Visa Inc is the largest payment processing network in the US, is working to get debit card authorizations to clear faster. Right now, when you pay for gas at the pump using your debit card, the gas station has the right to hold $75. They send the $75 pending authorization to your bank to make sure your account is real and has the necessary funds to handle the filling of your gas tank- but when you’re only putting in $40-50, it can be annoying for $75 to be held for five days or more from your account - especially if you’re someone who doesn’t have a lot of extra breathing room in the checking account for the extra funds to be placed on hold!
If Visa Inc manages to set up the system they’re talking about, the gas stations will be able to put a larger hold on your funds; more in line with the amount people are actually using to fill their tanks these days with gas prices up over $4 per gallon, but the held funds will clear in a matter of hours- meaning consumers are not left waiting for the unused money to be returned to their accounts for a week after they fill up.
If Visa Inc manages to set up the system they’re talking about, the gas stations will be able to put a larger hold on your funds; more in line with the amount people are actually using to fill their tanks these days with gas prices up over $4 per gallon, but the held funds will clear in a matter of hours- meaning consumers are not left waiting for the unused money to be returned to their accounts for a week after they fill up.
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