INDIANAPOLIS — With the price of gas on the rise, more people are finding "hold fees" after buying gas.
The hold is a "pre-authorization" charge, a security measure to ensure you're able to pay for the full amount of gas you put in your tank.
WRTV found gas at $5.09 on Monday. The higher the price per gallon means more money for you when filling up your tank.
Financial expert, Matt Will from the University of Indianapolis said the higher gas price might mean higher holding charges for your account.
Will said this isn't anything new, and you shouldn't be too worried about it.
He said the hold only happens on a credit card, not a debit card. On a debit card, you are only charged for the amount you paid.
The holding charge is pending meaning that the total isn't taken out of your bank until it's cleared for the amount that you pay.
Will's advice is to pay inside and use cash when possible to ensure you don't go over your budget.
If a holding charge sends you over your credit limit, Will said it depends on the bank you use and your credit score.
If you are in good standing, you may be able to charge the gas purchase. If not, your card could get declined.
The hold itself isn't placed by the bank, but by the merchant themselves.
-
Proposed ordinance to target late-night food trucks after downtown shooting
What exactly the ordinance will include is still unknown. Whether it will limit operating hours, specific streets or the number of trucks permitted downtown has not been clarified.
Silver Alert cancelled for missing 89-year-old from Posey County
Indiana State Police have issued a Silver Alert for an 89-year-old white female. Lola Davis, an 89-year-old female, is 5 feet 8 inches tall, 175 pounds, and has gray hair and green eyes.
Bloomington determined to turn hospital site into housing
The city of Bloomington wants to build hundreds of affordable housing units on the site, but none of them are intended for students first.
Youth gun access sparks concern following mass shooting in downtown Indianapolis
Access to firearms for children remains a pressing issue, highlighted by the recent mass shooting downtown that left two teenagers dead and five others injured, all under the age of 21.
