JPMorgan\Chase considering $50 transaction cap on debit cards - Polidicks

[quote]NEW YORK (CNNMoney) -- Declined! Your debit card may soon be denied for purchases greater than $100 -- or even as little as $50. JPMorgan Chase, one of the nation's largest banks, is considering capping debit card transactions at either $50 or $100, according to a source with knowledge of the proposal. Why? Because of a tricky thing called interchange fees. Right now, every time you swipe your debit card, your bank charges the retailer an average fee of 44 cents, which it shares with its partners. Those little fees, however, add up to about $16 billion per year, according to 2009 data from the Federal Reserve. But as part of the Wall Street reform legislation that was passed last year, these fees are being slashed. The Fed is currently proposing rules that would go into effect in July and would cap interchange fees at 12 cents. That's a big enough cut to cost Chase (JPM, Fortune 500) more than $1 billion a year. And Chase may not be alone. Other major issuers are also projecting huge losses from the interchange fee cap. Joe Price, president of consumer banking for Bank of America (BAC, Fortune 500), said in an e-mailed statement that the lower fee wouldn't fairly compensate the bank for the infrastructure and services it provides to retailers. And consumers would end up feeling the pain when Bank of America is forced to recoup costs "by increasing the cost of their everyday debit card transactions, limiting their payment choices, and impacting industry innovation," according to the email.[/quote] [url]http://money.cnn.com/2011/03/10/pf/debit_cards_limit/index.htm[/url] Not bad enough you say? [quote]Aside from mulling over a limit on transaction amounts, Chase is already testing $3 monthly fees on debit cards and $15 fees on checking accounts in certain states. Additionally, the bank announced in November that it has stopped issuing debit rewards cards.[/quote] Fuck you Chase.

Close bank account. [editline]10th March 2011[/editline] Or even better, overdraft the fuck out of it, and make sure millions of people do the same, they go bankrupt, and boom you win instant toys and no debt. Worked for me when Wells Fargo bought Wachovia.

That's why you should pull your money out of the big banks and start using a smaller, more local credit union.

There's nothing inherently wrong with a transaction cap on a credit or debit card but 50 bucks? Are you shitting me?

What a surprise, a stupid idea leads to an even stupider idea which makes no sense what so ever. Way to go.

[QUOTE=Sir Whoopsalot;28532789]There's nothing inherently wrong with a transaction cap on a credit or debit card but 50 bucks? Are you shitting me?[/QUOTE] Yes there is, it's my money.

[QUOTE=Sir Whoopsalot;28532789]There's nothing inherently wrong with a transaction cap on a credit or debit card but 50 bucks? Are you shitting me?[/QUOTE] On a credit card yes, a debit card no, and even on the fact of credit cards, the cap should only be for newly applied customers.

[QUOTE=CjienX;28532869]Yes there is, it's my money.[/QUOTE] Transaction caps are usually to prevent someone with a stolen card from draining your account from an ATM all at once. My debit card is capped at $1000/day and that's completely reasonable.

So, does that mean kids won't be able to buy Activision games at Steam with their dad's credit card anymore?

So to make up for the loss in revenue from people using their debit cards, they're going to prevent people from using them so they make even less money? Makes perfect sense.

50 dollars? are they trying to go out of business?

[QUOTE=The article]Joe Price, president of consumer banking for Bank of America (BAC, Fortune 500), said in an e-mailed statement that the lower fee wouldn't fairly compensate the bank for the infrastructure and services it provides to retailers.[/QUOTE] It costs like 2 cents for an ISP to transfer 1gb of data to an internet user. Is this bank saying that it costs more than 12 cents to transfer a couple of kilobytes at most?

[QUOTE=Zeke129;28533379]Transaction caps are usually to prevent someone with a stolen card from draining your account from an ATM all at once. My debit card is capped at $1000/day and that's completely reasonable.[/QUOTE] Mines capped per day also, this is a $50 TRANSACTION cap. That means if I want to take MY debit card and go to walmart to get a 360 game that costs $60 it'll be declined. Not to mention protocol for something like that should be to call the cardholder and ask if they authorized the charge if it seems suspicious.

[QUOTE=CjienX;28533833]Mines capped per day also, this is a $50 TRANSACTION cap. That means if I want to take MY debit card and go to walmart to get a 360 game that costs $60 it'll be declined. Not to mention protocol for something like that should be to call the cardholder and ask if they authorized the charge if it seems suspicious.[/QUOTE] Yeah, but it's the same idea. A reasonable per-transaction cap would be acceptable as well, $50 isn't reasonable though.

I'd be fine with it being $500 or $1000, but $50 is just bullsit

[QUOTE=pyrofiliac;28532768]That's why you should pull your money out of the big banks and start using a smaller, more local credit union.[/QUOTE] I almost went with Chase but instead went to my local credit union, best decision I ever made

this is good news!

Eh, I was thinking about leaving Chase anyways.

[QUOTE=pyrofiliac;28532768]That's why you should pull your money out of the big banks and start using a smaller, more local credit union.[/QUOTE] I thought of going to my local credit union instead of a bank but apparently the tellers there like to gossip about people's financial information to their friends (it's been a complaint in this town for years). I decided to take cold professionalism over warm and fuzzy unprofessionalism.

[QUOTE=Zeke129;28535551]I thought of going to my local credit union instead of a bank but apparently the tellers there like to gossip about people's financial information to their friends (it's been a complaint in this town for years).[/QUOTE]Yeah I wouldn't be surprised if that were grounds for a lawsuit.

For fuck's sake, now instead of just fucking the stupid people over with credit cards, you are now forced to be fucked over by one. [editline].[/editline] Wait, bad reading.

This is completely ass backwards. Ok. Sure. I can't purchase anything over 50 dollars. I'll just simply make [B]multiple transactions[/B], each less then 50 dollars, to get what I want. Hell, here's from my bank statement. My last 10 transactions: 03/10/2011 9.95 03/10/2011 8.36 03/10/2011 1.49 03/10/2011 12.77 03/10/2011 3.89 03/09/2011 26.79 03/09/2011 9.68 03/08/2011 11.03 03/08/2011 10.76 03/08/2011 5.50 It's really gonna help :downs: Actually since 2/17 I had 2 transactions over 50, which was me paying my internet bill online.. The other I paid for my Motorola Xoom since they couldn't get my checks to work due to me being military and having a invalid driver's license that's valid because I'm military. This is just such a stupid idea. I use my debit card for everything.. and that's what our culture is turning towards.

How am I supposed to preorde Battlefield 3 now? :saddowns:

As if chase doesn't have enough money already

this is why I prefer credit unions

.....*insert hate on banks and banking* Don't feel like typing about it anymore.

[QUOTE=Swilly;28536950].....*insert hate on banks and banking* Don't feel like typing about it anymore.[/QUOTE] " "

They just want you to use their credit cards so they can get more money

I'm going to love it when people start switching and closing their accounts and then they lose even more money because of loss of customers.

lol meanwhile Morgan and Chase push out these online ads blathering about how great they are