Yes, 3 days for a 5 year old are too long. Younger children need immediate consequences to their behaviors. If you have already explained to your son why it is not appropriate to run in the neighborhood like that, let him ahead of time what the consequence will be if he does it again. Perhaps he has a favorite toy that you can take away for that day or watches movies at certain time in the evening (that you an take away that for that day) etc. Of course, let him know why you are doing so and how he can earn those back.
It is important for the child to get the same messages from mom and dad (otherwise they get confused and in time may listen only to the parent that they feel they can manipulate)
If there are any parenting classes of family counseling available in your area, this would be a good place to see what works and what does not in your home.