Bank of America, Citigroup and JPMorgan Chase are among the major banks debating whether to limit the amount consumers can charge on their debit cards in light of the new regulations, according to the New York Post.
The newspaper states that banks are considering a cap between $50 to $100 per individual debit card transaction, regardless of the amount in a consumer’s checking account.
“There’s a real irony here that just as consumers are practicing greater levels of thrift through their debit cards, they might be presented with increased cost and a higher degree of uncertainty,” said Doug Johnson, vice president at the American Banker’s Association, according to the Post.
The media outlet reports that results from MasterCard and Visa indicate approximately 520 million Americans own debit cards and 440 million have credit cards.
Banks of average earn about $15 billion a year from interchange fees, or an average of $200 a year per family, according to the Post.
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