Debit cards: $50 spending limit coming?

I'm glad I'm banking with USAA, I could never see them trying something like this.

What can you buy nowadays with 50 dollars anyway? that's not even a full load of groceries!!

Originally posted by GrOuNd_ZeRo
I'm glad I'm banking with USAA, I could never see them trying something like this.

What can you buy nowadays with 50 dollars anyway? that's not even a full load of groceries!!

edit on 3/11/2011 by GrOuNd_ZeRo because: (no reason given)

If Chase does this the rest will follow, they will be no place to run, no place to hide...

Originally posted by Aquarius1

Originally posted by GrOuNd_ZeRo
I'm glad I'm banking with USAA, I could never see them trying something like this.

What can you buy nowadays with 50 dollars anyway? that's not even a full load of groceries!!

edit on 3/11/2011 by GrOuNd_ZeRo because: (no reason given)

If Chase does this the rest will follow, they will be no place to run, no place to hide...

The other thing I know some will be unhappy about in regards to this issue, is while the banks might not impose the 50.00 dollar transaction limit on debit cards if the change to the Interchange Rates takes effect, they are likely as the article mentione going to do away wtih Reward Points Programs on Debit Cards since they pass on a portion of that Interchange Rate to consumers in the Reward Points Programs.

So cash back rewards and catalog rewards such as travel and merchandise for using your Debit Card will become a thing of the past.

Call me the Grinch that Stole Christmas, Proto loves to point out Bad News!

I guess its both a little revenge for the new rules, and a way to force people to use other sources for large transactions. They glean more money from credit card transactions than debit card transactions.

My job forces me to have a debit card so that they can direct deposit the paycheck to it. I don't like this and when I complained they said I could have a check option but that I wouldn't get it for a week after pay day because they have to mail it out.

I would rather do everything in cash but I see they are moving people away from that to plastic.

I talked to the manager the other day at my Chase branch and asked him what is up with this, he told me the story is not correct and Chase has no plans to implement this, he actually showed me an internal memo on his computer saying just that. If this is to believed apparently they were misquoted.

reply to post by JR MacBeth

Some of us are stuck with the banks, especially if you own a business.

Worse, some of us are stuck with having to take many online (like PayPal) payments (eBay sellers, and others).

It's just reality, we're stuck paying huge fees no matter what, because the idiotic consumer does exactly as told, and uses whatever means of payment is most convenient (that is, the one most expensive for all businesses, except banks)......

Yes if you run a business you are stuck with banks. I am luck that in my business I can take cash or checks. In twenty years we have never gotten a bad check. On the other hand we are doing children's entertainment at the people's home and WE KNOW WHERE YOU LIVE! really helps

The US government (and banks) is very much anti-small business.

How will this work for people paying bills over 50 dollars with a debit cards online?

reply to post by ProtoplasmicTraveler


I wish I could exchange 2 home baked from scratch hot apple pies in exchange for some rewiring some of the electrical lines in my house.

reply to post by Blaine91555


Hmmm, maybe they don't get as much money off of people like you who have extremely good credit ratings and money management. They would get more money from people with lower or poor scores. They can charge more in interest fees. People with lower scores which means more interest for them. Those who have bad money management or have a hard time paying bills, they can grab more late payment fees and if they are lucky over the limit fees.

Even though you would think higher scoring people would be their better customers, but for reasons listed above it may not be the case. I bet they cater to those who have millions in their account or in other words the very rich and super rich.

If you are a part of the very rich or super rich, then I'm shaking my head at this nonsense. I would have to agree with you 100% Why wouldn't they want people with money to put their money in their bank.

reply to post by CastleMadeOfSand


You are exactly right. I moved to a local bank a few years ago. The service is better, the tellers and bank manager know my name. No 1-800 voice response. I also use cash probably 90 percent of the time for things under $100.

Folks should tell JP Morgan, Wells Fargo and the rest of these tools to get stabbed and investigate quality local or regional banks. Folks should also take a hard look at quality credit unions. Again, with a credit union, you don't feed the mega bank nonsense and on top of that will get better service and be treated more respecfully.

reply to post by GrOuNd_ZeRo


Amen to that. I'm a USAA member myself. After 20 years of banking with them, I still believe they are the best. I never had any problems with them, any outrageous fees, and no fees for debit card use.

I agree with you that I don't think they will reduce debit card use to $50. I would be extremely surprised if they did join in this insanity.

reply to post by ProtoplasmicTraveler


So, JP/Chase, the same Billionaire pigs who were first to beg for a bailout are threatening to squeeze the underclasses some more to "recoup their loss"?

Infuriating. Wish I knew where some billionaire bank CEO's lived. We would have a meeting of the minds.

I'm no thread started here, but I wish there was a "who are they and where do they live" thread. Maybe some peaceful protests at their homes and offices would help. We sure can't look to our elected officals to bring about serious reform.

reply to post by dc2009


They probably wont do it. Mostly a threat to cause political pressure to preserve their profits.

If they DO try this crap, there would have to be a way to verify for bill pays. I doubt most stolen credit cards are used to pay bills. Kind of leaves a trail.