Chase announced Saturday that, as a precautionary measure, it would begin placing daily limits on debit purchases and cash withdrawals. Daily withdrawals will be limited to $100, while daily debit purchases will not be allowed to exceed $300. The decision follows the recent revelation of a breach which effected Target customers during Black Friday sales last month. On the same day as the announcement, nearly 2 million debit card holders were contacted by Chase and informed about the limits. More than 90 percent of Chase customers are unaffected by the measure.
A recent statement by Target Corporation asserts that the company “has identified and resolved the issue,” but investigations into the precise details of the breach are expected to continue well into the next few months.
The debit cards compromised in the security breach, Chase representatives say, will be reissued.
Written by Chris Bacavis