Saturday, April 5, 2008

It's not a crime, but ...

Swiping your debit card at the gas station may be convenient, but it can put a hold on the money in your bank account. To cover your gas purchase, banks place a hold on your funds. The amount varies, maybe $50 or even $100. The bank's rationale for doing this is that it doesn't know how much money you are spending until you've finished pumping.

Of course the dollar amount of gas that you may have purchased may be less than the funds held out by the bank. Problem is, it can take up to seven days from the date of your gas purchase before the unused funds the bank has held becomes available to you.

Herb

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5 Comments:

OpenID lisaalber said...

Your website is fascinating -- some of it may be helpful in my future writing endeavors! Great resource.

And these last two posts about the gasoline -- argh. Glad to know though.

April 22, 2008 5:03 PM  
Blogger Herb Holeman, Author said...

Thanks for your kind comments. Glad you found my writing resources helpful.

As they say: Keep Writing!

May 8, 2008 1:43 PM  
Anonymous Anonymous said...

Bummer. But I guess it's legal.

June 7, 2008 11:09 AM  
Anonymous Anonymous said...

This is a real bummer. On top of pulling this stuff off, they have raised the ATM fees too.

July 26, 2008 1:48 PM  
Anonymous Anonymous said...

I agree too. This practice is a real bummer.

Angela

Maybe I'll get an account here.

July 27, 2008 3:59 PM  

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