Hold days control how long it takes for the cash for an EFT or credit card transaction to move electronically between bank accounts.
Every merchant account will have a hold day setting for deposits and withdrawals.
See this Help Article if you are interested in applying for a hold-day change, or wish to review hold-day fees.
For all new ePay accounts created after November 1st, 2016:
|EFT/eCheck||1 hold day||1 hold day|
|Credit cards||1 hold day||N/A|
Why are there hold days?
Hold days are a security precaution that protects the people involved in the EFT/eCheck transaction. From time to time, something goes wrong and the bank needs to ask for the money back to correct a mistake.
If the cash was sent immediately, it could be spent immediately. Should the EFT/eCheck need to be corrected, taking the money out could cause an overdraft.
By holding the money for a short time, the banks are given time to sort out their possible glitches before the money can be spent. Hold days minimize the likelihood that the funds will need to be returned.
In general, banks will only process online payments in an overnight batch process. This means that you'll usually need to add an additional business day to timeline. Here are a few examples below.
|Timeline of an EFT deposit||Timeline of a EFT withdrawal|
|Monday - a resident logs into Buildium and makes a payment*||Monday - you pay a vendor through Buildium*|
|Tuesday - Hold day 1||Tuesday - Hold day 1|
|Wednesday - the funds will be deposited into your bank account||Wednesday - the funds will be deposited into your vendor or rental owner's bank account|
* assumes that the EFT was made before 6pm Central Time and that Monday is a day that the banks are open for business that day. EFTs do not process on weekends or federal holidays.
Buildium shows the "funded" date. This is usually one business day before your bank will acknowledge the funds. For example, if Buildium shows that the transaction funded on Monday the 1st, you'll see the money in your real- world bank account on Tuesday the 2nd.
EFT transactions are processed the same day if they are entered by 6pm Central Time. Credit card transactions are processed the same day if they are entered by 11:45pm Central Time.