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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 $50 or $100, according to a source with knowledge of the proposal.
Why? Because of interchange fees. Get the full story »
In a blow to the banking industry, U.S. Federal Reserve officials Thursday agreed to advance a proposal that would prevent banks from charging merchants “swipe fees” from debit cards that are higher than 12 cents per transaction.
“It’s going to be painful,” said Consumer Bankers Association President Richard Hunt. “If adopted, this will result in a significant reduction in revenue and efficiencies and have major negative implications for consumers.” Get the full story »
