JPMorgan Chase & Co is reportedly planning to restructure its prepaid card program as well as change the way it evaluates applicants for checking accounts.
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The bank has signed an agreement with New York Attorney General Eric Schneiderman to offer customers of its Liquid prepaid card access to online bill payment as well as the bank’s person-to-person payment service.
Recently, the bank has changed the its rules for screening customers who apply for checking accounts.
Under the changed rules, the bank will not penalize checking-account customers who previously were frequent users of overdraft policies.
According to the new bank policies, Chase will print and mail a paper check free of charge if the recipient of a payment from a Chase Liquid customer does not accept electronic payments from the bank.
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By GlobalDataUsing the bank’s prepaid cards, which are not linked to a checking account, customers can load money onto the cards for a monthly fee and then use them to pay for purchases. They also can have paychecks deposited directly onto prepaid cards.
Schneiderman said: "These new actions on the part of Chase Bank will help expand access to low-cost financial services for consumers across the state."
"We have been planning to enhance Chase Liquid for some time, and appreciated the opportunity to work with the NY Attorney General’s office," Chase said.
