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Funds on hold after refund

I am so tired of ebay messing everything up. So funds are on hold because a buyer didn't like an item. Fine - he returned it and I refunded him today. The refund came from my available funds. The funds are still on hold and have not been issued to me.  Called ebay and of course their customer service is useless. No explanation as to why. They simply file a ticket and say someone may get back to me in three to five days. I've heard this story before - it's when they are clueless and wave their hands of any responsibility.

 

That begs the following questions:

If ebay is holding my funds, then the refund should be processed from those held funds. Not from my available funds.  And once the refund was issued, why are my funds still being held?

 

 

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Funds on hold after refund

Following as I would like to understand this also. 

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Funds on hold after refund

I noticed there is usually a 1 or 2 day delay in releasing the funds after a refund is issued

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