Go ahead [JPM/Chase, BofA, Citibank], make my day!

[Stephen Gornick]

[Imagine] 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.

Congress is considering [rules] aimed at limiting the fees that banks can charge retailers every time you swipe your debit card.

 

The rule proposes putting a $0.12 cap per-transaction.  That is about a 70% drop from current charges.

If the banks impose this limit, consumers will need to visit the ATM more often to have enough cash to make purchases over $100 without paying a fee.

http://www.wfaa.com/news/consumer/Banks-threaten-debit-card-spending-limit-116531378.html

Hat tip: http://market-ticker.org and thanks to Dirty Harry for this post's title: http://www.youtube.com/watch?v=mevxenJ6Mtc

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[Anonymous]

get 5 bank accounts and 5 debit cards ?

[FreeMoney]

get 5 bank accounts and 5 debit cards ?

Isn't the point that you'll have to pay the fee 5 times? I think that's what they want you to do. I bet you can just use one card over and over in their threatened scheme.

[myrkul]

get 5 bank accounts and 5 debit cards ?

Isn't the point that you'll have to pay the fee 5 times? I think that's what they want you to do. I bet you can just use one card over and over in their threatened scheme.

That's exactly what they want. They make their living off the fees (or, at least, that huge house and 3 luxury cars), so, yeah anything that generates more fees is good for THEIR bank account.

I've seen some people get seriously pissed when they had to run their card twice because the dude at the register forgot to add an item or two. I imagine this will only get worse.

[Anonymous]

get 5 bank accounts and 5 debit cards ?

Isn't the point that you'll have to pay the fee 5 times? I think that's what they want you to do. I bet you can just use one card over and over in their threatened scheme.

That's exactly what they want. They make their living off the fees (or, at least, that huge house and 3 luxury cars), so, yeah anything that generates more fees is good for THEIR bank account.

I've seen some people get seriously pissed when they had to run their card twice because the dude at the register forgot to add an item or two. I imagine this will only get worse.

I see the true evil genius of their plan. Its all about the fees.

[myrkul]

It's rule one of economics: Incentives work. They just don't always work in they way you think they will (though, often it's pretty clear in hindsight) The banks have fees capped per transaction, so, they're incentivized to make sure there's more transactions.