Caps On Debit Cards?
A recent article from CNNMoney.com reported that JP Morgan Chase is proposing a cap of $50 (or $100) on individual debit card transactions in an effort to boost transaction volume. Not surprisingly, they attribute the proposal to the pending changes in rates on interchange income. Chase claims that debit cards will not be profitable for them with a 12 cent cap in place, which certainly could be true with the rising costs of fraud among other things. In addition to the cap proposal, Chase is already testing $3 per month fees on debit cards and checking account fees of up to $15 per month in certain states.
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