With the recent breach of security involving nearly 40 million shoppers at Target being exposed to cyber thieves and malware resulting in the criminals gaining access to credit/debit card information, Chase Bank has limited customer's spending ability.
Putting a cap on the amount of money that you can spend at Christmas is a naughty thing to do to customers.
From Reuters, At least 2 million shoppers who used bank debit cards at Target Corp stores during its recent data breach are facing lower limits on how much cash they can take out of teller machines and spend at stores.
But isn't it their money Chase Bank - or JPMorgan?
JPMorgan Chase & Co said on Saturday it is notifying customers who used Chase brand debit cards at Target from November 27 through December 15 that they are now limited to $100 a day of cash withdrawals and $300 a day of purchases with their cards.
So, 2 million people who are basically scrambling to buy presents at the last minute, have a limit to what they can buy. And, if their money is all tied up in their Chase accounts - this could be troublesome.
Granted, Chase states it's acting in the best interest if their customers, as they put it in a recent statement, it acted as a precaution to prevent criminals from taking money from customer accounts. Chase and other banks say they will cover unauthorized transactions that customers report.
"Banks are putting various precautions in place," Target spokeswoman Molly Snyder said by email.
Chase sent a statement to customers outlining the new limits with the subject line: "Unfortunately, your debit card is at risk by the breach at Target stores."
"It seems like the banks are the 'Grinch who stole Christmas,'" said Jamie Court, president of Consumer Watchdog, a consumer advocacy group based in Los Angeles. "It is Target's fault, but children across America are going to bear the price ... The banks are protecting themselves."
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