Chase has decided to cancel its debit card rewards program after July 19 in light of potential caps on interchange fees, according to ABC News.
The news outlet reports that points earned up until the stop date will be honored. The July 19 deadline coincides with the date the Fed’s new debit interchange rules would go into effect.
Chase stopped offering the debit rewards program to new customers on Feb. 8. The company has also begun testing a $5 ATM fee as a means through which to recoup lost debit interchange revenue.
“We might just charge for checking,” said JPMorgan CEO Jamie Dimon earlier this year, according to philly.com. “You might charge for debit. You might just have higher deposit balances… The general banking customer base may be pushed out of the banking system.
ABC News reports that the banking sector claims the proposed debit interchange regulations could wipe out up to 90 percent of swipe fee profits.
Bank of America, Citi and Wells Fargo say they have yet to come to any definitive conclusions on changes to their debit programs, according to ABC News.
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