http://money.cnn.com/2011/03/10/pf/debit_cards_limit/index.htm?hpt=T2
Unintended consequences are my favorite kind of consequences!
Edit:
The revenue banks get from interchange fees helps to offset money lost from fraudulent transactions. So with the Fed’s proposed cap in place, banks argue they won’t have the money to protect themselves against fraud.
Wait… what?
I’m pretty sure I’m the one (and all the other merchants out there) who pays for fraudulent transactions. Must take a lot of manpower to execute those chargebacks to my account!
Come on Brad…get with the times. They have corporate trips, golf outing, caribbean cruises, christmas gifts, oh…I mean HOLIDAY SEASONAL PURCHASES! Etc…etc…etc. Oh, and don’t forget their annual bonus. Haven’t you ever seen the Santa at the bank at Christmas time. You don’t sit on his lap…he bends you over one of his raindeer! :shock: