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March 10th, 2011
04:56 PM ET

Should banks be able to set spending limits on debit cards?

FROM CNN's Jack Cafferty:

One of the largest consumer banks is thinking about putting its customers on a budget. According to a new report from CNNMoney.com, JPMorgan Chase is considering capping purchases you make with a Chase debit card at $50 or $100.

That's because new laws are going into effect this summer as part of Wall Street reform legislation that will limit how much a financial institution can make off your debit purchases.

Right now banks charge merchants something called an interchange fee every time you use your debit card. Those fees bring in about $16 billion for the banks each year and about $0.44 for each purchase you make. If the new limits take effect in July as scheduled, the banks would make just $0.12 per transaction. So being the crafty creatures that they are, they have decided if they limit your purchase amount, it will force you to do more transactions, and presto – they don't wind up losing a dime. Not exactly reform from the consumer's point of view.

Banks say the higher fees are necessary to cover the costs associated with debit cards. So they are playing around with some options:

Bank of America and Chase both say they are testing out adding monthly fees to checking accounts – up to $15 a month in some states if you're a Chase customer. Chase is also floating the idea of $3 monthly fees for just owning a debit card; and they may also consider that cap on individual debit card purchases.

Representatives from HSBC and Wells Fargo declined to comment on plans to add fees to their debit accounts. A Citi spokesman says the bank does not have any plans for additional consumer fees at this time.

Of course, the bank and credit card lobbyists are fighting this tooth and nail – and a new bill being introduced this week in the Senate by Democrat Jon Tester of Montana will try to delay those fee limits being put on banks. However it sorts itself out, be assured of this: The banks will get theirs.

Here’s my question to you: Should banks be able to set spending limits on debit cards?

Interested to know which ones made it on air?

Cliff in East Rockaway, New York:
At some point, bank fees become consumer friendly. When cash is used to avoid bank debit or credit card fees, purchases will be made more judiciously and the savings rate may well go up. Banks will be left devising alternative ways to gain revenue.

Stella in New York:
The banks will do as they please. If they had their way they would stamp "unlimited" on all cards. They won't lose a cent. That's what you and I are here for: to pay their bills.

Dariel in Santa Rosa, California:
Only if they want to lose their customer base. Credit Unions and small local banks should be considered, as a more honest and transparent place to park your assets.

Steve in Nashville, Indiana:
We could sure use an alternative to banks but setting limits on debit cards is like setting limits on checks. If there's money to back it up how dare they say you can't use it. Can you spell credit union?

Rick in Detroit:
No. This is another effort by the big money bankers to blackmail the government into allowing them to extort money at random while paying themselves multimillion dollar a year salaries and bonuses like they did with the TARP money a couple of years ago. Maybe the Federal Reserve should accept personal savers and issue government debit cards and tell the Wall Street bankers to take a hike.

Arthur:
Used wisely, debit cards are incredibly convenient, and now there are even smart phone apps for them. Between banks that are more concerned about profits and bonuses than service, and conservatives that have out of thin air developed a sense of fiscal responsibility, the only thing I've left to say is that it must be Thursday. I never could get the hang of Thursdays.

Kevin in Albuquerque:
Maybe it's time to use the Shoebox Bank, no lines, no waiting, no fees and no slips to fill out.


Filed under: Economy
soundoff (172 Responses)
  1. Larry Feierstein

    Banks= airlines, they set the rules we follow if we want to bank or fly. Dont like the limits on debit cards? use cash, dont like fees for bags on a plane,dont fly. We are a captive market for banks, air travel and gas prices.

    March 10, 2011 at 1:37 pm |
  2. Kevin - Annapolis

    Absolutely not... it's a debit card – meaning it's directly tied to my money in the account. It's not a credit card, where they're extending you capital or reserves.

    March 10, 2011 at 1:39 pm |
  3. Greg M.

    Jack,
    You're kidding right.Are you talking about the same banks WE helped which resulted in top executives taking obnoxious amounts of money for receiving their bailout?Apparently those were ENTITLEMENTS.Is there something strange going on here,or is it just me?
    Greg M. Largo,FL

    March 10, 2011 at 1:41 pm |
  4. Jayne

    On debit cards? Of course not. They're just looking for another way to soak the "little people" with fees.

    March 10, 2011 at 1:42 pm |
  5. RB in CA

    Absolutely not!

    A debit transaction comes directly out of a consumer’s bank account and presents a zero loss exposure to the financial institution. However, the bank only earns interest on credit transactions, which may explain why they are trying to annoy consumers into using more credit by capping the debit transactions available to them.

    RB in CA

    March 10, 2011 at 1:44 pm |
  6. Ozgur, Bloomington MN

    Absolutely not. It's just one more way for banks not to provide the services they are intended for.

    March 10, 2011 at 1:46 pm |
  7. Weldon from Canada

    Why should they be able to dictate our spending limits when we have no control over their unbearable interest sharges.

    March 10, 2011 at 1:50 pm |
  8. Jenna

    Should banks be able to set spending limits on debit cards?

    They already do. If you don't have the funds the charge doesn't go through.

    No bank can tell you how much to spend or on what. That is not their business. That is a privacy issue.

    People should just use cash whenever possible. Leave the debit and credit cards at home.

    Jenna
    Roseville CA

    March 10, 2011 at 1:52 pm |
  9. Anthony Hahn

    and btw, no banks shouldnt be allowed to tell me how much of my own money I can spend.
    Hope Mills, NC

    March 10, 2011 at 1:54 pm |
  10. Rick McDaniel

    Let's ask the more important question........should we even be using debit cards, in the first place?

    The deal is......banks have found that they are losing big money on theft of card numbers, so of course they want to curb usage to a lower risk level. Banks, are of course, banks.....they want to win 100% of the time.

    Let's face it......all this electronic stuff, is simply creating a whole new world of thieves. We are better off to be inconvenienced a little bit, and not be ripped off.

    I do NOT have a debit card, nor do I use ATM's, nor do I have a smart phone, or a tablet, or much of anything, other than a basic computer.

    I don't have TV with $200. worth of add-ons, to bombard me with ever more advertising, and I don't have a GPS. I even made the car maker, turn OFF the lights on, horn on, and all the other bells and whistles, they put on cars, nowadays, when you unlock the door.

    Humans don't need any of that stuff.......but they are too foolish to admit it.

    Checks still work just fine, and most places ( not all) will still accept cash as legal tender.

    March 10, 2011 at 1:59 pm |
  11. Greg in Arkansas

    To quote that annoying TV commercial, "IT'S MY MONEY AND I WANT IT NOW".....so....

    What part of: "it's my money" don't they understand???

    Or are they trying to say that banks are so far "upside down" with assets vs. liabilities that they can't cover my account with the cash reserves they are supposed to maintain because they are holding too many bad debts?

    If that is the case, many Americans may soon be standing on a street corner with a tin cup begging for spare change or holding a cardboard sign that says "will work for food".

    March 10, 2011 at 2:02 pm |
  12. Kim Smith

    How about reducing credit card interest rates and fees first. Not to mention a 100%, no exceptions allowed, tax on executive bonuses over 100k.

    March 10, 2011 at 2:03 pm |
  13. CRAIG R. MCNEES

    tampa, fl every man's dream, a plan to stop women from spending money, what a concept.

    March 10, 2011 at 2:09 pm |
  14. Bradley, Portland, OR

    Sure, why not? It'll just push most people back to using credit cards.

    Everyone but people with bad credit who can't get credit cards.

    And they probably shouldn't be spending too much anyway.

    March 10, 2011 at 2:26 pm |
  15. Rich McKinney, Texas

    Certainly. Any financial institution has the right to set limits based on your ability to pay. Your borrowing money from them so Yes, they should have the right to say how much you can borrow and when you can borrow it. As you develop a trustworthy credit reputation with that financial institution they may extend more credit or reduce your line of credit based on the way you pay them back. Remember, you went to them to borrow money they didn’t come to you.

    March 10, 2011 at 2:33 pm |
  16. David

    From Pocahontas, Iowa:
    I don't think so much that there should be a spending limit. I believe there should be a mandatory low rate on the cards. In fact, I got a refund coming but have not seen one statement for two months. I would think I should be allowed to put my own interest rate to charge to my credit card company, don't you all agree???

    March 10, 2011 at 2:33 pm |
  17. Loren, Chicago

    No. If you know anything about card transaction processing, then you know that the banks are only trying to protect their golden goose, the interchange fees that they charge retailers to authorize card transactions. The problem is that through consolidation, through changes in financial services and the poor job of managing these changes by the Federal government, banks can't depend on their core businesses to make money, so they squeeze it out of more peripheral services like debt cards, and, as usual, the consumer gets the short end of the stick.

    March 10, 2011 at 2:34 pm |
  18. Bizz, Quarryville Pennsylvania

    To me I consider using a debit card being the same thing as writing a check. If you have the money in your account for the purchase your making them by all means you should be able to do it. If you do not then it should be treated the same way as bouncing a check.

    March 10, 2011 at 2:38 pm |
  19. Larry from Georgetown, Tx

    Our bank has a limit for debit cards which is basically for our protection and if a large withdrawl is put thru out of town, we get a phone call, 24/7. I'm glad that this is their policy as there are many crooks out there.

    March 10, 2011 at 2:42 pm |
  20. roc from selkirk

    Just another way to make sure they keep their profits rolling in. If they can't get 44 cents a swipe then they will get it by making the consumer have to swipe the card more often. Sad that the consumers have to be constantly attacked from all sides either at the gas pump or the grocery store or from the banks or government taxes. When do WE get a break?

    March 10, 2011 at 2:44 pm |
  21. John from Alabama

    Jack: Yes and no. Yes for security reasons and fraudlent purchases. No if a person request a high dollar value on the debit, because they do not want to use a credit card. Bottom line if the money is in the account let the individual use the debit card. Warning about lost cards should be given.

    March 10, 2011 at 2:49 pm |
  22. B.J., Quincy, Il

    No, it's your money and you can spend it now!

    March 10, 2011 at 2:50 pm |
  23. Richard, in Kansas

    I guess we should know by now that no matter what safeguards are put in place the banks will always find a way to get around them and dig ever deeper into the consumers pocket. It must be nice to get to make all the rules without fear of consequences.

    March 10, 2011 at 2:56 pm |
  24. Carla

    To paraphrase James Carville: “It’s our money, stupid!” Banks pushed debit cards till the whole nation is addicted to them. If they cap debit cards, when do they start capping checks? Cash withdrawals at ATMs? We bailed these crooks out when they needed help. So their interchange fees are cut – let them take the difference out of their fat bonuses.

    March 10, 2011 at 2:56 pm |
  25. jean king

    The money on a debit card is cash deposited to said account to be usesd by the account holder at their discretion. To limit a customer's access to their own money is extortion. In other words, the bank is saying if you don't pay me the fees I want, you can't use your own money. I'm gonna hold it back. Isn't extortion illegal?

    March 10, 2011 at 2:57 pm |
  26. Louis Patyk

    Yes. 80% or less of your deposit at one time. No more.
    LP; Salle IL

    March 10, 2011 at 3:01 pm |
  27. Keith Davenport

    Absolutely not! Banks have no business setting parameters on their customers expenditures. Next they'll be telling us what we can buy. Limits? Hell no!

    March 10, 2011 at 3:06 pm |
  28. RickFromDetroit

    NO. This is another effort by the big money bankers to blackmail the government into allowing them to extort money at random while paying themselves multimillion dollar a year salaries & bonuses like they did with the TARP money a couple of years ago.

    Maybe the federal reserve should accept personal savers and issue government debit cards and tell the wall street bankers to take a hike.

    We don't need them. The banks borrow from the fed reserve [taxpayers] and then lend the money back to us for a profit. Lets bypass the middlemen.

    March 10, 2011 at 3:15 pm |
  29. Jane (Minnesota)

    NO! They don't want you really to write paper checks anymore and encouraged the use of the cards. I see a return back to paper checks again – that is, IF the stores I use take them. Another case of the Wall Street types whining because they aren't making enough to earn those ridiculous bonuses!

    March 10, 2011 at 3:24 pm |
  30. Stephen Paul

    Jack; banks have always been a problem to those who use their services. It's now difficult to go without a bank as the Social Security checks now must go to a bank electronically and so on with other financial services. We could sure use an alternative to banks but setting limits on debit cards is like setting limits on checks. If there's money to back it up how dare they say you can't use it. Can you spell credit union?

    Steve
    Nashville, In

    March 10, 2011 at 3:26 pm |
  31. Paul P.

    They should to a degree, daily withdrawl limits are a good security feature preventing thieves from wiping out your account in one transaction. But this proposed $50 limit essentially renders the card useless and may force people to go back to their credit cards at a time when we should be fostering responsible spending.

    March 10, 2011 at 3:26 pm |
  32. Pete in Georgia

    Absolutely, yes.
    A bank is left holding the bag on unpaid debts so they have every right to set debt limits based on income , current obligations, and/or past payment history.

    March 10, 2011 at 3:29 pm |
  33. chris

    nope especially the responsible people that over draw their accounts for those yes if thye do it often but a responsible person should not be set amount if they gott he cash in the debit card account

    March 10, 2011 at 3:37 pm |
  34. Steve, Clifton, VA

    Banks should have the authority to establish limits on debit cards only if they are fully funding those debit cards. It's one thing to set a limit on a credit card where the bank is fronting/financing the purchase but to have a bank to tell me which purchases I can make with my own money is absolutely ridiculous!! I see the return to the use of cash as a viable option to banks and credit unions should look for a strong boost in memberships.

    March 10, 2011 at 3:39 pm |
  35. Steve, Clifton, VA

    The Banks should be able to set limits on debit cards for that Bank's own money, not for my money!!

    March 10, 2011 at 3:40 pm |
  36. jack

    Jack- There are plenty of banks out there that would love to have the business. if evryone stopped using these ego-maniacal rip off specialist, they would have no choice but to knock off the bs. Their boss's(shareholders) will demand it. Lets all start sticking them where it hurts-their wallets.

    March 10, 2011 at 3:41 pm |
  37. John Moore - New Britain, PA

    In theory yes, as long as the rules are fair. However, in all things banking there never appears to be any competition at the consumer level. Banking practices should be constantly reviewed by regulators to ensure there is no collusion that takes advantage of the consumer.
    Nothing is more corrupting than money, a desire to be wealthier is OK but greed is not.

    March 10, 2011 at 3:44 pm |
  38. Mike

    Wait a minute. We keep hearing how our economy depends on us spending our money, even as our income has dropped like the ball in Times Square. Now the banks, who pay out obscene bonuses, are crying because they can't afford to protect themselves against fraud so they are going to trample on consumer spending. The banks should spend their profits on anti-fraud measures instead of bonuses. Of course, that would help us little folk, not the big folk; can't have that.

    March 10, 2011 at 3:47 pm |
  39. andyz Lynn, MA

    There are no limits on checks. A debit card is an electronic check. Ergo no limits.

    March 10, 2011 at 3:50 pm |
  40. Karen, Idaho

    There should be no limits set on debit cards as they are subtracted immediately from available cash funds. The limits should be set on credit cards. With a limit, fewer people will over extend their ability to pay for what they purchase.

    March 10, 2011 at 4:01 pm |
  41. Mark from Voorhees, NJ

    Of course they should, Jack. After all, we thought we had a retirement plan, but Wall Street and the banks tanked, and wonder of wonders, they wound up with the money and we didn't. We thought we had equity in our homes, but there was a real estate crash, and a million people wound up in foreclosure and the rest of us wound up losing a lot of value, but the banks are more than OK. I guess all of it is their money anyway, not ours, as long as we keep electing the best government money can buy.

    March 10, 2011 at 4:06 pm |
  42. Gerry

    There is no limit on the value you can write on a check as long as you have the funds deposited. There shouldn't be any limit on Debit Cards. Debit Cards are a win, win for the bank as the user punches in all the information and the computer does all the accounting and even protects the bank from an overdraft. You would think they would welcome debit card transaction with open arms. But nobody except Christopher Dodd and Barney Franks said banks were smart.

    Gerry
    Arizona

    March 10, 2011 at 4:14 pm |
  43. Terry- Greensburg, IN "Hoosier Hillbilly"

    If "1" single thing could be said to have caused the dilemma we're in now it would be "CREDIT!"
    Personal
    Government
    Business

    *** The country lost its mind and now we're going to loose the country***

    March 10, 2011 at 4:19 pm |
  44. Stella-Northern New York

    Hi Jack. The Banks will do as they please. If they had their way they would stamp "unlimited" on all cards. They won't lose a cent. That's what YOU and I are here for--TO PAY THEIR BILLS when they can't. Aren't Banks wonderful?

    March 10, 2011 at 4:19 pm |
  45. Remo, from beautiful downtown Pflugerville Texas

    Jack, I'm quite happy that I moved all my money and supporting credit cards to a credit union. I think JPMorgan Chase, will chase away a lot of business. Well at least I hope so.

    March 10, 2011 at 4:25 pm |
  46. Tina Tx

    They should but once they got the bailouts they feel they are going to get away with anything they can & will since the Republicans are back under power and just suck it up cupcake cause you & I are just along for the bumpy ride of life.

    March 10, 2011 at 4:29 pm |
  47. Cliff Glass - East Rockaway, NY

    Jack,

    At some point, bank fees become consumer friendly. When cash is used to avoid bank debit or credit card fees, purchases will be made more judiciously and the savings rate may well go up.
    Banks will be left devising alternative ways to gain revenue. Are postage due bank statements in our future ?

    March 10, 2011 at 4:30 pm |
  48. Mark

    Perhaps for some cards and types of accounts, but not all – use of a debit card as one's primary mode of making purchases should remain an option. My debit card has a 65.00 annual fee, and if I couldn't make a purchase with it, less than the annual fee I pay, it would be of little use. Houston, TX

    March 10, 2011 at 4:32 pm |
  49. Arthur Dent

    Just because an entity can do something doesn't mean it should; an aphorism a hubris driven America will never understand. Used wisely, debit cards are incredibly convenient, and now there are even smart phone apps for them. Between banks that are more concerned about profits and bonuses than service, and conservatives that have out of thin air developed a sense of fiscal responsibility, the only thing I've left to say is that it must be Thursday. I never could get the hang of Thursdays.

    March 10, 2011 at 4:37 pm |
  50. Joe CE

    Not as long as the money is in the accunt.

    March 10, 2011 at 4:39 pm |
  51. Ray in Knoxville

    Maybe we should just go ahead and nationalize them. We can start with Bank of America since they stole our name.

    March 10, 2011 at 4:41 pm |
  52. Wilhelm von Nord Bach

    IF we have a TRUE "free market", then the banks that raise or "tack-on" fees will just lose business to those that don't.

    BUT, of course, we DON'T have a TRUE "free market" because these major banks all COLLUDE with each other without ANY govenment oversite.

    can you say "OLIGOPOLY" (where a few large corporations completely dominate a market), Jack?

    March 10, 2011 at 4:41 pm |
  53. AzRose

    After forty years in the banking business I find this proposal disgusting. I recall when credit cards first started, the idea was to keep customers out of the bank so that staff could be cut. That did happen, ATM's and debit cards have reduced lobby traffic and I believe that customers liked it, no waiting in long lines. If the banks charge for the use of debit cards you can bet they will see lobby traffic increase again. I resent having to pay a fee to access my money.
    Banks have no shame.

    Rose, Glendale, Az

    March 10, 2011 at 4:42 pm |
  54. Paul

    From deepintheheartofhursttexas
    Jack,
    Sure!! Why Not!!

    They have predatory rates >20% on consumer credit cards
    People are migrating to debit cards to avoid these fees.

    If the banks can charge for both credit & debit it will be just like the good old days. Ahh!!!! Nostalgia....

    16 tons of #9 coal..... another day older & deeper in debt
    .....................!! I owe my soul to the company store.........

    March 10, 2011 at 4:43 pm |
  55. Dave, Orlando, FL

    In the old days they did. When you ran out of money they didn’t let you spend any more. Somehow that used to make sense and we weren’t $14 trillion in debt either. But that would be a much too intelligent approach for today.

    But let’s beat these slobs at their own game, use cash – for everything. It works for me and I've been doing it my whole life.

    March 10, 2011 at 4:45 pm |
  56. David in Tampa

    Jack, If the banking industry wants to play that game, I can always go back to writing paper checks and using cash for most transactions. Since I rarely buy anything over $50 and almost never anything over $100 at a time I would be relatively unaffected. Otherwise, I can put it on a credit card if I can get the outstanding balance low enough to be able to buy anything over $100.

    March 10, 2011 at 4:49 pm |
  57. Joe

    Jack,

    Banks and other major corporate interests seems to be able to do anything they want. Speculators have destroyed our economy, but the end result is a bailout, and continuing to steal through "HOOK or CROOK".

    When will the American people wake-up enough to no longer elect representatives who vote solely for big business interests?The CEO's average 500 times the average wage, American Corporations are making tons of profits, and now they want to gouge us with ATM charges through another loophole. Someday . . . I would like to think there will be a day of reckoning.
    Joe, Binghamton, NY

    March 10, 2011 at 4:53 pm |
  58. Jeff In Minnesota

    Banks and Thrifts think they have people over a barrel and that their customers would rather pay fees than leave. Plus, Banks and Thrifts apparently cannot make any money any way other than fees. The answer, go to your local credit union.

    March 10, 2011 at 5:03 pm |
  59. Gail, Plano TX

    Exactly why I do not have a debit card! Once u give the bank carte blanche with your money, u are finished. They also have the capability to take money out of 1 account to charge u for something u did in another account! This is without your permission! Happened to me once. I consolidated my accounts into 1. Just keep checking. Savings accounts not worth having as the interest given is miniscule. The less I have to to with my bank, the happier I am.

    March 10, 2011 at 5:03 pm |
  60. John .......... Marlton, NJ

    No, but the question that should be ask is , If we allow regulators to getaway with runaway rules how can we blame banks for ganing around it .... Its that old saying, what goes around, comes around ..

    March 10, 2011 at 5:04 pm |
  61. Claudia, Houston, Tx

    No, no, no. Banks setting spending limits on debit cards means they are setting their own monutary value on our dollar and this is very dangerous.

    March 10, 2011 at 5:06 pm |
  62. Ronald Hurtado

    Heck no!!! When the banks cut all my credit card limits in half began the start of my financial pitfall. Instant lower credit scores, all cards maxed out over nite, not to mention we bailed them out who knows what? I'm sure Hannity thinks its a great idea!! Ron, Prescott AZ

    March 10, 2011 at 5:07 pm |
  63. Mark in Houston

    Of course not.

    But then what does my opinion matter, I'm just one of the millions of middle income types out there who worked decades to earn and save a little money to get by on.. in my retirement years.

    They spend millions in advertising trying to get your business and offer nothing in return but reduced interest rates, new fees, new regulations etc, all in an attempt to recoup money lost when they were called on the carpet for practices that almost wrecked the economy. They, like so many other big businesses in this country set the rules with the help of their elected counter parts....and for both groups, greed and power are their sole motivators.

    We, the middle class are again left with few or no options but to comply. The smell of revolution just may be in the air.

    March 10, 2011 at 5:11 pm |
  64. Annie, Atlanta

    Banks sunk the global economy, rewarding themselves generously, while our elected officials lay blame on low wage earners like teachers and other public union employees. It doesn't matter what we think banks should be able to do. It’s all about what “our” elected representation will allow them to do, which is just about anything, legal or otherwise. They’ll provide the cover. We’re so screwed, and most of us don’t even know it.

    March 10, 2011 at 5:21 pm |
  65. Jeff

    You are already limited to the amount of money you have in your bank account. I will close my account asap if they try this on me.

    March 10, 2011 at 5:26 pm |
  66. Jeff

    The banks don't set the interchange rate, VISA and Mastercard set the rates and the banks just pass them on. Who do you think pays for all those rewards cards people are addicted to?

    March 10, 2011 at 5:29 pm |
  67. Philip TN

    YES – This is how the country got in trouble in the first place – by limiting capitalism with more government rules on business. Leave capitalism alone. Let the consumer vote with whether or not to buy into the bank's service.

    March 10, 2011 at 5:30 pm |
  68. Dariel, Santa Rosa, CA.

    Only if they want to lose their customer base. Credit Unions and small local banks should be considered, as a more honest and transparent place to park your assets.

    March 10, 2011 at 5:32 pm |
  69. DBendr

    Of course they shouldn't be able to set a max on a debit card transactions!! But of course they'll get away with doing just that. I suggest using cash . . . and/or a single credit card, preferably with a cashback program (like Discover) - and promptly paying off the credit card balances each month. I don't want to give those crooks one more dime of my money that I can avoid!!

    March 10, 2011 at 5:32 pm |
  70. bob in florida

    Only on the Debit Cards they have issued to the Federal Govt!.

    March 10, 2011 at 5:34 pm |
  71. Gigi Oregon

    We don't use debts anymore!!! After a very bad mortgage with a large bank. We moved everything to a local credit union. Where everything is up front. We are earning more on our investments and have an in house 4 point mortgage. We use a credit card for all purchases which rewards us. We pay off the balance each month (important). We earned over $500. in cash back this year.

    We do have choices. Our bank for over 20 years is still in shock that we left.

    March 10, 2011 at 5:35 pm |
  72. Ken in NC

    Why not? Companies set earning limits on our pay checks. We don't really need as much money as we are making now. Big Business needs it more than we do. We should all give back at least half of our weekly pay because all we do is waste it on stupid stuff like food and fuel and house payments when we could go hunting and live under bridges.

    March 10, 2011 at 5:37 pm |
  73. Kevin in CA

    Sure – then everyone can write checks, then they can raise the per check fee, then everyone can go to cash only, then we will have a truly capitalist, black market, economy.

    March 10, 2011 at 5:38 pm |
  74. Renee Peoria,Ill

    They're going to do whatever they want to do regardless of what we think. Let's see how much money they make off me when I go back to the old way; everytime I deposit a check I'll take out as much cash as I need till my next check. Forget debit cards, and only write checks for bills. If everyone else does the same, they'll lose money.

    March 10, 2011 at 5:47 pm |
  75. michael gene brewer

    If they put a limit on debit cards dont you think that would slow the economy down from nonspending. Ithink credit cards are what coused most of our problems and those are things you usualy dont keep any of your own money on. Dumb,Dumb,Dumb

    March 10, 2011 at 5:48 pm |
  76. ED in RI

    Jack;
    The simple fact is that the banks can do whatever they want. Don't you watch the news?

    March 10, 2011 at 5:49 pm |
  77. Kim Smith

    It's a wonder bankers can even walk the streets with out being spit upon. These people live for one thing only, separating you from you money, always have and always will.

    March 10, 2011 at 5:51 pm |
  78. Joe R - Houston, TX

    As long as fractional reserve banking is legal, there will always be strategies designed to keep you from withdrawing your own cash. We have the government to thank for the entire situation. Counterfeiting should be illegal for banks and the FED just as it is for us common folk.

    March 10, 2011 at 5:52 pm |
  79. Kevin in Albuquerque

    I don't think they should be able to set spending limits, who are they to say how much i can spend to get my bills paid in a timely manner, they should just be glad i using them for my banking needs and not a different bank, if my bank sets a limit, i will simply use a different bank.

    March 10, 2011 at 5:54 pm |
  80. Michael Armstrong Sr. Tx.

    You would be better off putting your money in mason jars or buying gold our country is riding on four may pop's stash your cash in a safety deposit box before the banks files for bankruptcy again and you loose it all .

    March 10, 2011 at 5:59 pm |
  81. Michael in Albuquerque, NM

    What? They didn't get enough in bailouts and bonus's?

    March 10, 2011 at 6:04 pm |
  82. Bradley, Portland, OR

    If banks have a problem with fraud, rather than passing their losses onto the consumers in the form of fees, WHY DON'T THEY STOP THE FRAUD?

    In Europe, the credit and debit cards have a chip in them, and require a PIN. Just having the card number, or even the PIN as well, doesn't let a thief use the card.

    Banks in the US have just decided to stick the losses to the consumers, rather than spend an extra 50 cents to make a secure card.

    March 10, 2011 at 6:04 pm |
  83. Olga

    Where did the term 'bank robbers' come from?

    Oops! It's 'baron robbers'...NEVER MIND!

    Olga
    Austin, Texas

    March 10, 2011 at 6:07 pm |
  84. Joseph Leff

    No, Jack, they shouldn't, because then they'd be unable to afford those multi-million dollar bonuses they think they deserve (for what, I don't know) and we taxpayers would have to bail them out again.

    Joe in Delray Beach, Florida

    March 10, 2011 at 6:08 pm |
  85. Kevin in Albuquerque

    Maybe it's time to use the Shoebox Bank, no lines, no waiting, no fees and no slips to fill out.

    March 10, 2011 at 6:10 pm |
  86. Martin

    No because when I'm out I may all of a sudden want something and it could be depressing if that decision was impaired

    March 10, 2011 at 6:10 pm |
  87. john j. grimes watertown, ma.

    Considering the amount of theft that is going on, I think it's a great idea. Every day we hear of more and more people having their credit/debit card being hijacked by cyber- thieves.

    March 10, 2011 at 6:10 pm |
  88. Arie

    If these morons tell me how what to do with my money I will return it to my mattress!!!!!!!!!!!!!!! PROMISE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    March 10, 2011 at 6:13 pm |
  89. David, North Carolina

    Yes. Spending limit should be what ever your account balance is.

    March 10, 2011 at 6:16 pm |
  90. Alvin

    When I heard that they want to limit the amount you can get, to $50 or $100, at first it made me disgusted. Then I realized the poor banks were losing money, based on new legislation that was passed. The fees they charge are a part of there bottom line. How could you not shed a tear for these poor, poor banks? It's an outrage, Jack.

    March 10, 2011 at 6:16 pm |
  91. jacquie Bell

    Billionare Bankers taking buying power away from the little guy, how sweet it is. This is a democracy??Well, they are taking our right to bargain, they are taking our jobs to China,our SS is danger, Medicare is going away, whats left , 12 hour days work for 2hrs pay thats next. Jaquie Bell Ohio

    March 10, 2011 at 6:17 pm |
  92. Jeff North Carolina

    Yes Jack and the first debit card that should be limited is the US government.

    March 10, 2011 at 6:17 pm |
  93. Gman

    Obama's so called bank reform is killing the middle class...
    Fee's for everything while the "deadbeats" get a free pass.
    If ATM transactions are limited or become more expensive,this will only add more of a burden to a dying econmy...

    March 10, 2011 at 6:17 pm |
  94. chris

    Banks should be free to charge whatever they like. I should be free to seek a different bank if I like. And the government should get out of the banking business entirely.

    March 10, 2011 at 6:17 pm |
  95. lynnej in north carolina

    Nope. I should be allowed to use my debit card for any purchase that
    I see fit as long as the money is sitting the bank. I am now charged $5 each time the balance in our checking account falls below $200. Who has $200 these days to sit in the bank with gas prices? These guys have charged us enough already.

    What this is going to lead to is people being robbed because they will be forced to carry large amounts of cash on them. Greed knows no bounds.

    March 10, 2011 at 6:17 pm |
  96. Monica Cox

    What banks need to limit is the amount their top executives make in bonuses and salaries. If those "fat cats" made incomes comparable to the majority of the hard-working people using thier services, they wouldn't need all those limits or service fees.

    March 10, 2011 at 6:17 pm |
  97. Robbie Stevenson

    Jack

    This question is hypothectical. Banks have and will continue to conduct business to their entire satifsfaction irrespective of any regulations.

    March 10, 2011 at 6:17 pm |
  98. Lauren

    When did companies forget about the customer? If banks decide to put a charge on debit cards, people will just stop using them.

    March 10, 2011 at 6:17 pm |
  99. Tom Hurd

    There is a easy answer: Don't use the stupid debit cards. Pay cash or use a credit card.

    March 10, 2011 at 6:17 pm |
  100. Benjamin Weston

    Banks, like any business, can and should set the maximum price that the market will bear. If enough customers object to the limitation on the use of Debit cards, by changing banks, then the bank will be forced to change the policy.

    March 10, 2011 at 6:17 pm |
  101. Ryan

    It's debit, not credit. If I deposit $100 then I better be able to spend it a week later. Don't tell me I can only spend $75 of it and that I'll have to wait until tomorrow to spend the other $25.

    March 10, 2011 at 6:17 pm |
  102. Mark

    obviously they should not. its my money i shouldnt have to pay for the access, or be limited.
    I will close my Chase account and move to whatever bank doesn't have these charges or limitations.
    this will push people to use more cash, or avoid the banks completely.

    March 10, 2011 at 6:18 pm |
  103. Jason Lennerth

    Sure they can Jack, but I can then take my account to a bank that doesn't charge the fee. I'm sure there will be competition for your account regardless. There will have to be some banks that don't charge the fee simply to entice you to bring your account to their bank. It'll all work out.

    March 10, 2011 at 6:18 pm |
  104. Erica

    This is my money to spend as I see fit, not my money for a company to tell me how much I can spend at one time just to line their pockets. With that said, don't get me started on how much they rape people with their interest rates! With the current rates they should be making plenty, not bleeding citizens dry.

    -Clearfield, Ut

    March 10, 2011 at 6:18 pm |
  105. Karma

    What a joke! If I have an account with a debit card then who gives anyone the right to tell me how much I can spend on it? As long as there is money (which is mine) in MY account then I should be able to make purchases for whatever amount I desire. I bank with Chase & if they change their rules for debit card transactions then I will close my account.

    March 10, 2011 at 6:18 pm |
  106. Bee

    I guess I'm going back to cash, now

    March 10, 2011 at 6:18 pm |
  107. John

    Jack are you talking about the banks that the American people had to bail out because of stupid and oh yea greedy management. Of course they should not be able to set spending limits.

    March 10, 2011 at 6:18 pm |
  108. Gary in NJ

    It's simple Jack, Make all your purchases using your credit card, at the end of each week go on line and pay the credit card with your checking account, Thus earning points and avoiding interest on your C/C, and avoiding debit card fees, Oops, now they'll do something to prevent this too I'm sure.

    March 10, 2011 at 6:18 pm |
  109. Phil

    Hey Jack.......what is the world coming to when we let banks tell us how to spend our money......the answer is simple....pay cash...time to move your money back to under the mattress like in the old days and save all the costs people face. After all, the percentage they pay for you money to be in their hands is definitely less then what they charge you for using it....simple math.

    March 10, 2011 at 6:19 pm |
  110. jaye spinner

    the BANKS always win. It seems as thought these same people who made millions on bad depts, underhanded tactics, who have no ethics what so ever, come up with new ways to make US pay. It makes me sick.

    March 10, 2011 at 6:19 pm |
  111. Chet

    NO WAY JOSE....It's my money and they have no right to determine how much I can spend. I think the government should take over the banks and use all that profit to lower the national debt instead of paying CEO's all of these million dollar bonuses.

    March 10, 2011 at 6:19 pm |
  112. Johnny Arizona

    If I wanted someone to tell me how to use my money, I'd move back in with my parents.

    March 10, 2011 at 6:19 pm |
  113. Nicole

    JP Morgan Chase can do whatever it wants to their customers' debit cards. They already lost my business when they applied fees to checking accounts. I'm a small business owner and independent contractor that can't afford to keep $5000 in two accounts, and I don't get large direct deposits every month. I've moved all my money to U.S. Bank and Star One Credit Union, who have reasonable policies regarding fees and debit card use.

    March 10, 2011 at 6:19 pm |
  114. Elle

    We are the captives of the banks as our founding fathers warned us about.
    Now we're stuck in an untenable position. No matter how hard you try to impose limitations of banks, they come up with something that will gouge the citizenry again.

    I find the limits of the debit purchases to be a better option than just charging checking accounts automatically. At least there's a relationship between the usage of the card as opposed to taking a fee independently of whether someone uses the card or not.

    March 10, 2011 at 6:19 pm |
  115. Bruce, CA.

    Hi Jack:

    Heck NO!

    Next they will require you purchase tokens to be used when you enter and exit the branch.

    Best,

    Bruce

    March 10, 2011 at 6:19 pm |
  116. Michael Gallagher Illinois

    Absolutely not jack...setting spending limits would cancel out the convenience of the cards. I use mine for darn near everything. If spending limits are imposed I'll go back to carrying cash and writing checks for larger bills before I'll even try to stay within a limit. As some commercial says "It's my money and I want it now!"

    March 10, 2011 at 6:20 pm |
  117. Tom MacDonald

    Jack:
    Fantastic. Let the banks charge the fees. Than, people will realize that even those banks that swear they are not the problem are just out to gouge them. Maybe people will realize that, cash purchases have no fees. If that happens, the banks will end up losing both debit and credit card purchase fees. Maybe a boycott would be even better.
    Tom MacDonald
    Mississauga, Ontario

    March 10, 2011 at 6:20 pm |
  118. Setu - San Francisco, CA

    It is my money and now will the banks dictate how I am spending my money and where I can spend my money. What are these guys going to think of next. Buy tickets to enter a banking center or pay money to access the ATM like a coin op laundry.

    March 10, 2011 at 6:20 pm |
  119. Greg in Ten Mile, TN

    You should have learned from TARP that we can't let those poor bankers suffer any diminished profits! The poor bankers just can't live without fees and profits.

    If my bank increases fees and/or institutes limits, they will Chase me away to another bank.

    March 10, 2011 at 6:20 pm |
  120. Michael, Springfield, VA

    Here's my answer. I put the bank on a budget. Thanks to the fed there's not much interest in having a savings account anymore. Nothing but fees from the bank for this, that and the other thing. Now this purchase amount limit. Used to be you get a free toaster for opening an account. Now they give you menu of fees. What is my incentive at this point to maintain any bank accounts? I just need a checking account to pay my rent and bills. Debit card is handy for buying gas and groceries. Other than that I'll just keep the cash in a safe place in my home because the bank is no longer an option that makes sense.

    March 10, 2011 at 6:20 pm |
  121. Elle

    We're stuck in an untenable position. No matter how hard you try to impose limitations of banks, they come up with something that will gouge the citizenry again.

    I find the limits of the debit purchases to be a better option than just charging checking accounts automatically. At least there's a relationship between the usage of the card as opposed to taking a fee independently of whether someone uses the card or not.

    March 10, 2011 at 6:20 pm |
  122. Floyd Porter

    Don't the banks have enough money, all thees banks and the people that make these new proposals, should be held for Economic Treason... We as a Country should put a stop to all of this blackmail.. but of course the lobbyist who pay the Congressioal leaders to do their bidding will have there way.. what a shame to see our Country go down the drain because of simple greed..

    March 10, 2011 at 6:20 pm |
  123. KarenT

    I will go to putting everything on my credit card and paying it off with a check once a month......... Oh wait, those pesky checking fees, so I will not have a checking account.........Oh wait, my employer requires me to use direct deposit............maybe a free saving account is still out there?? I mean come on, you are making interrest on my money while you have it.............

    March 10, 2011 at 6:20 pm |
  124. Ken

    Debit cards represent a person's individual financial assets. There is no reason to set a limit. The banks wanted to do away with check processing and chose to market debit cards as an answer to a tedious paperwork chore. If they don't want to let the consumers access their own funds by using debit cards then maybe we should go back to writing checks. The banks do not have to win. Their bottom line far exceeds that of the average American Household.

    March 10, 2011 at 6:21 pm |
  125. A Cemal Ekin

    There is a debit card in my billfold that comes in denominations of $1, $5, $10, ... It is called cash. If banks impose this kind of fees consumers should seriously consider keeping the cash in their billfold rather than giving it to the banks, which they use to generate income. When will they stop this kind of parasitic life and start "ethical business practices." I guess Gordon Gekko was more inflential than an ordinary movie character.

    March 10, 2011 at 6:21 pm |
  126. ROsemary Baue

    Banks should not be allowed to limit withdrawals. Middle Class taxpayers helped bail banks out. when will banks repay the favor?

    March 10, 2011 at 6:21 pm |
  127. lou

    Yes they should be able to make those decisions for their business. Just as consumers are free to take their business elsewhere if that arrangement doesn't work for them.

    March 10, 2011 at 6:21 pm |
  128. Stan McCann

    The banks just might outfee themselves. We do have the option of returning to cash. If the banks keep trying to take my money away, I'll take my money away from them. Dealing in cash may be a pain but I will do it before letting them get their hands too deep in my pocket.

    March 10, 2011 at 6:21 pm |
  129. Dan

    Let me get this straight: I put a thousand dollars in the bank, but can only spend fifty or a hundred at a time? Of my own money? No. Nobody is going to control how I spend my money, except my own lack of it.

    March 10, 2011 at 6:21 pm |
  130. Larry in San Diego

    If the banks limit spending limits on debit cards, then consumers will just go back to using checks. Then the banks will try to find a way to charge more with check usage (more than they already have), so consumers that have preferred debit cards will move towards cash payment. This cat and mouse game must end.

    The banks have trampled on consumers and our society so much that they nearly caused another Great Depression. Congress needs to put a leash and a muzzle on these institutions and force them to act responsibly since they obviously refuse to be good corporate citizens.

    March 10, 2011 at 6:21 pm |
  131. Martin Wielgus

    I do as little as I can with the banks. They are a bunch of bandits, and even the ones who claim to be clean of the latest scandals should be treated with care. I never charge more than $50 on my debit card. Don't encourage the banks.

    March 10, 2011 at 6:21 pm |
  132. Steve D

    Of course they can Jack. They are in business and providing a service for a fee. I keep hearing of all the banks are up to in order to make bigger profits yet. (holding our money and paying little or nothing for it isn't enough). All I can say is this is not the 1st recession and a lot of this crap with fees has been tried before. My answer then as it will be again is to cut their cards in half pay off all my debts and put my money in a mattress. Guess what, it works they've backed down every time.

    Steve D
    New Windsor, MD 21776

    March 10, 2011 at 6:22 pm |
  133. Michael TN

    No banks should not be able to put limits on debit purchases. Banks were origanally created to protect people's money. Today banks steal more people's money by charging fees, and intrest then they ever give back in services, and peace of mind. With so many bank CEO's and other high ranking members using the people's money in the bank for their extravigant lifestyles and giving each other big bonuses on top of the over the top pay checks why do they need more money when they get more then enough already.

    March 10, 2011 at 6:22 pm |
  134. Phil

    No to limits on Debit card purchases.
    That is just wrong, its my money, from the Veterans Administration. If banks want to play this game, I'll close my checking/debit account and they will in-turn be required to cash my US Government check.
    I' paid once a month and that is when I stock-up for the month and it usually does go over $100 for the month.

    March 10, 2011 at 6:22 pm |
  135. Dennis Simon

    As a former product manager at a big bank I am certain that these stupid db card fees will backfire. People still know how to use cash and checks. During the past 10 years, banks have incented customers to stop using checks and cash and accordingly removed (at great savings to them) their capacity to process checks and cash. Get the picture? Raise fees on cards and people revert to cash and checks. Consumers are not stupid, bank management is. Unfortunately consumers will ultimately wind up paying for banks to re-install capacity to handle cash and checks.

    March 10, 2011 at 6:22 pm |
  136. Mac

    Jack, I must let you know that I do not have a direct deposit anymore from my work to any bank, my employers pay me live check, I walk to any bank, show my ID present my check, get cash and go! I have been offered to open up an account, my response is big NO!! Not ready to share my money with anyone like you banks!!

    March 10, 2011 at 6:22 pm |
  137. amin

    Yes. This is why comeptition is king. A savvy bank will use this as an opportunity not to limit the amount on debit card purchases, accepting 12 cents a transaction, as a mean of luring millions of customers from other banks. The fixed cost associated with debit card processing means they'll increase their customer base without a huge increase in cost, making up the difference by acquiring customers who will move their banking and assets over thus positively impacting other revenue streams at the bank. By the time others adjust they'll already have acquire the customers with the reputation as the bank that didn't try to ripoff its customers.

    This assumes a few strategic thinkers exist in the banking industry.

    March 10, 2011 at 6:22 pm |
  138. D Moritz

    I find it ridiculous that any bank thinks they have the right to tell it's customers that they can limit there access to there own money! What do the banks think is going to happen with the economy if they make it harder for someone to buy things they want or need? I for one would close my account and go back to getting a paper check at work and pay cash for everything!

    March 10, 2011 at 6:23 pm |
  139. Brad in Brooklyn

    No. I live in New York and receive weekly unemployment benefits via a Chase debit card. If there is a $50-$100 cap on purchases made with a debit card I will have to withdraw grocery money from an ATM rather than simply swiping my card at the grocery store. If there isn't a Chase branch in the area I will have to pay a $3 fee for using another bank's ATM–needlessly eating up a little more of my unemployment. It is time to rein in these greedy bankers.

    March 10, 2011 at 6:23 pm |
  140. dennis in pa.

    sure, why not! most debit card purchases are less then $50 anyway. but if the bank tells me i have to pay a fee every month just to have their card! I will have a new bank! just like shopping for anything else, i will find a better deal down the street. i am sure some bank in my zip code wants my money.

    March 10, 2011 at 6:23 pm |
  141. Bill in South TX

    Jack,
    Just another greed based policy to increase bank profits.
    There are no such limits on credit cards which are very very profitable to the banks up to 10% cost to merchant and interest and penalties charged to customers.

    March 10, 2011 at 6:24 pm |
  142. Steve

    Jack:

    If BoA adds a fee to my checking account or limits my purchase power for the "privilege" using their debit card, first thing I'll do is cut it in half and get inline at the teller for my cash needs. Then I'll another vendor's credit card to charge purchases. I'm sure there will be long lines in the bank until they hire back all the tellers they laid-off when they installed automatic teller machines. Good luck to that plan!

    Steve in Boston

    March 10, 2011 at 6:24 pm |
  143. Jake S., Ramona, CA

    Fee per month? Cardholding fee? Limit on the size of a transaction? Face it. If these things go through, there will be a lot of people closing their accounts with the major banks. And then they will open new ones with Walmart.

    The banks want to protect their bottom line. I can see that. It's completely understandable. Now the question is exactly how many consumers will look to protect theirs?

    March 10, 2011 at 6:24 pm |
  144. Amadou Busso, Reading PA

    Jack the Banks will always wins they never lost that is why it call bank they'll do what ever it takes to bill it to the poor. Shme on them.

    March 10, 2011 at 6:24 pm |
  145. Mike Feris

    Who will benefit here? Well, Chase and its confreres, as well as any thug or armed robber. People will be required to carry checkbooks or large amounts of hard cash. Little old ladies beware!

    Oh, and there goes eBay and PayPal, and BestBuy ought to worry, as well.

    Talk about the Law of Untended Consequences!!

    March 10, 2011 at 6:24 pm |
  146. Sherry

    Maybe the banks need to learn how to live with less, just like the rest of the Americans have who are their customers. When their customers are taxed more or charged more for gas we don't find a way to charge some other entity for our misfourtune. We learn how to live with less and only spend when absolutely necessary. Why do the banks feel they can arbitrarily lower their service to financially benefit their pocketbooks when the government has encroached on their money? Take it up with the government, not your clients. Our banks are acting like a pseudo government when they exhibit forced regulations for their own benefit. It's time to stop and draw the line. Customers will return to carrying cash or writing checks which will result in people getting mugged and forever lines in retail establishments, respectively.

    March 10, 2011 at 6:25 pm |
  147. Peter Bonafonte, Tarrytown, N.Y.

    I'd like to see them try. It's my money and if they put in a policy that I can only debit up to a certain amount I plan to be the lead plaintiff in a class action suit against them. It's my money and they can't limit my access to it. Greed, Pure naked greed.

    March 10, 2011 at 6:25 pm |
  148. Robert Z.

    Banks should absolutely not be able to put a spending limit on debit cards. This is just another way for them to control and rob Americans. Yet BOA and the other big banks have not paid one penny in federal taxes in the past three years. As a hard working American I say boycott all major banks and join your local credit union. America for Americans not big business.

    March 10, 2011 at 6:25 pm |
  149. gladys williams

    People should take all their money out of those banks immediately and transfer it to local banks that do not or promise not to add fees or limits. Let the big banks fail like they should have two years ago. Also fine any bank that pays more salary and compensation to their ceo's and cfo's than they provide loans to small businesses.

    March 10, 2011 at 6:26 pm |
  150. Dave

    Absolutely no to spendind limits, it's your money! But you cant blame them for wanting to hold onto your money for as long as possible. Maybe you should consider keeping your money in your pcket instead. The banks and the IRS wont be happy until they eliminate cash totally. Checks are a hassel for banks also – takes too many resources to process which equals less profit. Cant wait for the chip!

    March 10, 2011 at 6:27 pm |
  151. B.A, Florida

    They should be able to though sadly they just are not willing to give up the large sums of money they would lose by enforcing such limits. As they say, it is easy to toy with what does not belong to you.

    March 10, 2011 at 6:27 pm |
  152. Littl' Mike

    Next, banks will find ways to limit how much cash you can withdraw from your own account. That would happen immediately after they get rid of issuing checks...
    You think I'm kidding, let's just keep behaving like clueless cattle and we'll see. Money is power, who who has all the money has all the power. Who has your money?

    March 10, 2011 at 6:27 pm |
  153. Brian Churchill

    Banks are bluffing Jack.

    If they begin limiting the purchases people will go back to using checks and more importantly they will begin carrying cash again which will pull from the cash surplus and add to the cost of a paper trail and more tellers which debit cards eliminated.

    Asked my wife this afternoon when CNN first broke this story if we had plenty of checks on hand or do we need to order more. Banks are not stupid. For $3 you can cash your paycheck at Walmart and if they make it more expensive to bank than to buy money orders to pay your bills they lose customers and any fees associated.

    Brian,
    Covington, Georgia

    March 10, 2011 at 6:28 pm |
  154. jill

    Only if they (banks)use the proceeds to pay the taxpayers back the bailout money they receieved!

    March 10, 2011 at 6:28 pm |
  155. Wale, Baltimore

    Ideally, the banks, just like any other business, should be free to do what they want to do just as we should be free to move our business elsewhere. There will always be an alternative to highly marked up businesses anyway...especially in this advanced age.
    This is the age of the cloud, it's only a matter of time before it democratizes the banking industry just as it is doing to the entertainment and tech industries. In a few years we won't even be dealing with cash. It will all just be data.

    March 10, 2011 at 6:28 pm |
  156. Amanda Dalton

    If the Bush administration and the Obama administration had punished the banks properly during the 2007/2008 DEPRESSION, the banks would be thinking twice before pulling this stuff (I have a more choice word but it can't be used on TV.) Instead, the banks received a slap on the risk for the outrageous credit card interest rate hikes and call backs that drove many of us to our debit cards. They think they can get away with this, because they got away with that.

    I cut up all of my credit cards and moved to debit and cash in 2007. All I know is that if the banks limit me to $100 per transaction on a debit card, I won't rent a car ( because I can't, the bank won't let me), I won't buy a computer (because I can't), and I won't by a single big ticket item (because I can't). I won't pay for checks either (a huge waste of money in fees) and I will move to cash only.

    I know that if even a small percentage of the population were like me that would means billions in losses for many industries (particularly computer and service industries.)

    We need to get rid of these bankers NOW! ALL of them!

    March 10, 2011 at 6:29 pm |
  157. Tom Penrod

    Well Jack, please explain why I should care if these snivelers called bankers should be allowed to do anything until they pay back every penny of their bailout. If they can't do that, then as the persons who hold the loan paper on them, i.e. the American taxpayer, we tell them what they can and cannot do. It is time to call in the margin and make them pay it back or dissolve their badly managed company. Then they can stand on the corner with their signs and beg with the rest of us. Maybe they will learn a little humility. I can just imagine the sign, " Out of work banker. No more bonuses. Please Help.

    March 10, 2011 at 6:30 pm |
  158. Bill - Upper New York State

    The debit card money comes from MY account. Why should anyone have the right to limit my spending as long as I don't overdraft. On second thought, banks love overdrafts. If thousands switched from a bank to a credit union like I did a few years ago, that just might get the banks' attention. I love my CREDIT UNION!!!

    March 10, 2011 at 6:31 pm |
  159. Jeremy

    I urge everyone to find a local bank where they welcome you. I left JPMChase 3 years ago. My current bank has 2 branches near me, should I ever need to go. However with online banking who needs a branch. When I do go in, they know my name, clear deposited checks in 1 day, not 5 like JPMC, do not bounce checks just to bounce when the money is there and they do not charge me outrageous fees for having a checking account, a debit account and credit card. Frankly, Jaime Dimon needs to give back his $17 million salary for 2009 and reportedly more for 2010 because if this cap goes into effect I assure you clients will be flying out the door for the friendly, customer oriented local banks and credit unions and they will need all the cash they can get in their greedy little hands.

    March 10, 2011 at 6:32 pm |
  160. Helmut

    It's sad and disgusting to see what they are willing to do to constantly get a hold of your money.

    Let them do it, I'll either withdraw cash regularly and start paying with cold hard cash again or I'll just withdraw my money and close my accounts altogether hopefully finding another safe haven for it or I'll do the old school thing and stuff it under my bed.

    I am already cutting down on as much driving as possible and am seeking out other ways to hit all these crooks back. It's time for people to finally stand up and say enough is enough.

    Wanna play ball? Game on! We have the ability to take 'em down, and we should.

    March 10, 2011 at 6:34 pm |
  161. Susan from New Port Richey, FL

    No Jack, they shouldn't.

    But since the Banksters don't give a rats patootie about us common folks they'll do it anyway.

    Then all we can do is to declare a national bank run day.

    March 10, 2011 at 6:34 pm |
  162. deb

    Wal-Mart only charges $3.00 to cash a check. if the banks put a limit on my debit card I will close my account. the banks already got enough of our money. it's time to fight back.

    March 10, 2011 at 6:35 pm |
  163. Imani

    When I use my debit card, I know I have the money available. Who is the "bank" to put a limit on my available funds? As it is, if I need to pay over $1000, I have to call for permission. Withdrawals of cash are limited to $500.

    I can"t imagine that processing checks costs less, but if it does, back to checks I go!

    For one, I am sick and tired of banks making record profits and paying out humongous bonuses on my dime!

    Time to buy the fire/flood proof box and hide it between floors of my home. Really!?

    March 10, 2011 at 6:36 pm |
  164. Harold

    I think banks doing this is totally wrong!! My bank has started this and it's a pain in the A! ...
    I do not use credit cards, I use my bank debit card and at times I buy a lot of things online. Some of them are pretty expensive and are things that can not be purchased locally because they are specialty items for my truck which I take to a lot of car/truck shows.

    Now, if I decide I want to purchase something or have to purchase something and its over there limit, I have to call the bank and get an approval to make that purchase!! This I think is ridiculous! There is always plenty of money in my account and now I have some bank telling me when or how much of it I can spend????

    March 10, 2011 at 6:37 pm |
  165. shawn

    Thinking of switching from Chase to Chinese bank. Atleast their interests would be stable like how their their currency still stably remains undervalued. Besides, Chinese are the real bankers.

    March 10, 2011 at 6:47 pm |
  166. Russ in ATL

    Sure, but they won't have my business.

    March 10, 2011 at 6:48 pm |
  167. Dee in New Paris Ohio

    No!

    They6 are raking in the money with fees for debit card use as it is. So maybe the fees will be capped at twelve cents. Multiply that by the BILLIONS of uses every day and now they are griping about it?

    Gimme a break.

    March 10, 2011 at 6:49 pm |
  168. Laurie

    Jack I had my debit card skimmed about 2 months ago at a gas station off of I-95. They drained my bak account. I have been with the same Credit Union for the past 21 years and after filing a police report I was thankfully refunded all my money. Ever since that time I have physically gone into the bank, withdrawn what funds I need in cash and that is now how I function. I can live without a debit card just fine. If the banks think they can get around the new rules due to their greed, then the people will indeed find a way around their tactics as well, We are at the end of our ropes with the institutional ways of this country.

    March 10, 2011 at 6:49 pm |
  169. Richard Martin

    Jack – Absolutely not!

    Banks should not be allowed to offset the new rules limiting how much they can charge per transaction by some fancy maneuvering (no matter how big their Lobbyist muscle). There are far too many loopholes already for Banks and financial institutions to be gouging their customers. It's about time the working man got some of the breaks.

    Time for a change to the 'Creed of 'Greed'

    Richard
    Canada

    March 10, 2011 at 6:50 pm |
  170. Christine Grace

    As you said, banks will do anything they want. However, we do not have to use their services.

    March 10, 2011 at 6:50 pm |
  171. Christopher, Gainesville FL

    Be able to? Yes, for this is a free market, and as consumers, those who are unhappy with their current banking services are allowed to switch financial institutions. However, speaking as a BOA account holder, and someone who no longer carries cash as a result of his debit card, I would indeed seek a new bank if they added these fees.

    March 10, 2011 at 6:52 pm |
  172. Guy Chandler

    No way Jose !!! How dare they tell me how much I can spend ... of my own money !!

    March 10, 2011 at 6:53 pm |