As we’ve previously reported, Bank of America has proposed a cap on debit card purchases. And if some folks at JPMorgan Chase have their way, account holders at that bank will also be very limited on the purchases they can make with their debit cards.
According to reports, the bank is considering setting a cap on debit card purchases at a dollar amount between $50 to $100 as a reaction to proposed limits on per-transaction fees the banks can charge retailers.
Currently, banks charge retailers an average of $.44 per debit card transaction. But there are recently proposed rules that would cut that to $.12.
CNN reports that Chase is testing $3 monthly fees on debit cards and $15 fees on checking accounts in certain states.
JPMorgan reportedly weighs $50 debit card cap [ChicagoBreakingBusiness.com]