Consumers who pay at the pump with their debit cards should be able to breathe a little easier starting this October. This bit of relief comes from Visa’s recent announcement that they will be changing their rules for debit transactions at the pump.

Under the new rule which would implement a “Real Time Clearing” process, debit transactions at gas pumps would be processed immediately, or at least within two hours of the transaction. This means customers will have access to their funds soon after they swipe their Visa debit cards. But wait, isn’t this what already happens? The answer is not always. See our blogpost, “Who’s Holding Your Money.”

First, gas merchants and their banks need to adopt the new rule which begins in October. To read more about Visa’s new rule and Consumers Union’s response, see Consumer Report's Money Blog, "Visa offers some relief from painful 'debit holds.'"

In the meantime, Consumers Union recommends that you pay for gas with the attendant using your PIN or pay with cash. When October comes around, make sure that your local gas station has adopted or will adopt “Real Time Clearing,” so you’ll have access to all your funds by the time you drive away.

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We're also interested to know whether you are experiencing debit holds on other transactions, such as when paying with your debit card at restaurants, hotels and car rental agencies. Let us know.