The behaviour of the slotted ALOHA satellite channel with a finite buffer at each of the user terminals is studied. Approximate relationships between the queuing delay, overflow probabilities and buffer size are derived as functions of the system input parameters (i.e. the number of users, the traffic intensity, the transmission and the retransmission probabilities) for two cases found in the literature: the symmetric case (same transmission and retransmission probabilities), and the asymmetric case (transmission probability far greater than the retransmission probability). For comparison, the channel performance with an infinite buffer is also derived. Additionally, the stability condition for the system is defined in the latter case. The analysis carried out in the paper reveals that the queuing delays are quite significant, especially under high traffic conditions.