JP Morgan Chase announced Saturday that it is limiting daily debit cash advances on two million cards to decrease exposure to the kind of fraud incidents like at Target stores.
USA Today reported Chase will hold customers to a $100 limit per day on their debit cards. The bank said in a statement that tellers at its branches can assist customers if they need additional funds.
Urgent: Do You Approve Or Disapprove of President Obama's Job Performance? Vote Now in Urgent Poll
Chase customers will not be able to purchase items that cost more than $300 online with their debit cards. The bank told USA Today that it will open one-third of its branches on Sunday to help customers. Customers can find the open branches through
Chase.com.
Chase is asking debit card holders to monitor their accounts and to quickly notify them of any suspicious activities.
"We realize this could not have happened at a more inconvenient time with the holiday season upon us," Chase said on its website. "We are taking these precautions to combat fraud and prevent criminals from using Chase cards. Thank you to all of our customers for your patience."
Customers will not be held liable for unauthorized transactions reported to the bank, and its own fraud-monitoring systems will help identify potential illegal purchases.
Chase's action is in response to data theft of 40 million debit and credit cards from various banks used at Target stores from Nov. 27 to Dec. 15. Criminals possibly collected names, numbers, expiration dates and data taken from the magnetic strip when the cards were swiped.
Target said it did not believe that debit card PINs, the four-digit personal identification numbers, were taken in the breach.
"Banks are putting various precautions in place,"
Target spokeswoman Molly Snyder told Reuters.
Other major banks, like Bank of America and Citigroup, said Saturday that they took steps to protect accounts but would not be specific.
"It seems like the banks are the 'Grinch who stole Christmas,'" Jamie Court, president of Consumer Watchdog, a Los Angeles consumer advocacy group, told Reuters. "It is Target's fault, but children across America are going to bear the price ... The banks are protecting themselves."
Editor's Note: ObamaCare Is Here. Are You Prepared?
Related Stories: