SAN RAMON, Calif. – Chevron has launched a new program to educate consumers about the cause of debit holds, reports industry publication Oil Express.
The company is making decals available to retailers that explain that the banks, not the retailers, are responsible for debit holds.
Debit holds occur when a consumer uses a debit card at the pump and a “hold” of a set amount, typically $50 to $100, is placed on the debit card. This hold can last several days if the transaction is signature debit and is unrelated to the actual fueling price. Consumers who carry a minimal amount in their debit accounts often overdraw their accounts paying for fuel if they fill up with an amount far less than the hold amount.
Consumer confusion runs rampant over the issue of debit holds, and the credit card industry appears happy to allow consumers to misdirect their ire over holds toward retailers. "I've had quite a few angry calls from customers," one retailer told Oil Express. "The customers usually call the dealer first, who tells them he has no control over the situation. Then they call the oil company, where they're told to call their bank. The bank then says it's nothing to do with them. By the time they get around to calling us, they're furious. I even had one woman say that if we didn't give her money back, she was going to burn down the station."
According to Oil Express, Chevron’s new decals read: "Attention: debit card users. Please note that a hold may be placed on your funds by your financial institution when using your debit card. Please contact them for information regarding these holds. Chevron is not responsible for placing or removing holds."
Chevron officials noted that consumers who use PIN debit see their “holds” last a few minutes, at most, since they are real-time transactions. The company also suggested that consumers concerned about the issue should contact the bank that issued the debit card to explain its policy regarding debit holds.
Over the past few years NACS has fielded countless media calls to explain the issue of debit holds. A fact sheet is online to help retailers explain the issue.
The company is making decals available to retailers that explain that the banks, not the retailers, are responsible for debit holds.
Debit holds occur when a consumer uses a debit card at the pump and a “hold” of a set amount, typically $50 to $100, is placed on the debit card. This hold can last several days if the transaction is signature debit and is unrelated to the actual fueling price. Consumers who carry a minimal amount in their debit accounts often overdraw their accounts paying for fuel if they fill up with an amount far less than the hold amount.
Consumer confusion runs rampant over the issue of debit holds, and the credit card industry appears happy to allow consumers to misdirect their ire over holds toward retailers. "I've had quite a few angry calls from customers," one retailer told Oil Express. "The customers usually call the dealer first, who tells them he has no control over the situation. Then they call the oil company, where they're told to call their bank. The bank then says it's nothing to do with them. By the time they get around to calling us, they're furious. I even had one woman say that if we didn't give her money back, she was going to burn down the station."
According to Oil Express, Chevron’s new decals read: "Attention: debit card users. Please note that a hold may be placed on your funds by your financial institution when using your debit card. Please contact them for information regarding these holds. Chevron is not responsible for placing or removing holds."
Chevron officials noted that consumers who use PIN debit see their “holds” last a few minutes, at most, since they are real-time transactions. The company also suggested that consumers concerned about the issue should contact the bank that issued the debit card to explain its policy regarding debit holds.
Over the past few years NACS has fielded countless media calls to explain the issue of debit holds. A fact sheet is online to help retailers explain the issue.
