VISA has announced that it will provide a real-time clearing for purchasers using its debit cards.
The change will work this way:
When you pay, VISA will hold the average amount of a tank of gas at your station, around $100. When you finish pumping, the real cost will be sent to the bank. lt will have 2 hours to release any funds.
VISA promises most total transactions will take just 15 minutes.
The Consumers Union is praising the move and so are the regualr customers we spoke with today.
What else do you think can be doneto help ease the pain at the pump for all of us? Full story.
3 Comments
Dan said:
Not to mention names but I work for a Seattle based discount warehouse company who sells gas. The VISA hold release is great but they need to take one more step with the debit card purchases and respond to the high gas prices. The maximum amount you can currently purchase in one transaction at the gas pump is $99 dollars for major banks. It is a paltry $74 for most credit unions! This does not work for the people who continue to drive larger vehicles or are filling any kind of recreational vehicle be it a RV or boat. The only credit provider we accept recently raised their limit to $200 dollars for one transaction along with our gift cards which can be used at the pump. The result, happier customers and alot less complaints. Why are banks and credit unions stuck in the 90's with these lower limits? When will they catch up to the high gas prices and raise their transaction limits? We may have to pay higher prices at the pump but it doesn't need to be a hassle.
Sue said:
Pay in cash! I can't imagine allowing a company to help themselves to your account at 45 cents a pop. Use good old USA dollars.
Not to mention names but I work for a Seattle based discount warehouse company who sells gas. The VISA hold release is great but they need to take one more step with the debit card purchases and respond to the high gas prices. The maximum amount you can currently purchase in one transaction at the gas pump is $99 dollars for major banks. It is a paltry $74 for most credit unions! This does not work for the people who continue to drive larger vehicles or are filling any kind of recreational vehicle be it a RV or boat. The only credit provider we accept recently raised their limit to $200 dollars for one transaction along with our gift cards which can be used at the pump. The result, happier customers and alot less complaints. Why are banks and credit unions stuck in the 90's with these lower limits? When will they catch up to the high gas prices and raise their transaction limits? We may have to pay higher prices at the pump but it doesn't need to be a hassle.
Pay in cash! I can't imagine allowing a company to help themselves to your account at 45 cents a pop. Use good old USA dollars.
I hope Mastercard follows suit.