HOLDS only take 1 day to release. Doesn't mean the bank took it's time to release them or the company. I work for a financial institution and this is from experience.
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Excatly. Holds can be released instantly.
I feel like if a person can't spare the loss of access to $700 of credit for a week (or even two, if the hold really does take that long to release, which is doubtful), he/she shouldn't be considering purchasing such an expensive device...
And yep, the hold is absolutely (and obviously) necessary to prevent people from just keeping the phone.
I'm not saying it's a problem. I have an iPhone 5S on ATT and just don't want to tie up $700 for a mostly unspecified period - because, as you know, debits/charges happen instantly, but credit back to cards can sometimes take 10 or more days.
I'm sorry I registered just to reply to this, THIS IS COMPLETELY UNTRUE holds can take 2 weeks to release, I've had this happen with sprint, went online, ordered a s5, paid 100, then got a phone call from sprint telling me a 100 dollar deposit was required, I decided to canc service at that point and I told them to release the hold, they said they did but it was still pending on my debit card, called my bank and they told me they couldn't release it and to call sprint, this back and forth went on for days, each on blaming the other until I got pissed off and gave up, it took almost 11 days to drop and sprint and my bank kept giving me the run around, this is one of a million horror stories with bank holds, it's a scam that needs to be addressed on a congressional level.if they can charge you instantly then they can return the funds instantly but in reality they have every excuse why that's "not possible" so no bank holds are not released in 1 day, it can take 1,2 and even 3 weeks to drop off but of course a company can take funds immediately ... It's a SCAM
Google it.
I'm sorry I registered just to reply to this, THIS IS COMPLETELY UNTRUE holds can take 2 weeks to release, I've had this happen with sprint, went online, ordered a s5, paid 100, then got a phone call from sprint telling me a 100 dollar deposit was required, I decided to canc service at that point and I told them to release the hold, they said they did but it was still pending on my debit card, called my bank and they told me they couldn't release it and to call sprint, this back and forth went on for days, each on blaming the other until I got pissed off and gave up, it took almost 11 days to drop and sprint and my bank kept giving me the run around, this is one of a million horror stories with bank holds, it's a scam that needs to be addressed on a congressional level.if they can charge you instantly then they can return the funds instantly but in reality they have every excuse why that's "not possible" so no bank holds are not released in 1 day, it can take 1,2 and even 3 weeks to drop off but of course a company can take funds immediately ... It's a SCAM
Google it.