Friday, March 28, 2008

Using Debit Cards For Gas Can Overdraw Your Account

John Matarese has a really good story in the "Don't Waste Your Money" series running on how you can end up getting undexpected overdrafts using debit cards at gas stations.

The story goes something like this - say you have $25 in your checking account and buy $12 worth of gas - you think you're covered, right?

Nope ... apparently what is going on with the price of gas being so high is that the gas stations are PRE-NOTING your accuont for $50!

So, yep, if you have $25 in your account and they pre-note $50 and then you go to charge $5 worth of take-out or something like that - guess what? - yep! - overdraft fees.

Doesn't it just give you a warm fuzzy when your favorite merchants conspire with the banks to rob you blind?

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