Be careful using your debt card at the gas pump
Gas prices are already high, but what if you got charged twice as much and then had to wait for a refund after every fill up?
When you pay at the pump with your debit card, additional money in your checking account may get frozen for days leaving you at risk for bounced checks and other headaches.
We think this is outrageous. So we’d like to know if you’ve had cash in your checking account frozen–they call it a “hold”–after making a gas purchase at the pump.
Take a minute to fill out our survey on your experience using your debit card at the gas station. The more information we have, the better we can tackle the problem.
Even if you’re pumping only a few dollars of gas, up to $100 may be frozen in your checking account. They claim they need such large holds because they don’t know how much gas you’ll pump when they pre-authorize the charge.
But here’s the rub — your money is sometimes off limits to you for up to three days without your knowledge, leaving you at-risk of bouncing checks or unable to access your cash.
If there is a need to put a hold on your funds, it should be for 5 or 10 minutes, not 72 hours. The gas companies and banks know almost immediately how much you pumped, so why freeze your money for days? It’s your money, not theirs.
If you have ever experienced this, we have a few questions for you, and your answers can help us campaign effectively for your right to your own money.
Higher gas prices shouldn’t stick us twice. Tell us your experience, then pass this on to your friends and family. The more people we hear from, the better.
Sincerely,
Michelle Jun
Consumers Union
1535 Mission St.
San Francisco, CA 94103-2512
