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.

The BBB says:

The Better Business Bureau challenged the company’s advertising regarding their offer, and the company met with the Better Business Bureau on July 9, 2008 and has modified it claims. The company’s merchant services provider, PowerPay, has assured the Bureau that membership fees processed by them on behalf of MyGallons.com customers have been placed in a non-interest bearing escrow account. As of this date Mygallons.com acknowledges it does not have a contract in place with a vendor who can process transactions with gas stations across the country, and they have suspended accepting membership fees. The Bureau will issue a new report as the company’s evaluation continues.

MyGallons.com had originally claimed to be partnered with US Bank, but an investigation by the BBB revealed that that program had ended and that MyGallons.com was operating without a contract in place. The BBB has amended MyGallons rating from “F” to “NR” or “No Rating.”

MyGallons LLC [BBB](Thanks, Teresa!)