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Debit Card purchases with a limit of $50 and $100

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posted on Mar, 10 2011 @ 12:34 PM
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What in the world is this I found on the CNN website with JP Morgan Chase bank which is one of the largest banks in the world of course is thinking about a limit of a purchase using your debit card to either $50 or $100....

A lot of places now dont accept checks for a big purchase like a computer, tv, etc but what is a person suppose to do if you need to make high price purchase and you dont have money in your pocket....

money.cnn.com...




posted on Mar, 10 2011 @ 12:40 PM
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I think this only applies to credit cards..Not debit. Don't hold me on that though..



posted on Mar, 10 2011 @ 12:46 PM
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^^I'm guessing you didn't read the article at all


What I'm thinking is they will force people to use credit cards and hope they don't pay the balance off before interest can accrue. The banks will make billions every year on just people waiting to pay their balance once they get their first statement.



posted on Mar, 10 2011 @ 12:48 PM
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reply to post by TechVampyre
 


No, the article is talking about debit cards and the fee the banks charge the retailer for accepting debit cards. Currently it's 44 cents and supposedly covers the banks from fraud as well as permitting them to pass along incentive payments to others. But the new Fed rules being proposed limit this fee to 12 cents and the banks are screaming it isn't enough. So they will try to recoup by forcing you to either use a debit card multiple times for multiple fees - which the retailers are not going to permit; putting your purchase on a credit card for which you pay a fee or worse, interest; using cash from an ATM that charged a fee to get your own money; or writing a check on an account that the banks charge fees on. Basically the consumer is screwed any way you look at it.



posted on Mar, 10 2011 @ 12:49 PM
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reply to post by TechVampyre
 


nope, first line in the article, debit cards. It has to do with the fee they charge whatever store let you pay with debit, because of the coming reforms, these fees will be reduced. So, as a half assed means to an end, they are debating on limiting the amount of any given transaction to force you into more, smaller ones, which means more fees for them.

Now of course they are saying they will do this instead of raising the bank usage fees. We all know too well that's a load of crap and they will do one, then the other, and probably find more ways to milk you for it.

What they might do, like the bank I deal with, is have tiered accounts. Right now I can only take out 500$ from a machine a day. There is no limit on debit transactions, but 500$ cash withdraws day.

they could limit the standard accounts to 100 (500 seems more reasonable) then charge you an extra monthly fee to have a second tiered account with no limit.

In an age where they are desperate to limit cash transactions, they aren't leaving many options.



posted on Mar, 10 2011 @ 12:51 PM
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Thanks for clearing that up guys..sorry I did not read the article.. I saw the headline this morning on the news and assumed they were talking about debit..



posted on Mar, 10 2011 @ 12:52 PM
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So not only do we give the bank our money, in which the can hand out loans, for free...they are now probably going to start charging us to use our own money! WOW...I need to startup a bank.



posted on Mar, 10 2011 @ 12:57 PM
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Don't worry soon they'll impose an upper limit on how much cash you can use as they have in Greece..

I swear, each country trials a certain little part of the NWO apparatus, the UK: CCTV, Australia: Internet censorship, Greece: limiting cash purchases, the USA: limiting debit card purchases.. etc etc.

Now I see it that we really need to worry when they perfect their methods and start really merging those systems together into one system of screwing us over..



posted on Mar, 10 2011 @ 01:02 PM
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Originally posted by pacofunk64
^^I'm guessing you didn't read the article at all


What I'm thinking is they will force people to use credit cards and hope they don't pay the balance off before interest can accrue. The banks will make billions every year on just people waiting to pay their balance once they get their first statement.



You could use a prepaid credit card and avoid paying interest.



posted on Mar, 10 2011 @ 01:07 PM
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Wow. Well, consider this another means to apply fees. People will either use credit cards and not pay off the monthly balance (cha'ching) or they will use debit cards at the atm machines for cash, more fees apply (cha'ching) and/or they will use cash-back options at many stores, more fees apply (this time to the store) ... On another note: why anyone still chooses to do personal banking with any of these monster-banks are not doing themselves any favors and in fact, contributing to the problem by supporting these giants. There are other options, consider moving your accounts to a local/regional bank or credit union in your community.



posted on Mar, 10 2011 @ 01:08 PM
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I have never used one of the major banks. They've always seemed slimy to me.

Couldn't we start our own co op bank?



posted on Mar, 10 2011 @ 01:17 PM
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Originally posted by pacofunk64
So not only do we give the bank our money, in which the can hand out loans, for free...they are now probably going to start charging us to use our own money! WOW...I need to startup a bank.


You have no idea how right you are now.

Think more about it. Owning your own bank is about 500 - 1000$ per month, depends what you have. With that position, you can do lots of things and save your money. No more bank robbing, you are your own bank.



posted on Mar, 10 2011 @ 01:20 PM
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Fortunately, my bank is small and local and never became involved in all the banking drama. However, we do have debit cards and the decrease in fee rates will effect all banks not just the big boys. What really burns me is that my debit card is directly linked to my available balance, if I have $50 or $50,000 that is my limit, and by imposing these max charge/debit amounts they are hindering my ability access to my money, not a credit line they have provided me, but my money that I allow them to hold for me.

How long will it be until I can't take out over $100 cash directly from the bank? Grandma's old mattress is sounding better and better.



posted on Mar, 10 2011 @ 01:23 PM
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reply to post by searching4truth
 


That is until they start capping the amount of cash you can use in a transaction..

tis a sad world the kids will inherit.



posted on Mar, 10 2011 @ 01:23 PM
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I wonder what retailers have to say about this. I can imagine many might not be too happy with having the banks scare away their customers.



posted on Mar, 10 2011 @ 01:26 PM
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ok lets all read it from th op's link money.cnn.com...

NEW YORK (CNNMoney) -- 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.

* 3505
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* Email
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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.
ok so it is DEBIT CARDS Declined! Your debit card may soon be denied for purchases greater than $100 -- or even as little as $50.
edit on 10-3-2011 by bekod because: added info. and word edit.



posted on Mar, 10 2011 @ 01:31 PM
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reply to post by bekod
 


Yes....debit cards. I do not understand why people bank with Chase. For those that read to the end of the article, this new (extremely low) limit will be in addition to a $3 monthly fee for the debit card and a $15 fee for a personal checking account. Yikes!!!!!!!



posted on Mar, 10 2011 @ 01:37 PM
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reply to post by searching4truth
 
and lets not forget the user fee, use an ATM 5$ use it at a gas station 5$ up to 10$ of havering it swiped. it is all a con game, and it is legal be cause no one is willing to drag it to court



posted on Mar, 10 2011 @ 01:52 PM
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My opinion is to just quit using the cards. These debit cards, while handy and convenient was just another way for TPTB to get their "foot in the door" and a way to lead us toward a "credit" system. No more dollars, its credits. Not that I care much for the dollar either, but electronic money is certainly not any better. Whether using the cards or not, may or may not have a direct affect on the average consumer, it will certainly affect the banks and possibly even lower prices a little at the point of sale because the bank will not be receiving any card processing fees. So, if we quit using them, it is just another way for the people take a small piece away from them and eventually it will start adding up and making a difference. Then when the banks realize the affect, then they will find a way to counter it, the good thing about it is that it will be the people forcing them to make moves that they normally would not have, thus keeping them marching to our beat. Use their own tools/policies against them is what I really mean.



posted on Mar, 10 2011 @ 04:16 PM
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Anyone still banking at the big banks....we'll you deserve the crap they give you.

Last year I closed all my big bank accounts and moved to a local credit union. Love my debit, no FEES at all, no limits at all. And they pay twice the interest on my balances than the big banks.

Make your money talk. Move it now to a local small bank or credit union. It's so simple.



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