Stop JPMorgan Chase From Capping Debit Card Purchases
We, the undersigned, call on JPMorgan Chase & Company to refrain from issuing a cap on debit card purchases for their customers. Attempts to cap purchases made with debit cards would undermine protection for consumers as outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173), a federal statute signed into law by President Barack Obama on July 21, 2010.
The Durbin Amendment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, scheduled to take effect on July 21, 2011, will reduce the amount of interchange fees to 12 cents per transaction. By implementing a cap on debit card purchases, JPMorgan Chase & Company will discourage the fundamental value of making purchases with a debit card: "spending money you already have." Furthermore, capping debit card purchases will drive consumers to increased credit card transactions. An increase in credit card transactions will result in higher rates and fees for consumers in an attempt for JPMorgan Chase & Company to recoup lost revenue from decreased interchange fees as stipulated in the Durbin Amendment.
A cap on debit card purchases is a direct violation of the spirit and intent to protect consumers as specified in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
We, the undersigned, call on JPMorgan Chase & Company to refrain from issuing a cap on debit card purchases for their customers. Attempts to cap purchases made with debit cards would undermine protection for consumers as outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173), a federal statute signed into law by President Barack Obama on July 21, 2010.
The Durbin Amendment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, scheduled to take effect on July 21, 2011, will reduce the amount of interchange fees to 12 cents per transaction. By implementing a cap on debit card purchases, JPMorgan Chase & Company will discourage the fundamental value of making purchases with a debit card: "spending money you already have." Furthermore, capping debit card purchases will drive consumers to increased credit card transactions. An increase in credit card transactions will result in higher rates and fees for consumers in an attempt for JPMorgan Chase & Company to recoup lost revenue from decreased interchange fees as stipulated in the Durbin Amendment.
A cap on debit card purchases is a direct violation of the spirit and intent to protect consumers as specified in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
