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Instant transfer, not enough funds?

Instant transfer, not enough funds?

A payment I had sent was denied, therefore I assumed the funds to be returned back to my account. I then sent a payment to another party, thinking that I had enough funds (Using instant bank transfer). However I then discovered that the Denied Payment that I had sent and which was returned to me, is actually on Hold. What does that mean? And what happens to the payment I sent to the second party? Will my bank bounce the payment back? Also, the back up payment source is unusable (It is a cancelled credit card I was meaning to remove)

2 REPLIES
Volunteer Advisor

Re: Instant transfer, not enough funds?

It takes time for a cancelled payment to make its way back to you, sometimes up to a week.

 

If you don't have sufficient funds in your bank account, itll bounce the second payment unless you have overdraft.

Re: Instant transfer, not enough funds?

Would it matter if i added another $50 or so to make up for the not enough funds into my bank account? Or would it still bounce back? Thanks though.