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Chase Bank Ending Debit Card Rewards
Looks like Chase is becoming even more customer un-friendly and stopping their rewards program. Like it's not bad enough that they have put the new $5 ATM fee in place.
JPMorgan Chase & Co. (JPM) will stop offering debit-card rewards for almost all of its customers in July to reduce losses from a proposed cap on interchange fees.
The company is mailing letters to customers announcing the change, said Tom Kelly, a spokesman for the bank. New York-based JPMorgan said in November it would end rewards for new customers in February, while keeping programs for existing clients.
“Congress recently enacted a new law known as the Durbin Amendment that significantly impacts debit cards,” said one of the company’s letters to customers. “As a result of this law, we will be changing our debit rewards program.”