What You Don't Know Can Hurt Your Wallet

Can Hurt You!

By Dollie Gull

What you don't know about your money can definitely hurt!

It's an almost unknown fact about debit cards that the oil companies routinely put Debit Holds on fuel purchases. In Shell Oil Company's case, at one location in Madison, Alabama, a franchise dealer will charge an additional $65 against your bank account when you purchase a mere $10 worth of gasoline!

The Shell Oil outlet at Waltriana at Countyline Road in Madison, routinely charges outrageous amounts against your Debit Card without your knowledge. Industry sources note that retailers are NOT responsible for the amount of the hold, nor the length of time of the hold which are controlled by the bank issuing your Debit Card. Both VISA and MasterCard require that retailers place "pre-authorizations" of at least $1.00 on signature debit (check card) purchases. Once the purchase has been "authorized" your bank then issues a "hold" on that account. Most consumers don's realize that more money has been deducted than just the amount of the fuel purchase because they have sufficient credit in their accounts to cover the temporary added deduction.

It's only these days, when folks are operating on far less credit/cash in their accounts that this information has come to light.

Most holds today are between $50 and $100 to approximate the cost of a fill-up, which has become costly, indeed, with the oil companies' obscene profits on high oil prices. These holds have increased, according to industry sources, $35 over previous amounts.

And that "hold" on your bank account can last up to as long as three-days, meanwhile banks are using your money for other purposes!

Customers on tight budgets (and who, these days aren't on such?) should be aware that, if they want the "hold" to be released immediately, ought to pay where you use your PIN number, since PIN debit transactions should be registered immediately. However, the best way to avoid the oil companies dipping into your bank account/s is to PAY CASH! These same industry sources warn that, should you use the "credit" or "signature" option, the company from which you make your purchase (along with the oil companies and the banks) can take DAYS using your money without your say-so!