Chase debit card users are only allowed a maximum of $100 in cash withdrawals, $300 in purchases per day, and travelers will not be able to use their Chase debit cards to access cash at an ATM overseas, if customers used their Chase debit cards at Target during its security breach, announced JPMorgan Chase on Saturday, according to a Dec. 22, 2013, Fox News report.
“The bank reached out to approximately 2 million affected debit card members by e-mail and said they would be limited to a maximum of $100 in cash withdrawals and $300 in purchases per day. The e-mail also said that customers were not liable for unauthorized transactions reported to Chase and that affected members traveling overseas would not be able to access cash at an ATM.”
The Chase debit cards limit is affecting about two million Chase debit card accounts, 10 percent of Chase debit cards, and will remain in place until Chase can replace the debit cards. In contrast to Chase debit cards, Chase credit cards are not affected.
JPMorgan Chase & Co said that the debit card restriction comes in the aftermath of the Target security breach during which data connected to about 40 million credit and debit card accounts was stolen.
On Thursday, Target announced that data connected to about 40 million credit and debit card accounts had been stolen during a security breach that began over the Thanksgiving weekend and continued through Dec. 15. The stolen data included customer names, credit and debit card numbers, card expiration dates and the embedded code on the magnetic strip found on the backs of cards. On Friday, Target announced that Target shoppers would receive a 10 percent discount on all items in its stores over the weekend.
In regard to the Chase debit card restrictions, JPMorgan Chase & Co stated that it plans to replace the affected debit cards over the coming weeks and that many of its branches will stay open late to assist Chase customers who might need more cash.
According to a Reuters report on Saturday, following the Target security breach, other major banks, including Bank of America Corp and Citigroup, are also taking steps to protect its customers’ debit card accounts. However, none have been reported to be as drastic as the restrictions placed on Chase debit card holders.