A fuel bank is setup by an oil company, and allows their customers to purchase gas at a set price, put it into their own private 'bank' account, and then draw from it as needed.
It differs from from the pre-paid gasoline card, in at that you buy your fuel by the gallon, not by a total value. A pre-paid gasoline card, gives you a set amount of dollar value, not a set amount of gallons.
When you are ready to buy fuel, the pump price per gallon, today, is what you pay.
No service charge, no storage charge and your gallons are guaranteed. The only additional cost is a $1 lifetime membership fee, which includes your first card. Additional or replacement cards are only $2.50.
Accounts can be opened at the main office only. Fueling stations can not setup new accounts, payments can be made at drop off boxes at fueling locations. Terms are cash or check. No credit cards or cash cards for prepaid fuel.
Fuel Banks offer supply protection if shortages should occur again. Each purchase is recorded and in case of limitations, your gallons are guaranteed based on previous usage.
Today, you decided to invest $1000 in a fuel bank account. If the cost today for a gallon of gasoline is $3.50. $1000 will buy you 285 gallons of gasoline.
You are given a fuel bank debit card that is loaded with 285 gallons of gasoline, not $1000 as would be the case with a pre-paid gasoline card.
You decide to keep the 285 gallons on your card for the future, and pay out of pocket for your gasoline now.
In two months, the cost of gasoline is now $4.00 a gallon. Since you paid only $3.50 per gallon for your gasoline two months ago, you decide to pay for your gasoline now, with the fuel bank debit card. You just fueled up for $3.50 a gallon, when everybody else is paying $4.00 a gallon.
Two weeks later the cost of gasoline has come back down, and is now $3.50 a gallon. You pay out of pocket for the fuel again, instead of using your fuel bank card, only using the card when it will save you the most.
Fuel Bank Companys
First Fuel Bank is the first company to offer this unique gasoline purchase plan, as of May 2006. They began in April 1982 with one station.
First Fuel Bank is owned by parent company East Side Oil Co.
They have six locations in the St Cloud Minnesota area, most have drop off boxes for payments. Fleet accounts are accepted.
