It generally takes a few hours at most before an account is accepted/rejected. However its a bit awkward as at the moment it doesn't let you know that your handle has been rejected, which may mean you are waiting, but nothing is in the system.
At this point in time, there are no pending names, so if you don't have it, try a different name.
Actually it does state that the handle was rejected and the reason for the rejection. I always provide a reason, cited from the rules, when I reject a handle and I've had a player contact me before with questions and quote from that event.