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Are banks holding funds for longer periods of time?

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rucky Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-24-08 12:35 PM
Original message
Are banks holding funds for longer periods of time?
Two things we've noticed recently: Our settled merchant funds are taking longer (3-5 days) to post to our account. Then a customer just drew our attention to another delay in the process. She placed an order online, but didn't receive a verification that the order was received. We called our merchant service, which didn't have anything. She called her bank, and he funds were taken out of her account, and marked "pending"

In the meantime, the money is somewhere. We suspect they're changing their practices to gain fractional interest, like in Office Space or Superman III. Anybody having the similar problems?
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sybylla Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-21-08 11:01 AM
Response to Original message
1. not a similar problem - but banking experience
And I wouldn't be surprised if banks are doing this. Especially during a crunch, they will always shift the rules and process transactions to their advantage.

Hopefully, this isn't costing you more than a little inconvenience.
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