Chase imposes debit card limits after Target breach

12:52 AM, Dec 24, 2013   |    comments
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Tampa, Florida - If you plan to use your Chase bank debit card to make a couple of last minute holiday purchases, you may need to watch what you spend.

While you can walk into a branch and withdraw unlimited funds, customers using their debit cards to pay for purchases and withdrawals from an ATM face limits.

It stems from the security breach that took place at retail giant Target between Nov. 27 and Dec.15. Hackers may have accessed the debit and credit card accounts of up to 40 million people.

As a result, roughly two million Chase customers are limited to debit withdrawals of up to $100 a day, and debit purchases have been capped at $300 a day.

"I don't think that's fair. I don't think that's convenient at all," said Chase bank Jessica Ramirez.

SEE ALSO: Security tips for Target shoppers
MORE: Weak U.S. card security made Target a juicy target

Chase says it was necessary to prevent criminal intrusion, albeit an inconvenient one say customers, who now have a spending limit during the crucial retail season.

"If someone tells you you can only spend $100 in one day, especially during Christmas time, you're going to be thinking, 'Do I just skip Christmas?'" said Chase customer Jason Payne.

Chase is now in the process of re-issuing all affected debit cards, and late Monday a spokesperson told 10 News that it would increase the spending and withdrawal limit for some customers.

Other financial institutions have chosen to monitor customer accounts instead of imposing limits on debit card spending, such as Citibank.

"When we become aware of a third party data compromise, such as the one confirmed by Target, we take steps to protect our customers. We want our customers to know that they are not liable for any unauthorized use of their accounts. We encourage customers to monitor their accounts and to immediately report any suspicious activity to us. If a customer made a purchase at Target with their Citi card, and believes their account may have been compromised, they should contact Citi Customer Service," read a statement from Citibank spokesperson Andrew Brent.

Bank of American said customers may still use their debit cards while it monitors for fraud.

A statement emailed to 10 News reads in part, "At this time, you do not need to call Bank of America to learn if you're impacted. You can continue using your Bank of America debit or credit card while knowing that we are always working to help protect your financial information."

The Minneapolis-based discounter said while it's heard of "very few" reports of fraud, it's reaching out to customers who made purchases by swiping their cards when the scam occurred.

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