Grumbling over proposed limits to debit card swipe fees, banks are hinting they’re considering putting a cap on how much you can buy with a debit card. It could even be something like $50 or $100, forcing consumers to either pay with credit card or cash.
“If the final rules that are issued in April look like the [Fed's] draft, there’s no question that it will impact how we and other issuers price deposit and payment services and what features and benefits are included,” a Bank of America spokesman told the New York Post.
Would they really do that? It would certainly disrupt how many Americans conduct their personal purchases in a pretty major way. I can see a lot of people getting angry over this, and that ire is going to be directed at the banks, not the government, so I’m not really sure what the rationale behind this is besides trying to cast more voodoo over the swipe fee debate.
Banks’ swipe snipe [New York Post]