Chase Bank To Cap Debit Card Transactions?

Chase Bank To Cap Debit Card Transactions?
Retail

New legislation on transaction fees prompts the financial giant to consider limiting your ability to swipe and pay based on the purchase price.

Jonathan Fincher
  • 25 march 2011

 

As new legislation goes into effect this July, banks will be forced to drop their interchange fees from around 44 cents to 12 cents per transaction. That might sound like good news for retailers who incur these fees each time a customer pays with a debit card, but banks such as JPMorgan Chase are now considering capping transactions at $50 or $100.

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