My Personal Finance Progress Report

    Saturday, October 01, 2005

    article: hosed out at the gas pump - by your debit card

    I wanted to share this article from msn.com. Basically when you use your credit or debit card at the pump, a hold charge of up to $75 could be put on your card, and while most will disappear within a day or so, some can stay for as long as a week. Obviously this can wreak financial havoc for those that operate on a strict budget, and use their debit card to purchase gas. My friend sent this to me earlier this week, and luckily I haven't experienced this (I frequently use Exxon/Mobil to fill up since I get money back from Upromise, they only put a hold on $1), but it burned me up. She said she thinks it HAS happened to her.

    Even worse - a bank representative in the article stating that you may or may not recover the fees that you will incur, at no fault of your own. I guess it depends if they are in a good mood that day?

    Read the article here.

    posted by Karen @ 4:52 PM

    4 Comments:

    At 3:22 AM, Anonymous pfadvice said...

    Interesting...do you have a link to the article by chance?

     
    At 10:28 AM, Anonymous Kyle Welsh said...

    If you use your debit card at the pump - always select the 'Debit' option if available. You will be prompted to enter your PIN, but there will be no temporary hold on your funds. Your purchase amount will come out immediately and that's it.

     
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    A blog designed to track the progress I make in paying off debts and saving for my future, as well as a few goodies I find along the way.

      "Spending money is a control thing, like dieting. You can either decide you want everything, eat it all and end up fat. (Sometimes eating, like spending money, is a way of telling the world I will have everything I want!) Or you can realize that you can’t realistically have everything and decide to enjoy the things you love the most—only less often and in smaller amounts. Money and food are control issues and everyone handles them differently despite the consequences. It's that simple." ~Making Bread Magazine

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                  2006 Goals

                    * Put at least $350 in savings each month. * Eliminate the car loan for the Grand Am (starting: $5300) * Reduce the Mustang loan by at least 8k.(Starting $19k) * Seriously look into refinancing both vehicles. My credit has gotten better and I am definitely due a better rate than I currently have (about 12% on both). * Right now I am contributing 10% to my 401k. I am going to leave that alone until I pay off the Grand Am, and then re-evaluate, maybe bump up just a bit more. Maybe open a Roth IRA as well. *Increase my net worth by as much as possible.

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