What's The Deal With Debit Card Holds?

Has it ever happened to you? You make a purchase with a debit card and the merchant puts a "hold" on money in your account over and above the purchase price?

Has it ever happened to you?  You make a purchase with a debit card and the merchant puts a "hold" on money in your account over and above the purchase price?

The "hold" essentially freezes your money until the merchant or bank decides to release those funds back to you.  Keep in mind...the purchase can't go through if the money to cover it isn't in your account.  So why is this additional money being frozen?  More importantly, why is this practice allowed?

We have done several stories about  "holds" in the past and I will be exploring the issue again real soon.  I must admit my renewed interest comes after I noticed several "holds" on recent Christmas purchases.  In one instance we purchased an item for $72.00.  The merchant  "held" and additional $144.00.  When we inquired the "hold" was removed.  That tells me something is not right about the whole process.

Lucky for me there was enough money in the account that it didn't cause any problems with other bills that were being paid.  But I know that is not the case for countless others who have encountered the same issue.  And It's those individuals I want to hear from.

If you have a story to tell when it comes to this issue you can either post a comment on this blog or email me at dave.jordan@witn.com.

Together, we're going to get to the bottom of why this is happening...and find a solution!

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