April 7, 2011
Doing an about-face, Chase now says it will not discontinue its debit card rewards program in light of the government’s moves to delay new interchange limits.
All Chase debit cardholders will be enrolled in the rewards program, reports MyBankTracker.com.
“Chase had to make changes to the benefits we extend to customers due to the pending economic impact of the Durbin Amendment. If Congress delays the implementation of the new law to allow time for additional study of its impact, we will waive the service fee and continue the popular debit rewards benefit while they do so,” confirmed a bank source familiar with the issue, according to MyBankTracker.com
The site reports the source also stated that Chase, the country’s second biggest bank by assets, will also no longer charge highly active debit cardholders fees for monthly checking account services. Click here for more details.