JPMorgan Chase & Co. is testing a new prepaid card with several incentives designed to connect customers to a bank account.
The low $4.95 fee of Chase Liquid undercuts even its student checking account. But the fee can't be waived with direct deposit or a high minimum balance. To get the card for free, users must link it to a Chase checking account.
The New York-based issuer does not require prepaid customers to open bank accounts, but the card has several features that look more appealing to Chase accountholders. The prepaid account allows free use of Chase-branded ATMs and fund reloads at the bank's branches, Chase said in a May 8 press release.
The card's terms and conditions list several checking accounts customers can link to the prepaid card to waive the monthly fee. Customers can use the linked account as a funding source for the prepaid card account.
The card is designed to appeal to customers that want a reloadable prepaid card but also value the brand of a major bank.
"Chase Liquid will be a terrific option for customers who want a prepaid card and also want the security and convenience of Chase," Todd Maclin, CEO of chase consumer and business banking, said in a May 8 press release.
The Liquid card is available in about 200 Chase branches as part of a test rollout. The bank plans to offer the card nationwide this summer.
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