UPDATE: MyGallons Refunding Membership Fees?

UPDATE: MyGallons Refunding Membership Fees?

Consumerist commenter doireallyneedausername forwarded us an email he got from MyGallons.com, claiming that his membership fee will be refunded because MyGallons.com cannot find a credit card processor. The email, signed by CEO Steve Verona, says that current members will get a free year of MyGallons.com when (if?) they are ever able to process transactions. Read the email inside.

UPDATE: MyGallons.com Suspends Accepting Membership Fees

UPDATE: MyGallons.com Suspends Accepting Membership Fees

After acknowledging that it did not have a contract in place to process transactions, gasoline-hedging service MyGallons.com has suspended accepting membership fees and placed the current fees in a non-interest bearing escrow account, says the BBB. Read the BBB’s findings inside.

BBB Says MyGallons.com "Omitted Fact" In Advertising, Has No Contract To Process Transactions

BBB Says MyGallons.com "Omitted Fact" In Advertising, Has No Contract To Process Transactions

The BBB says its concerned about gasoline-hedging company MyGallons.com and its ability to live up to the advertising claims on its website. A spokesperson for the BBB tells us that the biggest “red flag” they’ve discovered is that MyGallons claimed (in their press release) to have partnered with US Bank. However, when the BBB called US Bank to confirm this, they found out that it wasn’t true. US Bank had discussed the opportunity with MyGallons, but had declined. According to the BBB, despite the fact that they have no contractual agreements in place to process transactions, MyGallons is still signing up new customers.

http://consumerist.com/2008/07/01/now-you-can-hedge-fuel/

Now you can hedge fuel just like Southwest Airlines! A Miami company is offering gas-weary consumers the opportunity to “lock in” today’s gas prices. For an annual fee, one can obtain a gas card that works as a debit card at a variety of gas stations. Does this idea appeal to you? [MyGallons.com]