Credit Companies Drain You At The Pump
By: Joe Griffin
Updated: July 1, 2008
Next time you fill up at the pump, you might want to check your bank account for extra charges.Several credit card providers are now adding a temporary charge on top of the high prices you are already paying for gas.
They hold the amount of money for a short period of time as a type of theft insurance.
If you put ten dollars in your tank, the credit card company could hold anywhere from $50 to $100, and they won't return the money for several days.
KLBK has spoken to several people who have suffered overdraft fees because of held up funds.
We talked to local gas station owners and they say they don't like the credit card policy, but they say their at the mercy of the credit companies.
"It's something we have to live with, and I'm not fond of it," said Charles Bolton of Bolton Oil Change. "We basically have to play by their rules."
The amount withheld is different form station to station.
The fee is only if you pay at the pump. You can avoid the charges by having the cashier run your card.
