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Originally Posted by AvsJerk
This is probably a little off topic, but as it applies to gas stations and swipe cards I thought I would chime in. Maybe T@T can clarify. Anyhow, a couple of months ago, I purchased about $35 worth of gas and paid via debit card at the pump. I happened to check my account online the next day and it informed me that $75 had been debited from account by the gas station. I was livid (i didn't have the receipt) and contacted my bank right away and they told me this is common procedure...something about gas stations having to insure transactions for this amount or something. Regardless, in the wash I wasn't charged the $75 but the proper amount...what's up with this?
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The gas stations put a hold on your account for a specified amount, usually 50, 75 or even 100 dollars. Those funds are on hold pending the electronic transaction hitting your account. The reason for this is because at a pump, you are essentially being approved in advance for a transaction. They are ensuring that there's enough money in your bank account to cover what they predict is a safe bet for what a full tank of gas costs. Once the debit gets to your bank, the hold for the 75 will drop off and you will only be charged what you actually spent.
As for the ATM machines. They certainly triple count the number of bills being dispensed prior to you seeing the cash exit the machine. However, it is possible for a five dollar bill to be in the middle of the 2500 to 4000 bills in the cash cassettes in the machine. There's really no way for your bank to prove or disprove that you got a five dollar bill. It will be a judgement call based on your relationship with them. One of my ATM's was stocked with money straight from the Bank of America cash vault and had LOTS of 50's in it. I had numerous customers coming in and I'm sure several who didn't. But it can happen.