Have a bank account in the USA? Probably want to read this.
 

http://money.cnn.com/2011/03/10/pf/d...limit/?npt=NP1

Declined! Your debit card may soon be denied for purchases greater than $100 -- or even as little as $50.

JPMorgan Chase, one of the nation's largest banks, is considering capping debit card transactions at either $50 or $100, according to a source with knowledge of the proposal.

Why? Click the link.

FYI.

I'm gonna go out on a limb here and say that this is never gonna happen. Not that low. :2 cents:

True dat. It sounds like more spin doctoring, and any bank doing it as a lone wolf will find that their customers will flee to other banks. I can also assure you credit unions will not follow suit.

even if it happens, so what? unless you have terrible credit, credit cards are way better then debit cards...

Credit union is a safe bet. I don't know what the banks will do, but one thing is for sure. They are thinking of their profits, not you or I as a customer.

I am moving all my funds and accounts to USAA this week anyhow.

Have you forgot that we are in a recession and a lot of people have had their credit destroyed lately?

Or maybe you blame all of the declining sales on tube sites. Yeah people not having credit cards anymore have had nothing to do with it, its all the tube site's fault.

I haven't used credit cards for almost 9 years.

I'm not visualizing how $100 limit on debit cards will effect anyone in the porn industry... can you clarify how that new limit could effect anyone here?

Why not? what are some advantages of using a debit card over a credit card?

Couple things about credit cards Vs. debit cards

1) no interest on debit cards. fuck paying interest on anything. i am liquid. i have the cash. i wouldn't buy anything but cars and houses with credit.

2) no one carries tons of cash anymore, unless you are a pretend baller with a hundy wrapped around 20 different smaller bills. debit cards are immensely convenient. and you can run them as credit, which protects you and the the things you buy.

3) credit cards are ruined for people who are very money smart. i wouldn't touch any of the new credit card offers. they're sucker cards.

This is just another way for the banks to profit and prey on the people who are the most cash strapped.

If I missed anything feel free to list.

It would be for Debit Purchases only, you still could make credit purchases with your debit card for over that limit. Which I do anyway to collect airline miles. :pimp

1 + 3 are pretty weak reasons, as long as you have some financial discipline you wouldn't pay any interest on credit cards anyway... (as long as you pay your balance off each month)

No debt.

If I can't afford it, I don't buy it.

Good point. I do the same with both Alaska and United debit cards.

ANY sort of discipline is much easier when temptation is removed.

You ever notice all the "check cashing" store fronts that seem to be popping
up all over the place?

I think a move like this will just make more of these places pop up.
The check cashing business is just snatching up whatever business that banks
don't want. These places already sale "debit cards".

The only thing these places don't do yet is give out checking and saving accounts.
Interesting that nobody accepts checks anymore and nobody has any savings. :1orglaugh

I see a future in "Store Front Banking".

Introducing "Cash Monkey" : The Multiplexing Debit Card :

- The customer has 3 bank accounts with debit cards
- Cash Monkey will be used for the purchase
- Cash Monkey will split the charge amongst the customers 3 debit cards

Thus making a $50 limit into a $150 limit.



Cash Monkey! Join Now! :1orglaugh

http://t1.gstatic.com/images?q=tbn:A...3U8beb3zN0THr7

No worries, the sloths can just whip out their "gubment" debit cards when their other ones fail.

That's not true.

How much do you know about USA credit card offers?

Just like AaronM, I dont have credit cards. Dont need credit cards with a 6 figure income.

Home and vehicle are all I have financed, and didnt really need to finance the vehicle.

I have a $5000 daily limit on my debit card and I wont like that being reduced at all.

Sure, using it as a credit card works fine and racks up reward points. But it costs merchants more to process credit vs debit, and once you take the debit option away the merchants are going to raise their fees to cover their loss. In the end, the consumers get fucked. Like always.

Pretty much the only time I use my debit card and its less than $100 is for lunch or gas.

Exactly. If more Americans had lived like you and I we wouldn't even have a recession. And that is a fact.:thumbsup

We keep most of our cash in a huge safe in our house. nuf said.

probably more than an average person... some are shady, many are not, just need to read the fine print and spend within your means and you will be fine... :thumbsup

99.9% of problems people have with credit cards are due to spending more than they can afford to pay... :2 cents:

reward cards are where it is at. I make about 700 bucks a year on misc rewards across my credit cards and pay off my balance weekly to avoid EVER paying interest. You can not go wrong with 1%~5% cash back on every dollar you spend. Just think about the good old days before the credit crunch when some people lived off exploiting credit reward deals. I have know people that used to get paid 1000 bucks a month just for using some reward cards the smart way.


A credit card is a tool just like a hammer. You build a house with it or break every finger on your hand if you have no skill to use it. Just treat it like a 3 week loan you took out with the local shark and PAY it! If you funnel your cash through cards you get nice savings :)

Bingo. Basically what I was saying. Lot's of really deceptive offers being mailed to people now too through the US Mail. People are getting sucked in all over. A whole new wave of morons tainting our financial system. :1orglaugh:1orglaugh
:thumbsup

Fantastic analogy.

4 for me

lol. This is just more pushback tactics by industries that don't want reform. It's a warning to leave them alone.

When health care laws are passed, the health insurance companies raise rates and send out a press release about it to make sure everyone hears about it. Who sends out a press release when they raise rates 30%?

Same here, they are trying to prove that they will turn any sort of reform into a hassle for consumers. So next time anyone brings up reform, they can point to this example.

Old ass tactic and it's a way to make Americans adverse to reform. This is why compromise style reforms never work, because it leaves loopholes.

that's what happens when you meddle with free markets... :2 cents:
everything was working fine for decades and then some politician thought it will be a good idea to put price ceilings on debit card fees... banks will find a workaround for it and like you said consumers will probably get fucked... :thumbsup

Oh dear lord you lost me with this "free" market myth... It is only "free" to the people that have enough money to lobby for laws in their favor... funny how that works out isn't it?

This makes sense.

Funny that the article is about Chase, as they allowed $1k to be stolen from my account using my debit card :Oh crap

I'm pro debit cards.
But fuck, recently I had problems charging flight tickets (on the phone) and hosting (recurring) to my debit card because of this Verified By Visa crap. Since they don't have the pin number it seems they cant bill it...

Yeah, that Verified by Visa crap sucks.

I had a problem renting a car with a debit card once, but other than that, I'm getting rid of my credit cards.

PayPal business debit card gets around that most of the time.

Also, most rental car companies will rent to non-locals with a debit card if they have a return flight, train, bus ticket.

From the article:

Yeah, that $18 billion in profit JP Morgan Chase makes every year must be really rough. Tough times, indeed.

The delusional greed and arrogance of some people like this amaze me. Gee, so you're only going to profit $17.5 billion next year instead of $18 billion. If I were you, I'd find ways around government legislation so I could continue raping and pillaging everyone too.

Enterprise is very debit card-friendly :thumbsup

It's a business, if you take away 1 billion from someone, obviously they are going to bitch about it. I really doubt any sane person would say "ohh well, I didn't really need it anyway"... And in case they didn't bitch, I certainly didn't wanna put my money under their control :1orglaugh

I've always used debit cards. It saves me carrying cash and it takes the money right out of my bank account. No fuss, no muss, and I have a no fee account, so I'm not dinged to use the card. It's simply a method of transaction. I don't really understand all the fuss the States is having with these cards.

They kind of want you to use your card as credit now anyway. They give you points for credit transaction on your bank card.

Is this is DEBIT transactions only, where you have to put in your pin, or credit swipes on your bank card as well?

Consumers will push back, merchants will push back.
When a merchant hangs out a sign that says "J.P.Morgan/Chase cards not accepted" it will end.

Contrary to popular belief, the bank needs merchants and customers.
NOT the other way around.

That's assuming it ever starts to begin with.

:2 cents:

Or instead of complaining, they could have spun this in their favor. Put out a press release saying they agree with the changes, are here to help the individual merchant and consumer, and help make things fairer. Everyone decides they're a good bank, they pickup some extra clients, and help recoup the losses.

fairer? Who is there to judge if 12 cents per transaction or 25 cents per transaction is fair? certainly not you or some politician... if you feel the fee is not fair, then don't use it, it's not like anyone is forcing anyone to use debit cards...

How fair would it be if someone decided that porn membership's "fair" price is $10/month and you can't charge more than that? or that you can't charge more than $25/hr for your work?

They'll start targeting cell phone companies telling them that 10 cents per SMS is not fair, that 2 cents is more fair? or that paypal can't charge 2.9% fee, that 0.9% is "fair"? wtf are you guys smoking?

"fair" is charging whatever you want and letting the customers decide if that price is fair...

Same here.

Credit card only for 7+ years with no problems. Free loan for a month, better protection, no bank error throwing an overdraft at me, points program, etc. etc. etc.

There is no advantage to debit except personal comfort and personal safety.

Fuck 'em.

I always use cash.

I'm with you. Cut up my cards years ago. If I can't buy it in cash, I pass. That includes large purchases.

I'm not going to play the game again. No thanks. Been there, done that. Debt free is the only way to live.

BTW... I also get points on my debit cards that I use for air travel. 1 mile for every $1 spent.

A lot of banks are capping debit cards with limits on number of transactions a month, dollar amount for each transaction, etc. It could make sense to withdraw paper cash dollar bills from the teller and use it to make many small purchases. In recent news, Canada is considering making plastic dollar bills with more security features to avoid counterfeits. The Bank of Canada will begin circulating its first plastic money in November, a new $100 bill made from a special polymer that will replace the cotton-paper blend used to make Canadian existing currency.

Not only limits on debit card transactions, but free checking as we know it, gone. Rewards, gone. Why? Because banks like Bank of America took a $10.4 billion projected loss of revenue due to the Durbin amendment.

As far as free checking, obviously it was 'subsidized' by overdraft and interchange fees. However, it's hard to muster an argument in favor of the cost-shifting to responsible middle and lower-income consumers.


You're exactly right and it explains precisely what is wrong with the current administration. You can argue it's well intentioned, but it comes at a complete disregard to the consequences of attacking capitalism in America.

For example.

Obama passed the 'Credit Card Accountability, Responsibility and Disclosure Act'. A bill that was well intentioned, it was against abusive credit card company practices. Sounds 'fair' right?

It was regulation that backfired against consumers. Credit card issuers prepared ahead of time for the new law by raising interest rates to 10 year highs and then cut average lines of credit by 13%.

What was the end-result? Obama made it financially harder for consumers to use their credit cards in the midst of a deep recession when businesses were struggling to get Americans to buy more. It also affected millions who couldn't afford to pay higher rates on credit card balances.



Then we have the health care overhaul that will cause every single person to see a rise in premiums until the law has taken effect in it's entirety. My rates went up this year, and I'm sure they will continue to rise. Again, it's due to regulation taking away from their bottom-line.



Now you have Obama desperately pushing a cap and trade bill that would tax businesses to pollute. I don't think I have to explain what would happen if such a bill were passed.

Gas prices are already going over 4 fucking dollars. :disgust My opinion is it's 100% a product of this administration's overzealous goal to curb greenhouse gasses.



We heard a lot of people asking, 'Why is Obama to blame for the current unemployment rate?' Obama forced a regulatory nightmare for American businesses shoving regulations and government mandates down their throats.

What was the end result? Massive downsizing. Increased costs for consumers. You take away from a companies botton-line and as you said, they will do whatever is necessary to get it back up. Call it greed, call it unfair, call it whatever you want, but it's how America works.




Anyways, the smart American voters who actually knew the situation took action last fall. Obama and the democratically controlled congress were on a warpath against Capitalism in this country. People recognized whether it was well intentioned or not how extremely destructive it can be.

I think a lot of the big companies and corporations gave a big sigh of relief last fall. Up until then, they were in fear of a bureaucratic nightmare of regulations and mandates.