Thursday, March 10, 2011

Banks Considering Capping Debit Card Spending At $50


Man look at this, the nerve of these bastards...but then again I guess in hindsight its not really going to effect people in the lower class and who are in the hood anyway because of the use payday lending services (which are scams) and hardly ever have access to credit cards but still man god damn! So I guess that just  means that we are all have to going to get better at withdrawing our money from the banks to avoid those ATM fees or start budgeting for cash withdraws a little more often when making purchases but nonetheless, statistics show that the more money you have one hand the more you are going to spend anyway so in the end I think we are all stuck. Its a SETUP!

Guess who wants you to start using your credit cards more? Reports CNN:
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? Because of a tricky thing called interchange fees. Right now, every time you swipe your debit card, your bank charges the retailer an average fee of 44 cents, which it shares with its partners. Those little fees, however, add up to about $16 billion per year, according to 2009 data from the Federal Reserve.
If the changes go into effect customers are expected to withdraw more cash from ATM’s and use credit cards more often.

via LF

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