If you’ve made an online transaction with Commonwealth Bank and the funds haven’t yet been debited from your account, it’s likely that your bank has put it in a pending transaction Status.
This happens when Commonwealth Bank receives instructions to withdraw money from your account, but they have not yet received confirmation that the withdrawal was successful.
If so, you might have also seen this come up on your bill but weren’t sure what to do about it or if Can I really cancel it. Here is a detailed explanation of what to do.
What is pending transaction?
A pending transaction is a financial transaction that has been authorized but not yet completed. For example, if you make a purchase with a debit card, the transaction will appear as pending until the merchant completes the transaction and it is processed by your bank.
Why Are My Pending Transactions Showing Up?
Pending transactions are usually due to one of two things:
The most common reason that a transaction will be in a pending state is that it has been stuck on the network for a while. This can happen when a node is busy with other things and forgets to relay your transaction.
Two you have an outstanding balance on your account that needs to be paid off, or you’ve recently made a purchase and the funds have not yet cleared.
In either case, the best thing to do is to contact Customer care as soon as possible to find out what the issue is and how to resolve it.
Can I really cancel Pending Transaction in CommBank?
If you’ve made a mistake with a transaction, or you’ve changed your mind about something, you might be wondering if you can cancel the transaction.
Unfortunately, Commonwealth Bank doesn’t allow customers to cancel transactions that have already been processed.
This means that, in most cases, once a transaction is made, it cannot be undone. The only exception to this rule is when a bank has not yet accepted the funds for processing.
In this case, you may be able to cancel the order by calling Commonwealth Bank and requesting that they do so. You’ll need to call them within the date of purchase.
For example, if you try to buy something online and change your mind before completing the purchase, then call Commonwealth Bank as soon as possible. They may be able to stop any pending charges on their end before they process them.
What can I do After I Found a pending transaction?
1. Contact the Merchant – Check whether they receive the Amount.
2. Dispute Transaction with your Financial Institution
When Can I Cancel My Transaction?
You can cancel your transaction at any time before it is processed by the merchant.
If you have already paid for something, you can’t cancel the transaction, you can ask for a refund if the merchant receives money.
How to avoid Pending transaction
You can avoid a pending transaction by following these steps.
1. Make sure that your bank account is not blocked for any reason, such as suspicious activity.
2. Check to see if your card has been reported stolen or lost, as this may cause the transaction to be delayed.
3. If you’re using online banking, make sure that you have enough funds in your account to cover the amount of money that you want to transfer out of it (this is usually done by checking on a balance statement).
If you have a pending transaction on your Commonwealth Bank account, don’t worry. Just follow the steps “What can I do After I Found pending transaction?” outlined and you’ll be all set. Thanks for reading!