore subject to greater risk of identity theft. With direct deposit, payments are far less likely to be lost or intercepted, as multiple levels of security are in place to protect your privacy.

Is Direct Deposit ever a bad idea?

Direct deposit is generally considered a good thing for employees. For them it’s a convenient perk, but for employers it can sometimes complicate the payment process. For instance, direct deposit requires that employers continually update their master employee file. It also is not an entirely paperless system, as employers have to create an authorization form. Also, it affects cash flow by shortening the amount of time that funds are kept in the employer’s possession.

If a deposit has already posted to your account, you can order a copy of a past deposit slip online or select View Details beside the deposit if you are already signed on.

If the deposit has not yet posted, or if the deposit was made to an account you do not access online, call us at 1-800-TO-WELLS (1-800-869-3557). Please have your Transaction Receipt available when calling.

More information about deposit slip photocopies:

• You may obtain a photocopy of a deposit slip within seven years of the deposit date.
• Please allow up to ten business days for delivery.
• You may also request copies of the checks that were included in the deposit.
• A Document Copy Fee may apply when Wells Fargo provides you with a paper copy of a deposit slip and/or the accompanying checks. For additional information, please refer to your Consumer Account Fee and Information Schedule, or call us at 1-800-TO-WELLS (1-800-869-3557).

Pending Deposit

To order new blank deposit slips, call 1-800-TO-WELLS (1-800-869-3557) or sign on to access Order Checks and Deposit Tickets on Wells Fargo Online.