JP Morgan Considering Cap On Debit Card Purchases

JP Morgan Chase (NYSE:JPM) is considering a cap on debit card purchases as low as $50, according to an unnamed source with knowledge of the proposal. Every time you swipe your card, banks charge retailers an "interchange fee," which averages out to 44 cents per transaction. These fees add up to $16 billion per year, according to 2009 data compiled by the Federal Reserve, but the Fed is proposing rules to cap interchange fees at 12 cents per transaction. The rule change being considered is part of the Wall Street Reform Act passed last year. Many of the specifics in the Act were left to government agencies to finalize, and regulators are currently hammering out those specifics for changes in regulation. The proposed fee cap is big enough to potentially cost JP Morgan Chase over $1 billion in revenue per year, with other large banks projecting similarly huge losses of revenue.



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