How to Save Money

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My bank doesn’t do that. The gas station, the grocery store, none of them are treated like that.

When I get home from running my errands, I check my account on line, and the exact amount has been deducted, and the “available balance” agrees with those figures.

I don’t know if it’s a bank think or a state law thing, but here in Wisconsin, if you have a Wells Fargo account, they do not “hold” extra funds.

At least they never have on my accounts, so I would assume it would be the same way for their other customers – at least in Wisconsin.

kp

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Original Message
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From: Herlean
To: Budget101_@yahoogroups.com
Sent: Wednesday, January 30, 2008 3:47 PM
Subject: Re: Budget101.com : Re:How to Save Money

A hold equal to about double the amount you pump is most likely placed on your debit card when you do that. Check with the people inside of the gas station, or call your bank/credit union. It’s pretty much the “norm” now.

The merchants say it is so they can guarantee they get paid.
No matter what all of those “holds” do to you. It really makes a difference if you don’t have any kind of cushion in there.

For instance, you go to the gas station, then to the grocery store, then stop by the pharmacy.

You have $400 in the bank.

You go to the gas station, debit 65 for gas; station HOLDS 100
You go to the grocery store, debit 175; grocery HOLDS 200
You go to the pharmacy, debit 100; pharmacy HOLDS 125-150

You go home, order pizza delivery for dinner. Debit 60. Pizza place HOLDS 75.

You are now in trouble. If your bank covered (allowed) each of these debits to go through, when you exceeded 400 including all of the holds, you were charged a COURTESY fee of $40 for each instance over the 400.

Until all of the holds are released, your money is not really there available for your use. In the meantime, you have been charged fees for money you actually had. Does that make sense?

In another day or two (longer if you do these things on Friday or Saturday) the holds are released and you find out the damage. Many people live very close to the edge. Paycheck to paycheck.

BTW – Several banks charge for any contact you have with a teller. Some charge a buck or two; others 10 – 20. Ridiculous, but true.

Anyway for the bank to make a buck.

Herlean

Amy W wrote:

i always pay at the pump. i don’t know if all places have that, but here in michigan you do your entire transaction at the pump and get a receipt.

~Amy
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original message —-
from: kelly weyd
To: Budget101_@yahoogroups.com
Sent: Wednesday, January 30, 2008 12:59:51 PM
Subject: Re: Budget101.com : Re:How to Save Money

Good point about the gas. I went to a gas station one time and my bill came to something like $34 dollars, and I paid with my credit card. The attendant put $340 dollars on my credit card.

That one was so glaringly obvious that the manager actually caught it, because who takes $340 worth of gas in their mini-van? But it was not till I noticed it and went back in that I got a refund.
Kelly

Rhonda wrote:

My daughter works as a waitress to put herself thru college she said to never leave the tip area blank. put a zero’s with a big line thru it. she has seen to many of her co-workers add tips later.

Some people think oh its just a dollar here and there. They add up fast! One other tip is to check when you fill up at gas stations.

One station my husband used charged one dollar for the convience to pay at the pump!! guess they are losing sells due to the fact that we aren’t coming inside to buy that over priced soda.

Rhonda

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