JPMorgan Chase limits Chase debit cards used at Target stores

NEW YORK Sat Dec 21, 2013 2:16pm EST

NEW YORK Dec 21 (Reuters) - JPMorgan Chase & Co on Saturday notified customers who used debit cards at Target Corp stories during the recent security breach that it limiting use of the cards to cash withdrawals of $100 a day and purchases totaling $300 a day.

The new limit effects roughly 2 million accounts, or fewer than 10 percent of Chase debit card accounts, according to a bank spokeswoman. It does not apply to credit cards.

The bank spelled out the limits in an email to customers with the subject line: "Unfortunately, your debit card is at risk by the breach at Target stores."

The bank said it was taking at the action as a precaution and recognized that the move "could not have happened at a more inconvenient time."

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Comments (3)
Thomas269 wrote:
Better yet, Chase; issue new cards and send the bill to Target! You really are past the point where you should be trying to control costs by easy fixes. Cancel the old cards; issue new ones.

Dec 22, 2013 7:15am EST  --  Report as abuse
Jason87 wrote:
So Target screws up and Chase punishes customers. Sounds about right. I’m sure their PR department will claim they are protecting customers, but since customers aren’t liable for fraudulent purchases what is Chase protecting exactly?

Dec 22, 2013 9:31am EST  --  Report as abuse
wektech wrote:
Why is it Chase only limits the purchases of debit card holders but not those with credit cards. Could it be that Chase has a vested interest in keeping debit card holders from using deposited funds?

Dec 22, 2013 3:10pm EST  --  Report as abuse
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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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