Skip to comments.Banks threaten debit card spending limit
Posted on 02/20/2011 7:30:15 AM PST by FromLori
What if you go to use your debit card but find you have a $100 spending limit even if you have more money in your account? Right now, the idea is a bargaining chip being used by some of the nation's biggest banks, including JP Morgan Chase, Bank of America and Citigroup.
The change would have a big impact on shoppers. The average family spends $122 on groceries every week, so a simple trip to the supermarket might in the future require a stop at the ATM.
It all goes back to new rules that Congress is considering aimed at limiting the fees that banks can charge retailers every time you swipe your debit card.
(Excerpt) Read more at wfaa.com ...
Use cash. Problem solved.
Wow, great idea. Collapse the financial system due to regulation. Next thing that will happen is our paychecks will go directly to the government who will hire Goldman Sachs and BOA to pay us an allowance.
Beat me to it. Cash doesn't leave a paper trail either.
How is Barry’s “Hope and Change” working out for everybody so far?
Then they’ll charge fees for checks over $100 (or whatever else you could use to get the money from your account to your pocket). I was shocked that Wells Fargo is charging non-account holders for cashing paychecks issued by their employers drawn on a Wells Fargo account; it is basically a penalty for not opening an account with them.
I can’t believe this is legal, or that the companies using Wells Fargo aren’t forced to compensate employees for this.
Looks like I’ll be clogging up store check out lines like it’s the 70’s all over again.
An ATM card is supposed to be the same thing. It's a direct credit from my checking account.
If they limit my ATM usage then I go back to writing checks. So...what does one of them cost to process?
Guess what stupid banks who propose this? You do that and we take our business elsewhere.
Bingo! That’s the solution.
Just use the damn card as a Visa like most banks let you. You hit ‘credit’ instead of ‘debit’ and don’t put in your pin. Heck, Chase pays me 1-3% back from using it that was on a bunch of catagories too. I’ve always used it this way and have no idea why anyone would not.
I never did understand the utility of a debit card when one could use a credit card.
That is how I do it also..
Could it be for people who can't get a credit card? I've never had one.
My small-time (ok, they have been growing like mad) local bank gives me a dime every time I use my debit card.
Life long democrat lloyd blankfein Goldman sucks and jamie demon already own obama people can find a smaller conservative bank (one those the big global banks haven’t already wiped out) and put there money in those. That regulation is a joke but the joke is on us it already favors the big global banks. It allowed for plenty of time for them to increase the fee’s they charge you I wouldn’t worry too much about them they own the casino and the odd’s are in their favor. Frankly I’m sick of their threats we bailed them out.
Ok, that made me laugh.