Banks To Institute $50 Debit Card Spending Cap?

[dgridley]

This is ridiculous.. just another way banks are looking to gouge the consumer with fees.

I don't even own a check book (or credit card) and how is a check different (or more secure) than a debit card?

Some places won't even take a check! Not to mention I use my debit card online for all my major purchases..

Many times I've made domain or Amazon purchases over $50 with my debit card.

http://money.cnn.com/2011/03/10/pf/debit_cards_limit/index.htm?hpt=T2

 

[pit]

If Chase does this and the other big banks don't, then people will just move their accounts from Chase to the others. I don't see it sticking though. People will view it as not being able to spend their money as they see fit. Very un-customer friendly.

 

[silentg]

Keywords in the article "Considering" "according to a source with knowledge of the proposal."

 

[nick-8318]

This is ridiculous.. just another way banks are looking to gouge the consumer with fees.

I don't even own a check book (or credit card) and how is a check different (or more secure) than a debit card?

Some places won't even take a check! Not to mention I use my debit card online for all my major purchases..

Many times I've made domain or Amazon purchases over $50 with my debit card.

http://money.cnn.com/2011/03/10/pf/debit_cards_limit/index.htm?hpt=T2

When you're using your debit card online for purchases, you're actually running the card as credit.

You're only running your card as 'debit' when you punch in your 4 digit pin code.

So you have nothing to worry about.

 

[PlusNames]

I doubt that would happen... they know they'll loose a lot of accounts.

 

[HostMantis]

This would definitely hurt a lot of companies that sell low cost products and services. Not a good idea at all.

 

[dgridley]

I just asked my bank about it.. they said it would likely never happen at my bank and not to worry.

 

[PSS_Lena]

If that would happen to credit cards too. I would tear mine into pieces and won't get neither use another one again.