When using your bank account to purchase coins or make deposits to your wallet, the payment typically takes 3-5 business days to complete during which time it will appear as “Pending” in your transaction history. Anchor assumes the payment will succeed and instantly credits your account for this transaction, allowing you to trade right away.
Occasionally, the payment will fail, at which point the bank notifies Anchor and we reverse the instant credit for this transaction. This normally happens within a short timeframe, making it easier to reconcile the reversed transaction with your bank statement. This is similar to how some banks will make funds available for use immediately after depositing a check.
How does this happen?:
- You make a transfer into your Anchor account or purchase cryptocurrency, at which time your Anchor account is immediately credited for this transaction.
- That transfer/deposit fails and the funds are returned to your bank or card issuer.
- This reversal creates a negative balance on your Anchor account, equal to the cash value of your original deposit, even if you’ve traded in crypto using that credit.
How to resolve pending deposits:
If you have pending deposits, you can visit this page to cancel them:
https://dashboard.tryanchor.com/dashboard/pending-deposits
Note that this will create a balance decrease and possibly a negative balance on your account in the amount for the original failed deposit. We will automatically debit this amount either from your USD wallet or from your coins—whichever option works out best for you monetarily.
How to resolve a negative balance:
Your balance can be increased either via a successful payment from your bank account, or by transferring crypto to your Anchor account from another wallet.
If you are experiencing only a negative crypto balance, you'll need to use your fiat balance to purchase the difference in your crypto balance, or transfer in crypto from another wallet equivalent to the balance.
If you are experiencing only a negative fiat balance, you'll need to sell your crypto balance for USD.
To learn how to deposit funds from your bank, or how to transfer crypto from another wallet into your Anchor account, click here.
We also may recommend using a stablecoin tied to the U.S. Dollar, such as USDC, for immediate transfers to cover negative balances. More information on that here.