Chase, a US-based consumer and commercial banking business of JPMorgan Chase, has adopted a new model disclosure box developed by Pew Charitable Trusts (PCT) for its Chase Liquid prepaid card.
The new disclosure form allows customers to view the detailed description of fees.
Chase Consumer Bank CEO, Barry Sommers, said their customers appreciate that they use clear language when they describe how their products work.
“Chase Liquid was built on the premise of being simple and easy to understand, so the Pew disclosure form is perfectly aligned with this product,” Sommers added.
In a recently introduced legislation, US Senator, Mark R Warner, said it is important that people have access to prepaid cards as they move into an increasingly digital economy, but they cannot let technology outpace smart consumer protections.
“At nearly $700 billion in sales each year, prepaid cards are one of the fastest-growing segments of the digital economy, but aren’t required to have the same kinds of consumer protections as other types of credit cards and gift cards,” Warner added.
Chase Liquid prepaid cards can be used at any of the Chase’s network of branches and ATMs. It is also tied up with insurer FDIC for reimbursements on unauthorised purchases and withdrawals.