#Login Register


  • 7 Vote(s) - 3 Average
Home 


Debit card spending limit? Banks consider a $50 cap
03-12-2011, 04:48 PM #1
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
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. And the cap would apply even if you run your debit card as credit.

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.

http://finance.yahoo.com/news/Debit-card...set=&ccode=

gaah.gif there is no low the banksters won stoop to in their quest for 12 cents. I wonder though, if this is a matter of profit or the banks' liquidity? Eh?
03-12-2011, 05:36 PM #2
Octo Mother Superior
Posts:43,011 Threads:1,473 Joined:Feb 2011
fuckers bleh.gif
03-12-2011, 06:04 PM #3
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
rofl.gif yeah no shït. That's not even half a tank of gas for my truck. Do i make three trips to the pumps or two trips to the grocery store or five trips to the dental clinic so they can get their 44 cents?
03-12-2011, 09:12 PM #4
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,393 Threads:1,439 Joined:Feb 2011
That is so typical, they actually passed legislation that would actually help on a very small level, than the soulless lizards can't sleep at night unless they figure out how to get that money back.
Banks, corporations and governments are bound by no laws anymore, an whistle blowers are hunted for sport.

wonder.gif



Home 




 



DISCLAIMER / Terms of Service (TOS):
Kritterbox.com - Socialize anonymously, commentary, discussion, oddities, technology, music and more!  This website is provided "as is" without warranty of any kind, either expressed or implied. kritterbox.com shall not be liable for any damages whatsoever, including, without limitation, those resulting from loss of use, data or profits, whether or not advised of the possibility of damage, and on any theory of liability, arising out of or in connection with the use or performance of this site or other documents which are referenced by or linked to this site.
This website exists solely for the purposes of exchange of information, communication and general entertainment. Opinions from posters are in no way endorsed by kritterbox.com. All posts on this website are the opinion of the authors and are not to be taken as statements of fact on behalf of kritterbox.com. This site may contain coarse language or other material that kritterbox.com is in no way responsible for. Material deemed to be offensive or pornographic at the discretion of kritterbox.com shall be removed. kritterbox.com reserves the right to modify, or remove posts and user accounts on this website at our discretion. kritterbox.com disclaims all liability for damages incurred directly or indirectly as a result of any material on this website. Fictitious posts and any similarity to any person living or dead is coincidental.
All users shall limit the insertion of any and all copyrighted material to portions of the article that are relevant to the point being made, with no more than 50%, and preferably less of the original source material. A link shall be visible in text format, embedded directly to the original source material without exception.
No third party links, i.e. blogs or forums will be accepted under any circumstances, and will be edited by staff in order to reflect the original source of copyrighted material, or be removed at the sole discretion of kritterbox.com.
Fair Use Notice:
This site may contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. Users may make such material available in an effort to advance awareness and understanding of issues relating to economics, individual rights, international affairs, liberty, science, and technology. This constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C.Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for educational and/or research purposes.
This Disclaimer is subject to change at any time at our discretion.
Copyright © 2011 - 2017 kritterbox.com