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#2241127 - 08/17/20 02:56 PM Person to Person Debit Card Transfer Limits
Bankwoman1 Offline
Platinum Poster
Joined: Dec 2015
Posts: 613
Midwest
It just came to our attention that we have limits set up on the number of person to person transfers that a customer can do thru their debit card. For example, we had a customer contact us today because she has sold multiple items thru Facebook Marketplace and has customers pay her thru Facebook and was trying to transfer the funds to her account with us. They were being denied because she was over her limit. Apparently, we have limits on credits and debits that we did not know we have. These limits are only for person to person payments that could be sent thru any of the money transfer sites. My question is this - should these limits be disclosed in our Electronic Funds Transfer disclosure? I believe they should but wanted to make sure I was thinking correctly. Secondly - I'm just wondering what type of limits other banks have, if any? We currently do not have limits set up on regular debit card purchases to businesses. I guess I should say these limits are daily and weekly limits.

Thanks!

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eBanking / Technology
#2241133 - 08/17/20 04:21 PM Re: Person to Person Debit Card Transfer Limits [Re: Bankwoman1]
Valley girl Offline
100 Club
Joined: Aug 2014
Posts: 217
TX
Currently, we are set at a max of 3 per day, cash out or cash in. I'm working on adjusting these limits, and like you, getting ready to put them in our disclosures (we weren't aware they had set outside parameters for AFT and OCTs).

There are two upcoming adjustments that have been mandated by VISA though.

Effective 10-16-20, domestic A2A transactions (VISA Direct OCTs) minimum will increase to $25,000 (meaning we can't set a limit lower than $25,000). There is more information on the daily/weekly/monthly limits in the VISA Business News article.

Effective 4-16-21, AFT (Account Funding Transactions) will increase to a $5,000 minimum per transaction.

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#2241137 - 08/17/20 05:10 PM Re: Person to Person Debit Card Transfer Limits [Re: Valley girl]
Bankwoman1 Offline
Platinum Poster
Joined: Dec 2015
Posts: 613
Midwest
I'm sorry - I'm not sure what OCTs are? Also - our debit cards are thru Mastercard - which now brings to my attn that there may be $ limits that we have to adhere to also. Something else to check on!

Thanks for the input!

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#2241140 - 08/17/20 06:16 PM Re: Person to Person Debit Card Transfer Limits [Re: Bankwoman1]
Valley girl Offline
100 Club
Joined: Aug 2014
Posts: 217
TX
OCTs are original credit transactions - incoming money.

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#2241141 - 08/17/20 06:43 PM Re: Person to Person Debit Card Transfer Limits [Re: Valley girl]
Bankwoman1 Offline
Platinum Poster
Joined: Dec 2015
Posts: 613
Midwest
Thanks Valley Girl!

Are there any issuers of Mastercard debit cards that could answer whether there are any Mastercard rules regarding person to person transfer limitations - # of and $ amount? I am currently looking thru the Mastercard rules, but sometimes I have a hard time finding information that I am looking for.

Thanks!

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