This is absolutely false. The receiving bank is at the mercy of the holder of the authorization, which is you! My bank is waiting on funds from YOU! Once you release they release. And for some reason you feel you need to hold someones money for a week and half. There is absolutely no reason for this.
Hello markus, I know this is a old post but i feel compelled to correct this information as i work for BofA it's extremely common to misunderstand how the system works. Especially with most call centers that banks use will try to pass the blame along to the vendor. Whenever you place an order the merchant will make a request to the bank for a certain amount of money, The bank will place that money on hold until 2 things are fulfilled. First the merchant has to send over the sale confirmation that is generated when you pay and secondly the bank has to process the transaction. depending on when you placed the order it may be past the business day cutoff (When the bank will stop accepting orders for that day) usually being between 2-4pm depending on your location and bank. If it was before the cutoff then it will process that night and if it was after then your have to wait until the next business day for overnight processing not including weekends. Normally most people will only see the balance (Not "avilable balance") change tues-sat and stay the same on sun-mon. Now when a merchant cancels the auth the customers bank is the one that will continue to hold the money for a preset amount of time Generally between 3-5 days but upto 7 based on the TOC that was signed when the account was opened. we used to be able to remove the auth holds for the customer but most banks have changed the policy so that they can't be removed anymore and have to expire on their own.
I hope this helped clear up some confusion on why the money was being held for so long, And i hope you were able to get the auth hold removed
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