Serious question, did anyone else see that new rule about instant payment holds?

I mean, last week I sold an old camera on a local marketplace for $250. The buyer sent the money through a popular payment app, and the funds were just stuck as 'pending' for a full 48 hours. I called my bank, and the rep told me it's a new system-wide thing for amounts over $200, meant to fight fraud. It just feels weird because I got used to it being instant. Has your bank started doing this with peer-to-peer apps too, or is it just mine?

2 comments

2 Comments

rileyp494d ago

You mentioned the rep said it's a new system-wide thing for amounts over $200. That's the part that's a bit off. It's not a new rule from your bank, it's actually a feature of the payment app itself. They have their own fraud checks that can hold money, especially for newer accounts or big first-time sales. My bank doesn't hold the money, the app does before it even gets to the bank.

averywilliams4d ago

Yeah, the app definitely holds it. I had a $250 sale get stuck for like 5 days once. Calling the payment app's support directly usually gets it moving faster.