JP Morgan Chase has launched a
reloadable prepaid card, Chase Liquid, as an alternative to current
accounts, with the aim of offering customers “financial control and
flexibility”.

Chase Liquid is meant to be a low-cost alternative to
traditional current accounts, with “clear and simple” terms,
according to the lender, and consumers can use the cards to pay
bills and make purchases without “any surprise charges”.

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Chase Liquid will reportedly be available in
approximately 200 branches during the pilot phase and will be made
available across the US over the next few months.

Todd Maclin, CEO of Chase consumer and
business banking, said, “We are working hard to deliver great
service to all of our customers, and to create a wider range of
products that meet many different needs.”

Chase Liquid is aimed at customers who “want a
prepaid card and also want the security and convenience of Chase”,
according to Maclin.

Chase Liquid has a monthly fee of $4.95 and
does not charge customers anything additional for making
withdrawals and deposits at Chase ATMs and branches, or for the
number of purchases they make.

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Prepaid cards typically target customers who
keep low balances or do not qualify for current accounts. Chase
Liquid will require a low initial deposit of $25 and customers are
not required to have a current or savings account with
Chase. 

“Chase Liquid’s affordability and transparency
will set a new industry standard for prepaid products,” Maclin
said.

In addition, Chase Liquid customers will not
need to pay charges for services such as checking balances,
refilling the card at Chase ATMs and branches, transferring funds
from a Chase Liquid card to any Chase account, and receiving
account alerts.  

Chase has approximately 17,500 ATMs and 5,500
branches across the US.