Debit card limit - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Debit card limit

Associated Press

New York (AP)-Shoppers using their debit cards could soon see their cards declined, even if they have enough money.      

J-P Morgan Chase is considering a plan that would limit debit card purchases at either $50 or $100 a day.

At the center of the proposal is interchange fees, the fees banks charge businesses when they swipe a debit card.

Right now, banks charge retailers 44-cents every time a customer pays with a debit card, and those pennies add up to nearly $16 billion a year for banks.

So far, no other banks have announced similar plans, but Bank of American plans to start charging an annual $59 fee for its riskiest customers.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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