The Sage goes to a motel....

[manitou]

Because the transaction is a debit, the machine contacts the bank in real-time and requests a hold for what they anticipate is the largest reasonable purchase (they don't know how big your tank is) and they can later reconcile with the bank in a batch fashion (rather than doing the reconciliation in real-time) and collect their money. This way, they are assured (reasonably so) that the money is still there. Hotels do the same thing because they don't know when you check in what your total bill will be. I've noticed hotels and some gas stations posting a warning about this recently.

 

A credit transaction is handled differently because it is not a "cash transaction" like an ATM card is. I use a credit card at hotels and I tell gas pumps that my debit card is "credit" (or use a credit card instead...)

 

 

The Sage would want to be notified up front that this was going on with his account. (S)he would want to read a sign at the pumps saying so so she would not overextend herself later in the month. If she were a living-close-to-the-earth sage.

Edited September 25, 2013 by manitou

[Brian]

 

 

 

The Sage would want to be notified up front that this was going on with his account. (S)he would want to read a sign at the pumps saying so so she would not overextend herself later in the month. If she were a living-close-to-the-earth sage.

 

They aren't everywhere yet but the signs are becoming more common (at least in my neck of the woods).

 

Keep complaining to your local merchants to make sure they understand the situation -- and tell them that you will use credit instead of debit. Transaction fees cost them more for credit...

[manitou]

Cajun Two-Step might be better for a person of your age. Hehehe.

I would've gone for the Cajun Two-Step but I have too many teeth. Actually, in this little one-horse Appalachian town, belly dancing was all they were teaching, or I would've gone for something else. I'm a bit on the memory impaired side, so trying to remember the sequence of the moves in the dance is very challenging and lights up the brainal batteries.

 

Brian - you seem to know a bit about the transaction thing. Do you think there is any chance that there is a financial collusion between the banks and oil companies on these type of holds? That they're somehow sharing the profits, if there are any - even in the smallest fee or 'interest' on the lien? My old detective brain just smells a rat here somewhere, that's all. Or, I could just be old and paranoid.

[Brian]

Seems to be just a case of a convenient solution to the need to a two-step transaction (pun intended) without risking either the merchant or clearinghouse taking it on the chin. The client who keeps a low balance takes the risk and they are also the ones being protected against since they are the ones most likely to be overextended during that in-between period.

 

For comparison, think about how it works at most places these days if you want to use cash to "fill 'er up..."

[Marblehead]

I would've gone for the Cajun Two-Step but I have too many teeth. Actually, in this little one-horse Appalachian town, belly dancing was all they were teaching, or I would've gone for something else. I'm a bit on the memory impaired side, so trying to remember the sequence of the moves in the dance is very challenging and lights up the brainal batteries.

 

Yeah, I forgot where you live. How about some Bluegrass Clogging?

[Brian]

Great, ain't it? Or just old-fashioned buck dancing?

[manitou]

Seems to be just a case of a convenient solution to the need to a two-step transaction (pun intended) without risking either the merchant or clearinghouse taking it on the chin. The client who keeps a low balance takes the risk and they are also the ones being protected against since they are the ones most likely to be overextended during that in-between period.

 

For comparison, think about how it works at most places these days if you want to use cash to "fill 'er up..."

The fact that the lien is done without the consent of the buyer doesn't bother you?

[Brian]

The fact that the lien is done without the consent of the buyer doesn't bother you?

 

Haven't looked but I wouldn't be surprised if it is covered in the bank's cardholder agreement. Hasn't worried me because I knew about it so it was never a surprise, I guess. I can see how it would be both a shock & a problem.

 

Either use cash or a credit card -- or run your debit card as a credit card if it will let you -- and you avoid having funds tied up...

[manitou]

I usually pay cash inside. This was the first time Ever I had used an ATM at the pump - won't make that mistake again. The only reason I did it was because I was in a lot of pain. I think I sprained my crotch at my last belly dancing lesson, lol. Marbles is right - I have no reason to be there at the age of 66. But there I am.

[Marblehead]

Marbles is right - I have no reason to be there at the age of 66. But there I am.

I didn't say that! Hehehe. But yeah, I did hint at it.