Bank considers capping debit transactions

March 10, 2011 3:27:36 PM PST
J.P. Morgan Chase is considering a cap on the amount on money that can be charged to a debit card, according to reports.

J.P. Morgan Chase is allegedly contemplating capping debit card transactions at $50 or $100. The reason is interchange fees.

Banks charge retailers an average of 44 cents for every debit transaction. But those fees will soon be capped at 12 cents.

Chase has not commented on the reports.