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22.12.2013 08:38:38

JPMorgan Puts New Limits On Chase Debit Cards Used At Target

(RTTNews) - JPMorgan Chase & Co. (JPM) said Saturday that customers whose Chase debit cards or Chase Liquid Cards are at risk by the Target (TGT) breach, are being temporarily limited at ATM withdrawals to $100 per day and purchases to a total of $300 per day. Less than 10 percent of Chase customers are affected by the new limit.

The bank noted that customers will be experiencing the temporary limits on cash and purchases until it can replace their cards. However, it said that Chase credit card customers can continue to use their cards.

"If you need cash beyond these limits please visit a branch. With proper identification, you can access your available funds. Employees at our 5,600 branches are standing by to help you if you need more cash than $100. With proper identification, you can access your available funds. Many branches will also stay open on Sunday, December 22nd to help customers," the bank noted.

The move to limit spending by Chase customers is the first such step by a major credit card issuer in the wake of the security breach at U.S. Target stores that left as many as 40 million credit and debit accounts vulnerable to theft.

On Thursday, Retail giant Target confirmed that federal authorities were investigating a data breach potentially involving millions of customer credit and debit card records.

Hackers apparently had access to accounts used for in-store purchases from the Black Friday holiday shopping weekend through December 15.

Target then said the issue has been resolved, but was partnering with law enforcement and a third-party forensics firm to conduct a thorough investigation of the incident.

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JPMorgan Chase & Co. 235,80 -1,32% JPMorgan Chase & Co.
Target Corp. 123,28 2,02% Target Corp.