Target Corporation’s (NYSE:TGT) stocks may be active on today’s trade in response of news that at least 2M shoppers who used bank debit cards at firm’s stores during its current data breach are facing lesser limits on how much cash they can extract of teller machines as well as spend at stores.
JPMorgan Chase & Co declared on Saturday that it is informing customers who used Chase brand debit cards at Target from November 27 through December 15 that they are at the present limited to $100 a day of cash withdrawals as well as $300 a day of buys with their cards.
A spokeswoman for Chase, the consumer banking business of JPMorgan stated that the new limit effects around 2M accounts, or 10 percent of Chase debit cards.
Chase reported that it acted as a precaution to stop criminals from taking money from customer accounts. Chase as well as other banks declares they will cover illegal transactions that customers report.
Target spokeswoman Molly Snyder reported by email, refusing to be specific regarding what the banks are doing. She added that Banks are putting various precautions in place.
On the other hand, spokespersons for other major banks, including Bank of America Corp (NYSE:BAC)and Citigroup Inc (NYSE:C), told Reuters on Saturday that their institutions take steps to protect accounts, other than none described specific actions consequently broadly limiting to cardholders as those of Chase.
Target’s Snyder reported that for the debit card it subjects and calls Redcard, the firm has activated a deeper fraud monitoring protocol. She did not explain the new steps.
Chase reported in its notice to customers that it recognized its move could not have happened at a more inconvenient time with the holiday season upon them.
According to a bank spokeswoman, at Chase, the usual debit card daily limits are $200 to $500 for cash extractions and $500 for purchases.