Speaking of unintended consequences of the Durbin Amendment that were entirely foreseeable:
Banks discussing limiting caps on debit-card transaction sizes may have a standard bearer in J.P. Morgan Chase & Co., which is mulling a $100 cap to help combat new rules.
Limiting the size of a debit-card purchase could force consumers toward credit or charge cards, helping the banks recoup debit-card revenue that will be lost to the new rules. Banks earn higher fees from credit- and charge-card swipes; these fees were excluded from rules curbing debit-card fees.
So I won’t be able to use my debit card to pay for anything over $100? How convenient. Thanks, Senator! . . . At least the bank doesn’t charge me to have the checking account there in the first place. Oooff. . . .