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)
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.
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.