As of 6 years ago, there was a strip joint near the Cleveland Hopkins airport with a $20 ATM surcharge.
As an aside, I just got the letter today saying that Chase will no longer be giving me cash back rewards on my debit card, beginning on… either June or July 19, IIRC.
Given that I spend… umm… around $16000 per month or so on my card, and get 0.8% cash back, the whole discussion associated with this thread is of keen interest to me.
As noted, the whole thing is the banks whining up a storm to try and astroturf political pressure so the government changes the rules back. I suppose it’s possible there will be some movement in this direction, but check cards have been so great for banks that I can’t see them trying to stuff that genie back in the bottle. Anyway, so long as there is one bank that doesn’t limit charges all the rest will fall in line because there’s very little about a check card that engenders customer loyalty – so eveybody will switch to the one issuer that doesn’t cap them.
It’s worth noting that just about every article like this you see (and a lot of others) were placed there by PR firms. Not that they’re necessarily untrue (look how the site is careful to source everything on JP Morgan claims; it doesn’t flat out say anything like this will happen), but JPM’s PR firm figured this was a message they wanted to get out, they came up with their strategy, and they contacted news outlets with offers of access and quotes until they found someone who would run it. “Money” and Finance outlets are particular susceptible to this sort of thing because they’re all assume a basic “Rah-rah, investing and unregulated markets are great!” attitude.
–Cliffy
What banks are threatening this? I currently bank with Chase but would definitely consider going to a smaller local bank (or credit union) if this goes through. Their $400 per-transaction/daily limit is already too low for my liking, and I don’t like to write checks or carry cash. I also don’t do credit cards anymore after I let my spending get out of control in the past, so that is not an option for me.
I had a lot of problems with their limit twice already; once paying an ipass settlement (they ended up dividing the transaction in half for me and processing 2 payments, thankfully), and another time I was trying to buy computer components from newegg. I ended up having to order the components individually instead of all in the same order. It was a fucking nightmare.
Um, what kind of transactions have a $400 limit?
I did a debit card transaction for $2500 on my Chase debit card Monday, and a $500 ATM withdrawal a few weeks back.
I dunno, my account is like that. It’s free checking. Not student or anything like that. Just free.
I have a $3500/day limit on mine, which I didn’t even know about for years. As mentioned in this thread, you can usually get it raised if you call and ask: I think the default is just there to send up a flag if someone steals your card.