- This topic has 130 replies, 1 voice, and was last updated January 29, 2008 at 2:57 am by .
- January 29, 2008 at 2:57 am #255483Guest
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.
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.
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.
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