A chief executive officer for JPMorgan Chase recently announced that the financial institution would restart its debit card rewards programs, which it axed in light of greater regulation from the federal government, if a transaction fee cap is not put in place, according to a report from the Arizona Republic. Currently, the Federal Reserve Board has already delayed implementation of the rule while it sifts through thousands of public comments it solicited.
“Our hope is that the proposal is put on hold,” Todd Maclin, CEO of commercial banking at JPMorgan Chase, said at a recent conference, according to the newspaper. “If they do that, we will reinstate all the rewards and benefits that we had in place.”
The granting of points for Chase’s debit card rewards program is currently scheduled to be completely halted by July 19, and the bank is also mulling a service fee for customers who still carry the account, the report said.
The Federal Reserve’s proposed rule would limit debit card transaction fees charged by banks to just 12 cents, down from a national average of 44 cents per transaction, and the final version of that rule could be put into place by late July.