When you use your debit card, is a hold put on the money in your account?

Question

Was just wondering if you could use it and then go somewhere else and use it again even if you have no more money in account after your first purchase.

Answer 1

It depends on the bank. Every bank puts some kind of hold on your money when you use your debit card. Bank of America places a hold on your money equal to the amount of the authorization until the charge is posted or five business days later, whichever comes first. However, with travel-related expenses (airline tickets, rental cars, hotels, etc), the hold is removed the next business day. This is because often hotels and such will run your card as a "deposit" and then run it again upon checkout.

Most banks simply place a hold on the amount authorized until the charge posts. This prevents you from using the same funds a second time. In the rare event you find a way to circumvent that, this type of behavior repeated will likely cause the bank to cancel your debit card, so I wouldn't recommend trying it.

Great question!

Answer 2

Yes, the bank places a memo hold on the funds usually for three days or until the the force post debit actually hits your account. This is done in order to keep you from spending the same funds again and overdrawing your account. There are some rules to remember however. Restaurant transactions can be up to 20% higher to account for the tip and pay-at-the-pump preauthoizations are sometimes only for $1.00. The bank and the merchant have no idea how much gas you are going to pump so they send a $1.00 pre-authorization through. If the $1.00 is approved, this signals to the merhcant that 1) the card is active and has not been reported lost or stolen and 2) there are funds in the account. You must remember that if you pump $50.00, the bank is only placing a hold on $1.00. A transaction set like this could get you in trouble. You are always responsible for keeping an account register balanced so you know how much you have.

Answer 3

no , the money comes directly out of your account at the moment you use it

Answer 4

yes its like an elctronic check automatically debted... in other wards u spent the $$$$$$$$$$$$ it ain t there no mmore