More and more, I’m starting to become convinced of the evil that is oil.
Did you know that when you use your debit card to buy gas at Arco gas stations, they put a hold on your account for an amount between $70 to $100, for a week?
Most people don’t realize this because most of us have more than $70-100 in available cash in our accounts at any one time. But a friend, who is a branch manager at a local bank, recently described to me several instances where people who had less than $100 available in their accounts were not able to withdraw money. The crime perpetrated by these people? They bought $20 worth of gas using a debit card at Arco, and Arco put a $70-100 hold on the account attached to that card.
Why this gas station would do this, and how they could get away with it, no one knows for sure. But, not to mention the debit card fees that Arco charges that negate any savings you get from buying their gas, this further goes to show that the savings you think you’re getting at Arco doesn’t come without a price.
UPDATE: Turns out that this behavior isn’t specific to Arco, but to most gas stations in varying degrees. Thanks RonTopofIt, for digging up this link.