Re: Hold on Funds in account

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Article #139620

#139620

From: Rick Walker
Date: Sat, 06 Jun 2009 18:08

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"Picasso" wrote:

> its not interest... they don't charge you $100 for a $1 purchase of 
> fuel...
>
> i think what the OP is talking about is the authorization amount...
>
> Same thing when you rent a car... they ask for a CC, and they will do a 
> pre-auth for $1000 on the card (or at least i've seen it happen not all 
> places)... you aren't paying interest on it.  its a pre auth for a 
> specific amount.

Whether or not you pay "interest" per se, it's still money that you can't 
use.  Whoever's "holding" that money for the 5 - 7 day span can use it for 
whatever they wish.  If 100 people had $100 dollars being "held" for a week, 
that's $10,000 bucks some institution has access to, be it for a short-term 
investment or whatever they wish.

I still don't like the sound of it, Picasso.

    - Rick

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From: "Rick Walker" <RW@WR.com>
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Subject: Re: Hold on Funds in account
Date: Sat, 6 Jun 2009 15:08:44 -0300
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