OT What was this called?

It's called "Pending" on my statements

When I look at my credit union checking account on line, it shows "pending" transactions. When I look on my bank credit card accounts on line, it also shows "pending transactions" and that goes for both of the two different banks where I have active credit card accounts. Even though none of my the monthly statements show that information on the date the monthly statement was prepared, I'd be surprised if the current transaction period page for your on line accounts web pages don't show those pending transactions.

Pending.

It's almost a null concept now that check processing is all electronic.

That's what you all say, what they call it now, but it used to be called something else.

The bank still says it takes up to 3 or maybe it was 2 days to clear.

I transferred some money from Discover Bank, something labled Prearranged even. I did it at midnight but it said I had until 9AM to change the amount etc. By 10, the money had disappeared from Discover, but had not appeared at Bank of America until hours later that day, and even then, although the deposit had been added to my balance, it was marked Processing. It didn't get rid of that label until the next morning.

It used to be, and I believe still is, relevant because scammers make phoney deposits and want the target to withdraw some of the money and send it somewhere, which he does and then days later, finds out the whole check or deposit was no good, it's reversed, and now he owes the bank the money he spent.

Does this scam have a particular name so I can check on its current status. I have a young friend who has been targeted and he doesn't believe those who tell him its a scam. More facts might help.

I'll try other search engines.

BTW, I've decided I really like my cheap microwave. I'd never use the features more expesnive ones have. The worst part about this one is the kitchen timer makes so little noise I can't hear it if the radio is on even at low volume, even when I'm in the kitchen. And it never turns off.

Suspense.

Some reading here might help your friend understand deposit scams do exist

Indeed, and Bing found it right away and listed it first. Yet Google didn't find it in the first 20 quasi-hits (not real hits but listed on the page after the search) How about that!! I will have to reevaluate my searching methods: (this time I did find the Investopedia hit hiding amidst a bunch of results for unclaimed money. )

Followed by three webpages. There isn't much after that, but this is a whole lot more than Google found

These are the 3.

Thge comments are from 2015, so that's probably when the original article was posted. It also says Updated May 16, 2024 , so presumably it was reviewed and verified only 2 months ago.

Also

----Somehow either the problem has disappeared (but Retired1's link sure says otherwise) or they are mistating the complaints here. it' not that banks take steps to protect themselvess, it's that they mislead customers into thinking they have the money. They do the opposite of protecting the customers.

IIRC the banks did a better job of notifiying account holders how much of the money in their account had cleared and how much hadn't, but since electronic , maybe ACH, clearing, which is faster, they've stopped. There is no notice except the terms and conditions which one has to agree to when he opens and account, and which most people do not read and would not realize how they would apply here eve if they read them. and the result is that people get tricked into spending money that has not yet cleared. See Retired1's link.

When I brought this up in the moderated legal newsgroup, 4 or 5 people replied and no one seemed dissatisfied with the way things work now. Someone who leans libertarian said it was the responsiblity of the one who got took not to get taken. After I do some more research, I'm going to ask him if all the laws against fraud should no longer be enforced.

I don't understand why the banking regulators allow this to continue.

Thanks. They have no date on the whole article (as they should) but inside it cites dates from this year, so they are still doing this.

He has disabled networking on on his computer, so I'll show this to him or read it to him. Tnough he still thinks the scammers are looking for him to jail him for breaking a promise. (He's bipolar also)

One advantage of the declining popularity of Usenet is that I don't have to worry that someone he knows will read this.

I believe those definitions are correct but not complete. On my statements, pending transactions also include possible charges (also known as "holds") that are commonly placed by some gasoline stations, hotels, and restaurant reservations services but are subject to cancellation by the charging merchant if/when certain conditions imposed by the charging merchant are satisfied by the card holder. They are also some times imposed by other merchants to ensure that the credit card is valid and subsequent near term charges made to that card will be accepted by the card's bank, ensuring payment to the merchant.

Kiteing??

Maybe. Definitely related, maybe exactly what I want. I've been avoiding the topic on the other ng, but I'll get back to it.