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Chase To Limit Debit Card Spending

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A credit card machine.  (Source: CBS4)

A credit card machine. (Source: CBS4)

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MIAMI (CBSMiami/AP) – If you plan to use your Chase bank debit card to make a couple of last minute holiday purchases, you may need to watch what you spend.

In the wake of a data breach at Target, Chase is now limiting debit card use for potential victims.

As many as 40 million people who used their debit or credit cards at the retail giant between Nov. 27th and Dec. 15th may have had their information stolen.  About two million Chase customers were affected.

Chase is now limiting ATM debit withdrawals to $100 a day and debit purchases have been capped at $300 a day.

Chase is now in the process of re-issuing all affected debit cards.

On Friday, Target’s CEO Gregg Steinhafel apologized in a statement. The retailer offered 10 percent off for customers who shop in its stores over the weekend and free credit-monitoring services to those who’ve been affected by the issue.

The Minneapolis-based discounter said that while it’s heard of “very few” reports of fraud, it’s reaching out to customers who made purchases by swiping their cards when the scam occurred.

The theft is the second-largest credit card breach in U.S. history, exceeded only by a scam that began in 2005 involving retailer TJX Cos. That incident affected at least 45.7 million card users.

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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