I don't have experience working for an FFL so maybe I'm off base but on the question of holding or not, I think one should consider it from the FFL's side. What happens in this scenario?:
-Seller sells $900 gun to buyer, leaves with the money.
-Buyer goes into queue for 4 days.
-Seller has already spent the money and can't return it even if they wanted to.
-Buyer fails BGC.
-Is the seller legally obligated to return the money?
-FFL has headache of angry guy who is out $900 and can't take possession of gun and a seller who can't/won't return money.
-Law enforcement probably has to get involved in some capacity.
I could understand why the FFL might take the stance that nothing changes hands until and approval.
-Seller sells $900 gun to buyer, leaves with the money.
-Buyer goes into queue for 4 days.
-Seller has already spent the money and can't return it even if they wanted to.
-Buyer fails BGC.
-Is the seller legally obligated to return the money?
-FFL has headache of angry guy who is out $900 and can't take possession of gun and a seller who can't/won't return money.
-Law enforcement probably has to get involved in some capacity.
I could understand why the FFL might take the stance that nothing changes hands until and approval.