Re: Getting a credit card in college

Posted by Eric SEI on January 31, 2009 at 14:40:27 from (74.215.38.67):

In Reply to: Re: Getting a credit card in college posted by Dave from MN on January 31, 2009 at 05:46:16:

You have to be very careful with a debit card. Many companies will put a predetermined hold on your account when you use it. So if you use it to make a motel reservation, they will put a hold on your account for the entire amount your bill may come to. So lets say you've got $500 in your account. The motel has put a hold of $300 on your account. If you write a check or use your debit card for any amount over $200 you will get charged an insufficient funds fee even though you actually had the money, and weren't going to the motel until next month.

Some gas stations automatically put a hold of $50 or $75 when you use your debit card and then a day or 2 later they release the hold when they confirm that they have been paid. Now if you have a large balance this is not a problem, a college student might end up with an insufficient funds fee. He knows he still has money because he only bought $10 in gas, but the bank sees $50 or $75 and that might be his balance.

The banks have found some ways to really stick it to debit card users.

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