As gas prices soar, stations now keep up to $175 of your money when you swipe your card

The pain of pumping gas isn’t just about the high prices: Gas stations are also placing larger sums of up to $175 on customers’ cards when they swipe them.

When the driver inserts a credit or debit card into the pump, the gas station won’t know how much fuel they will buy and it will hold the account with the amount specified by the gas station. The merchant authorizes the payment network to raise the hold once the final total amount of the payment is determined, although the hold can take hours and sometimes longer to settle — increasing the risk of overdraft penalties for debit card users and eating into the credit line during the hold period.

https://www.wsj.com/articles/as-gas-prices-surge-stations-now-hold-up-to-175-of-your-money-when-you-swipe-11656277411?mod=rss_markets_main As gas prices soar, stations now keep up to $175 of your money when you swipe your card

Luke Plunkett

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