I just looked into it as much as I could with the site down, and yes, they are put in a non-interest bearing account with a financial institution. They also allow you to take out the money at any time, etc. - so you aren't just giving them money you'll never see again if your plans change.
Agreed, though - they didn't seem prepared for this. They do take a few days to sort out just by the very nature of an ACH product, but Disney should have had a plan for this. It's pretty common. My guess is, it's stuck with the lawyers right now - because they didn't have pre-planned communications for something like this, I'm sure they are scrambling to vette the communications for legal issues/liability concerns.
Hopefully they will get it resolved soon, and they will have learned their lesson.