Trash those ATM Debit cards!!

Sunday, August 7, 2005: TRASH THOSE ATM DEBIT CARDS!!!! ITS YOUR MONEY!!! About three weeks ago, payday is coming, but I need gas before payday. I log onto my credit unions webpage to check my daily updated balance. I have $60 plus dollars in the bank. I know a bill is still outstanding for $15 from when I wrote checks two weeks before so I know only to get $15 in gas, to allow for $5 dollars for two meals over the next two days. This is the same practice which I have repeated for years, but something different happened this time!! The next night I logon to check to see if my automatic deposit occurred, but to my surprise my balance is more than $100 lower then it should have been after the check was deposited. My balance runs from $62, -48, -$83, -$118!! What Happened??!! I called the bank to find out that Quik Trip gas stations take $65 out of your account and place it on hold in addition to the amount of gas purchase. The bank representative explained that legally they can hold this money for 3-5 days as insurance to make sure you charge goes through. In my case my bank's online page already had the purchase listed as paid the day before, but the bank rep explained that the money was still not in the account. $80 for $15 in gas how is that legal? I immediately caution friends, family and coworkers of Quik Trip's new policy for handling ATM purchases in their stores. I learned my lesson on Quik Trip's unfair policy and will defiantly consider other gas stations. Their hold of $65 dollars prevented other legitimate purchases from being paid without bouncing forcing more than $90 in fees. I am unhappy, but chalk that up to learning.

The next week I have just gotten paid, have plenty of money in the account, but now have -$217 balance instead of an actual balance of $186 after all bills and ATM purchases clear. I immediately call the bank to find out what is the problem this time. I get a very unhelpful rep who tells me that the bank may need to one day warn us of the dangers of these cards because anyone can place that authorization hold on the account. What is bad is she said she could not tell me which business placed these holds, the amounts of the holds, or when they will clear. Then she proceeded to give me a lecture on account responsibility. My question is HOW CAN YOU MAINTAIN YOUR ACCOUNT BALANCES AS A CONSUMER IF COMPANIES PUT UNKNOWN, UNKPUBLISED, BANK UNLISTED HOLDS FOR FOR ANY AMOUNT UPTO $100 ON YOUR ACCOUNT FOR AN UNKNOWN PERIOD OF TIME! One final thought my credit union does not count the holds in figuring my POSTED account balance and she explained that my actual balance may now actually be a lot lower than the one posted on the web or quoted on the phone, even after accounting for all my purchases. This is what I am dealing with, any of you having problems also? HOW IS THIS LEGAL!!!

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Trash those ATM Debit cards!!

© 2005 Paul Lossner