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JPMorgan Puts Limit On Debit Cards Used At Target

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posted on Dec, 21 2013 @ 09:35 PM
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I am posting this in the Other Current Events section although part of me wants to put it in a conspiracy and Global Meltdown forums as well.


NEW YORK, Dec 21 (Reuters) - JPMorgan Chase & Co on Saturday notified customers who used debit cards at Target Corp stories during the recent security breach that it limiting use of the cards to cash withdrawals of $100 a day and purchases totaling $300 a day. The new limit effects roughly 2 million accounts, or fewer than 10 percent of Chase debit card accounts, according to a bank spokeswoman. It does not apply to credit cards. The bank spelled out the limits in an email to customers with the subject line: "Unfortunately, your debit card is at risk by the breach at Target stores." The bank said it was taking at the action as a precaution and recognized that the move "could not have happened at a more inconvenient time."

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Why would this belong in any forum other than where it is? Simple really, I see something very sinister about this action.

Could this be a test to see what will happen when the Banks do not allow Americans free access to their own money? What a great way to test Americans willingness to deal with losing access to what is rightfully theirs.

Target shoppers are not affluent. I am willing to bet most do not have anything except a debit card any longer. Most likely they only have one bank account at all. They are the people least cared about by a bank like Chase. It will hardly hurt the holiday sales numbers either.

Cut off from cash without standing in a long line at the bank a day before Christmas Eve. Merry Christmas from Chase Bank.




posted on Dec, 21 2013 @ 09:45 PM
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Why is it limited only at target? If your card is compromised wouldn't it be at risk at any store ? Or is this just the start of limiting people's money at any time and any place ? If people would just take all their money out of the bank , use a local credit union ,and stop letting big banks make the rules as they go then it would put a stop to a lot of this.



posted on Dec, 21 2013 @ 09:47 PM
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reply to post by Mamatus
 


Well what I don't understand about this whole fiasco is why debit cards used at Target weren't canceled and temporary cards issued and available immediately and the customers given temporary debit cards.

With such a large breach that is in no way the customer's fault, each city should have had branches open 24/7 until issue is resolved.

The whole thing reeks.

I've been watching it all. Horrible customer service.

You're right, makes you wonder if they are testing the proverbial waters. Who knows?



edit on 21-12-2013 by OrphanApology because: df



posted on Dec, 21 2013 @ 09:58 PM
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My whole family banks with Chase. They cut off my dad's card today because they say he spent too much at once. He goes to pay at the register in Dillard's and his card won't work. They shut it off without notifying him, or even asking if he approved the new charges. He had to spend an hour, on hold, just to talk to customer service to find all of this out. They then cancel my mom's card that goes to the same account for the same possible "breach of security." They wanted to cancel mine too, but I said no because I don't want to have to wait for them to get me a new card. They originally said it would be 5-10 business days to get the new cards (the holidays are NOT business days, either), but my dad complained enough and got it down to 1-2.

This whole thing is a crock of crap, all because Target was hacked. Chase is horrible about customer service, regardless. They never tell you when they suspect fraudulent chargers, they just cancel your card and let you find out on your own.

A test run for future bank issues? I can kind of see it, but a $300 limit for one day won't work. Most mortgage payments are at least twice that.



posted on Dec, 21 2013 @ 09:59 PM
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It does make me wonder. JP Morgan could possibly be punishing Target but my gut tells me this is not what is going on. My business relies on Debit/Credit Cards and were that I that lost all my clients credit card info my account would be frozen faster than light speeds.

Target is getting away with poor security yet the customers get slammed? It makes no sense at all to impose limits as all those credit cards are on the hot list already. Hell any ID thief worth his mettle could buy all the numbers online. Why can't the banks just fraud alert the cards that were stolen? too cheap to beef up the customer service reps to deal with possible fraud calls? Or are they simply making sure they are safe while tossing their customers under the bus?

It reeks of something more than it probably is. This is a conspiracy site though so I had to toss my thoughts about it out there. My inner voice is screaming foul play or favoritism.



posted on Dec, 21 2013 @ 10:04 PM
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reply to post by riddle6
 

A couple of years back back a buddy and I were on a road trip to New Mexico and Chase killed his debit card (his only card) at 9:00 at night. We would not have noticed right away except for needing gas in the middle of nowhere. It took two days to get his card back and running. The reason? Unusual travel pattern... Were it not for my cards we would have been spending the night in the car.

Yup they suck. They are also the Masters of the Universe so it would also not surprise me if this is just poorly thought out or a small test of Americans willingness to be screwed. Maybe both.



posted on Dec, 21 2013 @ 10:11 PM
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Won't say false flag but the Target event could be a backdoor to Capital Control....just throwing it out there.

Good day

Capital control



posted on Dec, 21 2013 @ 10:17 PM
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reply to post by Mamatus
 


That's awful. I'm glad you were able to make it out.

If it wasn't for another account linked to the main one of my parents, they would have a very hard time getting any of their money. Thankfully they were able to transfer it over easily, and can just use the card linked to that account if they need to. Bills don't stop just because your bank is being screwy. Fiascoes like this make me glad that I started stashing cash in my room. Its a really small amount (OK, only $20 right now, but I'm working on it), but it could be a lifesaver some day.



posted on Dec, 21 2013 @ 11:49 PM
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reply to post by Mamatus
 


It looks like they are protecting customers....

No evil plan in place IMO.

But the reactive action to a security breech is a sign of big Corp limiting people's cash power.....



posted on Dec, 22 2013 @ 07:55 AM
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reply to post by Mamatus
 


I had my bank contact me a few years back because it was cloned and being used in Mexico. What I had to do was let them know if I were going to be using my card so they could approve the transactions instead of flagging / denying the transaction.

After a few days I was notified they changed my account information internally to effectively cancel out the breached info. Nothing changed on my end and I retained all of my account items (debit card / checks etc).

If people are concerned about the ability to withdraw or purchase items, they have the option (after working with their bank) to close out there account and bank somewhere else.

In this instance I don't think its sinister to the extent of a massive conspiracy on the part of banks / government.



posted on Dec, 22 2013 @ 08:18 AM
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reply to post by Mamatus
 


They won't limit credit cards because that isn't your money, unlike debit cards.

They want you to spend their money and not your own.

Is the next thing to come going to be a 'haircut' on bank balances?



posted on Dec, 22 2013 @ 08:22 AM
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I would imagine a person could still write a check for a larger amount. Of course many people probably don't carry them because of using plastic so often.



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