After completing a pilot program for its reloadable prepaid card, Chase Liquid, Chase Bank announced it is now rolling out the program nationwide through its 5,500 branches.
For the three or four people who might have missed the news about the card's pilot launch in May of this year, Liquid is Chase's low-cost prepaid alternative to a checking account for the unbanked and cash-preferred.
The Visa-cobranded card can be used anyplace where Visa is accepted, and can be reloaded free at any of Chase's 10,500 DepositFriendly ATMs and 5,500 branches nationwide.
The card account is free (with a required initial deposit of $25) and features a flat monthly fee of $4.95, with no minimum balance and no overdraft fees. Additional free features include:
- Cash withdrawal at Chase's 17,500 ATMs and 5,500 branches nationwide
- Direct deposit for paychecks or government benefits such as Social Security
- Transfer of funds to Chase Liquid from Chase accounts via Chase.com or Chase ATMs
- Balance check at Chase ATMs and branches, on Chase.com, via text, or by speaking with a customer service representative
- Online or paper statements
- Lost card replacement
- Account alerts via text or email
- Customer service 24/7, with access to English- and Spanish-speaking representatives
- Simple one-page disclosure, with clear description of fees and deposit availability schedule
"Consumers are looking for an affordable and predictable way to manage their money," said Ryan McInerney, Chase CEO of consumer banking. "Chase Liquid is a low-cost alternative to traditional checking accounts and its convenience and pricing transparency sets a new standard for prepaid products."
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