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Old 08-04-2009, 12:55 PM
 
159 posts, read 425,683 times
Reputation: 76

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I am reviewing my bank account online. The other day I mistakenly swiped my bank debit card into a gas pump slot. I saw what I did and canceled the transaction and then used my credit card to pay for the gasoline. I see there is a $1 authorization charge on my bank account now. Oh boy. It is just one dollar, but if my simple error cost me a dollar, others beware. I will see if the charge gets credited out in the bank cycle. I would figure there would a hold placed on my account for some money. I read how it happens when you pump gasoline sometimes. Some places place a hold of many tens of dollars too. Glad it is just a dollar. However, if the dollar charge stays, then just another reason to never use my debit card again when cash would suffice. I have not used a debit card in many years.
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Old 08-04-2009, 01:21 PM
 
Location: RV Park
7,543 posts, read 11,554,397 times
Reputation: 4461
I've never experienced that either (never swiped and then changed my mind), but I do know they hold like $50-75 dollars until the next business day on fuel purchases. I prefer the charge companies that offer %% rebates on fuel instead.

Something to watch for, I guess.
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Old 08-04-2009, 03:18 PM
 
Location: southwestern PA
20,426 posts, read 35,731,620 times
Reputation: 38829
just another reason to not have a debit card...
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Old 08-04-2009, 03:40 PM
 
Location: East Valley, AZ
3,852 posts, read 8,026,141 times
Reputation: 3983
It's not a charge, it's simply the merchants way of knowing you have the money in the bank account. Regardless of whether or not you actually purchased something, you will see that authorization on your account for a few days. Merchants don't have the ability to delete an authorization, so eventually you'll see it fall off your account and you will forget about it. I know you didn't actually purchase gas, but you did slide your card, so the merchant tapped your account. No worries, it's not a real charge.
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Old 08-04-2009, 05:32 PM
 
10,710 posts, read 20,133,318 times
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You won't actually be charged. It won't ever move past the pending stage. No worries.
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Old 08-04-2009, 08:30 PM
 
159 posts, read 425,683 times
Reputation: 76
Thanks people. I was not too worried about it other than a nuisance at the most. The nickel and diming banks and card companies are trying to extract more fees with motivated me to post originally. Incidentally, while we are talking about debit cards, I read on one these type of forums that the debit card use is pushed because banks want the user to slip up somewhere and rack up fees. I am not sure if it is for overdraft related stuff or what, but the gist was that a debit card is not a good deal. I imagine a person can default on a credit card account one way or another but debit cards already have funds backing most POS charges. The high-profit margin is when the debit user makes a mistake and strays into some kind of fee penalty? How else would banks offer those high interest rate returns on accounts that stipulate you use your debit card a certain amount of times per month?
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Old 08-05-2009, 09:21 AM
 
Location: East Valley, AZ
3,852 posts, read 8,026,141 times
Reputation: 3983
Quote:
Originally Posted by ExcellentFudge View Post
Thanks people. I was not too worried about it other than a nuisance at the most. The nickel and diming banks and card companies are trying to extract more fees with motivated me to post originally. Incidentally, while we are talking about debit cards, I read on one these type of forums that the debit card use is pushed because banks want the user to slip up somewhere and rack up fees. I am not sure if it is for overdraft related stuff or what, but the gist was that a debit card is not a good deal. I imagine a person can default on a credit card account one way or another but debit cards already have funds backing most POS charges. The high-profit margin is when the debit user makes a mistake and strays into some kind of fee penalty? How else would banks offer those high interest rate returns on accounts that stipulate you use your debit card a certain amount of times per month?

Actually, my bank (we're just a small local bank) pushes the credit side of debit card transactions. We get about 3 times the amount of kickback from our card processor when our customers use their debit cards as a credit as opposed to putting their PIN numbers in.
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Old 08-08-2009, 12:30 PM
 
16,301 posts, read 24,237,161 times
Reputation: 8261
Quote:
Originally Posted by Pitt Chick View Post
just another reason to not have a debit card...
Love my debit cards, use them all the time, don't write more than 5 or 6 checks a year, don't usually carry more than $40 in cash, if any.

I also carry a sharp knife, I know it is sharp, and I use care when I use it for anything so it doesn't cause me to bleed. I use the same principle with the debit and credit cards I carry, and when not used with care, they can bleed you dry.
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Old 08-08-2009, 05:07 PM
 
Location: southwestern PA
20,426 posts, read 35,731,620 times
Reputation: 38829
Oh... BIG CC user here.

But I see no reason to have a debit card. Nothing but problems with pending holds, liability, etc.


(I also do not have or need and ATM card....).
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Old 08-08-2009, 08:08 PM
 
Location: SoCal desert
8,095 posts, read 12,745,934 times
Reputation: 14837
Quote:
Originally Posted by Pitt Chick View Post
Oh... BIG CC user here.

But I see no reason to have a debit card. Nothing but problems with pending holds, liability, etc.

(I also do not have or need and ATM card....).
Same here. If you pay off the CC's in full every month, why have a DC? I'm using their money for a month, plus getting my points.

No DC, no ATM, no DVR, no cell .... I'm a dinosaur

(Tried to think of more acronyms, but failed!)
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