Today I was checking my accounts and found that about 75$ was on 'HOLD' from doing debit at a gas station. Evidently, sometimes in the last few weeks. It has become legal for Gas Stations to put a hold on your account when you pump gas. So I did a debit for 20$ The took the 20$ and then put a hold on my account for an additional 75$ I spoke with my bank and they said they have noticed this becoming an issue in the last two weeks. Anyone ran into this issue? Am I late to this party? Rocket River
Did a debit? Took the 20? then put a hold on your account for 75? Maybe it's me, but I can't tell what the 4377 you're talking about.
I've heard of this occurring many times over the past 2 years. Depends on the particular gas stations and credit/debit cards being used.
This is actually something most people don't know happens, but it does. And it pretty much happens the way RR said it does. The only reason I knew about it is because I used to work for a POS vendor that made convenient store and gas pump software. Read about it here : http://articles.moneycentral.msn.com/Banking/BetterBanking/HosedAtTheGasPumpByYourDebitCard.aspx
I've noticed it once in awhile. I never use a debit card, but w/ my credit card I'll get a pre-authorization for $100 sometimes.
Ummm, because it's just like cash but in card form. It's more convenient than carrying cash. Some people don't like to put every little thing on a credit card if they have the cash to pay for it.
All I hear about is the inconvenience and insecurity of using it. The only reason I can see for using debit cards over credit cards is if you can't manage your finances without overspending. A credit card has all the supposed convenience of a debit card without the direct access to your bank account a debit card has. The only thing is if you don't have the will power to pay off your credit card at the end of each month, it can be bad.
If I have the cash to cover something, why not use it? Why have the credit card company pay for it and then pay the credit card company? Just cut out the middle man and you don't have to worry about another bill or accruing debt. I only use a credit card for large purchases where I want the payments spread out over time. But I usually have to cash and if I have the cash then I don't see the point in using credit. I haven't had to use a credit card in about 4 years.
If someone takes your debit card and uses it without you knowing, you lose your money instantly (notice how many places don't require PINs)... not so with a credit card. Credit cards also usually have benefits such as cash back rewards, added insurance, or purchase protection. I use a credit card for just about every purchase I make. My debit card is there for emergencies only.
My check card has fraud protection. If somebody forges physical checks, I get the money back. If somebody steals and uses my check card, I get the money back.
I'm not arguing fraud protection - you're out of money immediately. And how long does it take for you to get that money back, out of curiosity?
I work at a bank and it usually requires about a week or so. They have to investigate the issue and then they will refund you your money of you are not accountable for it.
This is what I'm talking about. Somebody can clean out your checking account and you're up the creek until you're cleared. The same charge on a credit card could at least be disputed or settled before your payment is due.
Yeah and in that time you will actually get cashback, airline miles and purchase protection (including chargeback)
Using a credit card in never free... at least not for the retailer who has to pay a significant fee per transaction. That fee then get passed down to you. Using credit cards for everything is crazy.
in the form of higher interest rates, which won't affect the people who pay their bills in full each month. Or vendors have a dollar amount minimum purchase on CC payments. I've bought a pack of gum with CC, hardly carry cash anymore.
