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. Prior to 2023, Anchor assumed the payment would succeed and instantly credited account balances for the transaction, allowing users to trade right away.
Occasionally payments fail, at which point the bank notifies Anchor and we reverse the instant credit for the 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 balance is immediately credited for this transaction.
- That deposit fails and the funds are returned to your bank.
- 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 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.
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