Posted Transactions

A term that frequently is used when reviewing the terms of a prepaid debit card is: “Posted Transactions”. Here’s what a “posted transaction” is (and why you should understand the term).

A posted transaction is a transaction that has not yet been processed or posted, and include credits, debits, and holds on your prepaid debit card account.

Generally, a prepaid debit card transaction is processed and posted to your account on the same day the transaction is made. However, there are situations in which a transaction can take a day or two to post. The amount of a pending transaction that you see on your account may be more than the actual amount of the transaction. This happens when the merchant places an “authorization hold” on your account to make sure that your card has enough available funds to complete a transaction. “Authorization holds” are commonly used by hotels, restaurants, and car rental agencies. Also, when you pay at the pump for gas the card issuer may place an authorization hold to ensure that enough funds are available for the gas that you pump. Once the full transaction is finally processed, the hold will be released.

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