3 On Your Side: Chase Limits Debit Card Use Due To Target Hacking
By Jim Donovan
PHILADELPHIA (CBS) -- With only one full shopping day left before Christmas, Target continues to deal with a serious breach of customer credit and debit card data.
As 3 On Your Side Consumer Reporter Jim Donovan tells us, at least one big bank is not taking any chances and some last-minute shoppers may be frozen in their tracks because of the security breach.
It's not every day that you see a bank open for business on Sunday. But the nation's largest bank, Chase, opened one third of its branches yesterday and has temporarily placed debit card limits on those customers potentially impacted by the hacking.
Chase debit card holders who shopped at Target stores between November 27th and December 15th can now only withdraw $100 a day from ATMs and their daily total spending is now capped at $300.
(UPDATE: Late today Chase issued this statement "To minimize inconvenience to our customers we raised those reduced limits today to $250 at ATMs and $1000 in purchases per day in the United States. We may continue to change these limits if we think it makes sense, so please check chase.com for updates.")
Meanwhile, some hacked customers like Erica Eaken are asking why the hacking wasn't noticed sooner. Eaken says, "They purchased six gift cards worth $200 and, as the person in the bank told me, they went for the seventh and it was denied because I didn't have enough. I just think that would have been suspicious."
Senators Richard Blumenthal and Chuck Schumer are now demanding immediate federal investigations to prevent a breach like this from happening again. Schumer says, "We can get to the bottom of how Target's in store security was compromised in order to make sure that Target, in the future, and all other stores, adequately protect to consumers from this kind of devastating theft."
Some customers in California have already filed what could become a class-action lawsuit against Target, saying the chain, "failed to implement and maintain reasonable security procedures and practices."
Target will be offering free credit monitoring to customers affected by the hacking and will most likely announce those details in the next few days.
To check out some frequently asked questions (FAQ) regarding the incident, click here.
