My central A/C is on it's own thermostat. I have purchased a Honeywell programmable thermostat so that I can save some $ on cooling costs. Old thermostat is 3 wire cooling. There is a jumper wire from RH to RC. I connected red wire to RC, green wire to G and white wire to Y (because that's the way the old one was wired). Thermostat was set for 74 degrees, at that point the inside temp was 78. Inside temp came down to 67 degrees and the AC was still running. Did I wire this wrong or is this just a crappy thermostat? I've replaced my heating thermostats before without any problems.
You have wired the t-stat correct, it sounds to me like it might be bad. Also are you sure the back up battery's are good? that sometimes will cause the cheeper t-stats to do wierd things.