Debit card users may be limited to $50 or $100

March 10, 2011 5:42:59 PM PST
If you use a debit card, there may be severe limits in store for you. Banks may start limiting the amount you can debt to just $50 or $100.

It's all because of the fees banks charge merchants every time you swipe. Banks now receive an average of 44 cents per swipe, but starting in July, new rules will cut that to 12 cents.

Banks say they were using that money to offset losses from fraud. Instead, they may limit customers' transactions to decrease the potential for losses.