Filling gas tank may cause overdraft

This doesn’t impact me but heads-up because others may run into it.

https://www.wsj.com/articles/as-gas-prices-surge-stations-no…

**As Gas Prices Surge, Stations Now Hold Up to $175 of Your Money When You Swipe**
**Higher gasoline prices have led stations to raise the holds they put on cards by as much as 40%, a change that means overdraft risks for some**
**By Ayse Kelce, The Wall Street Journal, June 27, 2022**

**...**

**When drivers insert a credit or debit card at the pump, the gas station doesn’t know how much fuel they will buy and it places a hold on the account for an amount set by the gas station. Merchants authorize the payment networks to lift the hold once the final total of the payment is determined, though the holds can take hours and sometimes longer to settle—raising risks of overdraft penalties for debit-card users and eating into credit limits during the holds....** [end quote]

Wendy

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As Gas Prices Surge, Stations Now Hold Up to $175 of Your Money When You Swipe

Is $175 macro?

The Captain

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Overdraft indicates the use of a debit card. People are crazy to use a debit card in a gas pump where theft using card readers is common.

PSU

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Overdraft indicates the use of a debit card. People are crazy to use a debit card in a gas pump where theft using card readers is common.

Kind of crazy to use a debit card in general. If your debit card is compromised, the bank may eventually make you whole. But in the meantime all your cash is cleaned out. If your credit card is compromised they send you a new one. You are legally on the hook for the first $50 of fraud, but most CC companies will cover the whole amount.

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This doesn’t impact me but heads-up because others may run into it.

This DOES impact me - it means I will less-often need to run the card THREE times in order to fill the tank on the motorhome.

(Twice will still be routine.)

I really wish they would adjust the programming on the pumps to ask the user how big a hold. The poor person filling up their motorcycle could say $10, and not be in overdraft territory; I could say $400, and get the job done in one go.

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Well I’d hate to be the owner of a gas station, this happened in Va. a week ago

https://www.wtvr.com/news/local-news/13000-fuel-stolen-virgi…

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I’m so glad that I use a credit card instead of a debit card at the gas pump.

For the reasons that syke6 cited, I don’t trust debit cards. It basically comes down to this:
Possession is nine tenths of the law.

Virginia Beach Police said officers discovered the scheme when they were called for “suspicious activity” at the CITGO station on 1405 North Great Neck Road Tuesday night.

CITGO belongs to PDVSA, the Venezuelan state owned oil company. The theft could not have happened to a nicer Dictator than Nicolas Maduro.

The Captain

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CITGO belongs to PDVSA, the Venezuelan state owned oil company. The theft could not have happened to a nicer Dictator than Nicolas Maduro.

You can be sure Nicolas Maduro got paid every penny that was owed to him.

The small business owner of the gas station will have to eat that loss. Or, if he was insured for gas theft, then the cost will be spread among the insurance company’s customers,

Anyway, I was taught that stealing was wrong, even if it was from people you didn’t like.

AW

2 Likes

Anyway, I was taught that stealing was wrong, even if it was from people you didn’t like.

Some people were not taught “irony.”

i·ro·ny1 | 'ir?ne |
noun (plural ironies)
the expression of one’s meaning by using language that normally signifies the opposite, typically for humorous or emphatic effect: “Don’t go overboard with the gratitude,” he rejoined with heavy irony.

The Dictionary

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