JPMorgan Chase has launched a new reloadable
prepaid card, Chase Liquid, positioning it as a “low-cost
alternative to traditional current accounts” and aiming to offer
customers financial control and flexibility.

According to Ryan McInerney, CEO of consumer
banking at JPMorgan Chase, Chase Liquid offers “convenience”, and
its “pricing transparency sets a new standard for prepaid products”
in the industry.

The new reloadable prepaid card is available
at JPMorgan Chase’s 5,500 branches across the US. JPMorgan
Chase ran a test pilot for Chase Liquid at 200 of its branches in

Chase Liquid comes with a flat monthly fee of
$4.95 and there is, reportedly, no additional charge to refill the
card with cash or cheques, sign up for direct deposit, transfer
funds to Chase Liquid from JPMorgan Chase accounts, check balances,
receive online or paper statements, replace lost cards and receive
account alerts.

Customers can make purchases with Chase Liquid
wherever Visa is accepted.

“Consumers are looking for an affordable and
predictable way to manage their money. Customers can use Chase
Liquid to make everyday purchases, pay bills and more, without any
surprise charges,” said McInerney.

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There are no overdraft fees and no minimum
balances to maintain the Chase Liquid account – only an initial
deposit of $25 is required.