The reloadable card, labelled Chase Liquid, is available in around 200 branches during the current pilot stage and will be rolled out officially later this summer (view press release). The card has a flat monthly fee of USD4.95 and there is no charge for checking balance or making withdrawals and deposits at Chase ATMs and branches. Other complimentary services include signing up for direct deposit such as paychecks or government benefits, transferring funds onto the card from Chase accounts, receiving online or paper statements, replacing lost cards, receiving account alerts via text or email and check balances via text and customer services.
“Chase Liquid will be a terrific option for customers who want a prepaid card and also want the security and convenience of Chase. Chase Liquid’s affordability and transparency will set a new industry standard for prepaid products,” said Todd Maclin, CEO of Chase Consumer and Business Banking.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more