Never use a debit card to pay at the pump: "Each day millions of Americans use their debit card at gas stations to "pay at the pump." What you probably do not know is gas stations have the right to overcharge you a certain amount to ensure they get their money. Each gas station decides how much to overcharge and hold on your account. Some put a $75 or $100 hold on the account while others only hold $5 or $10. But, these stations also decide how long to hold that money. Some hold the money for up to three days. " How is this even legal? Am I the last schmuck in the U.S. to find out about this? I just found out that Sam's Club (for example) charges $50 and deposits your change three days later.
The quote above is from this Snopes page (near the bottom).
posted by spock at 10:20 PM on June 19, 2005
I understood that they place a hold on your card, but dont actually take money. There
is a big difference.
I understood that they place a hold on your card, but dont actually take money. There is a big difference.
There is if you're sitting close to having no money in your account, right? - if you have $75 in your account, buy $25 worth of gas, and they hold an extra $50, then you go to the store to do some shopping.
I imagine that they do this for credit cards to, it's just harder to notice. It's not a charge though, as the snopes piece makes clear. Where's the story?
Well, the story is, if you're using a debit card, and you have $100 dollars in your account, and the gas station puts a hold on your card for $75 dollars and doesn't release the hold for 3 days, it means that you *cannot* access anything but $25 from your account for 3 business days. The gas station has the rest locked down and untouchable until they release it. which, as articles have noted can take some time.