What is ‘Held’ versus ‘Sent’ in Banking?

May 12, 2017 in Frequently Asked Questions

When a payment transaction doesn’t have a ‘Date Sent’ recorded against it, it is considered a ‘Held’ payment. When a ‘Date Sent’ is recorded then the system assumes that payment has been sent to the recipient/payee.

‘Held’ means that a payment has been processed in the system but held back i.e. the cheque sits in the someone’s draw or the EFT file not sent to the Bank yet.

‘Sent’ means the EFT instruction has gone to the bank, or that the Cheque is “in the post” and on the way to the recipient.

We distinguish between these two values because you have control over ‘Held’ funds, and little/no control over ‘Sent’ funds. Thus your available funds can in most cases be affected by ‘Held’ transaction amounts.

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