Article source for : Your Debit Card Purchase May Soon Have A Per Transaction Cap!
To recoup their lost profits from legislated reductions in interchange fees, fees which hurt small merchants particularly hard, J.P. Morgan Chase is considering capping the amount a card holder can charge in a single transaction to $100, even if you run the debit card as a credit card. Some news sources say the cap might be as low as $50. The younger debit card/credit card dependant generation might see this as an inconvenience. The rest of us old timers who managed for decades to handle our cash flow needs without plastic will be laughing our asses off. You'll have to either figure out your cash needs ahead for a certain time period or, shudder, relearn how to write a check!