Chase has launched Chase Liquid, a reloadable, prepaid card that offers customers an alternative to a traditional checking account for a flat monthly fee of $4.95.
Chase is touting its new venture as an affordable option to other prepaid cards that carry multiple fees.
Customers can make purchases with Chase Liquid anywhere Visa is accepted. An initial deposit of $25 is required, but customers are not required to have a checking or savings account with Chase.
The nation’s largest bank said it will not charge customers anything additional for making withdrawals and deposits at Chase ATMs and branches, or for the number of purchases they make.
The pilot program has started in about 200 branches, with a national launch planned for this summer, Chase said.
The bank said Chase Liquid customers will not pay to check their balances – at Chase ATMs and branches, on Chase.com, via text, or by speaking with a customer service representative.
“Chase Liquid is a low-cost alternative to traditional checking accounts, and its terms are clear and simple,” said Ryan McInerney, CEO of Consumer Banking.
The bank said Chase Liquid customers will pay no additional charge to:
- Open a Chase Liquid card;
- Refill their card with cash or checks at Chase’s 10,500 DepositFriendly ATMs and 5,500 branches nationwide;
- Withdraw cash at Chase’s 17,500 ATMs and 5,500 branches nationwide;
- Sign up for direct deposit – paychecks or government benefits such as Social Security;
- Transfer funds to their Chase Liquid card from Chase accounts on Chase.com or at Chase ATMs;
- Receive online or paper statements;
- Replace lost cards;
- Receive account alerts via text or email, and check balances via text; or
- Call customer service (customers have access to English- and Spanish-speaking customer representatives 24/7).