Debit Card Users Beware
While scanning MSN articles, this one got my attention. Now, Ol' BC was a banker for about fourteen years and understands these situations. For those of you in the dark, it seems when you use your debit card at the gasoline pump, some companies put a hold on a good sized chunk of money in your account. Some holds last for days.
If you ever use your debit card to pay at the pump, watch out: Did you know
that every time you top off the tank, a chunk of your checking account can be
blocked -- sometimes for days, with the potential to cause you all sorts of
financial headaches and bounced checks? That’s what happened to Jessica
Hathaway, a state employee from Allentown, Pa. Earlier this year Hathaway
stopped during her commute to fill up her car at Rauch’s Mini Mart, a Shell
station. She bought $22.29 worth of gas using her debit card.The next day
Hathaway balanced her checkbook using her bank’s telephone service -- and
something didn’t add up. The bank said that she’d made two purchases the
previous morning: one for the $22.29 and one for $75. Trouble is, she’d only
bought the gas.Finally Hathaway called the service station, and an attendant
explained to her what few people know.
Now, Ol' BC isn't proposing one stop using his debit card. Just be aware of how these things work. If you're one that runs his or her account down into double figures or less, you may want to consider alternative way to pay.
Just an observation.