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Your debit card may soon be denied. One of the nations largest banks, JP Morgan Chase is considering capping debit card transactions at either 50 or 100 dollars.

The changes are being considered because of interchange fees. Currently every time you swipe your debit card, your bank charges the retailer 44 cents that it shares with its partners. Those fees add up to 16 billion dollars a year according to data from the Federal Reserve.

The Wall Street reform passed legislation last year that would lower the fees to 12 cents. The changes won't go into effect until July of 2011. Chase is already testing $3 dollar monthly fees on debit cards, and $15 fees on checking accounts in certain states. The bank has also announced that it has stopped issuing debit reward cards.

If a cap like this does make its way to consumer accounts then they would be forced to write checks, take money from ATM's or even to put money on their credit cards. The people who need the most help are the one's who will be hurt the most. People who have bad credit that commonly use their debit card will now have to abide by a $50 or $100 dollar cap limit. What do you think about the new changes?