JPMorgan Chase is test marketing a reloadable prepaid card at
about 200 branches in the US.
The card, called Chase Liquid, may be rolled out
nationally by the summer.
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Chase Liquid card holders do not need to have a bank account,
but must be over the age of 18 and will be charged a monthly fee of
USD4.95, which is cheaper than the usual JPMorgan Chase products
such as a current accounts that ranges from USD6 to USD35 a
month.
There are no fees for issuing a card or loading and reloading it
with credit. Customers have to top up USD25 to start using the
service.
Liquid can be used anywhere Visa is accepted and allow to
withdraw cash at any Chase branch or ATM. It has a daily withdrawal
limit of USD500 and caps purchases at USD3000 per day. It can also
be used for online payments or over the phone.
The card can be reloaded via direct debit, or cheque and cash
deposits at Chase ATMs. Card holders will receive online, printed
or text-based balance updates and statements.
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