J.P. Morgan announced today that it will explore a full range of options for its prepaid card business, including a sale. The prepaid card business includes all Corporate, U.S. Public Sector and Electronic Benefit Transfer (EBT) programs, as well as Health Savings Accounts (HSA). Additionally, the firm will no longer solicit or accept any new prepaid card business.
As the firm explores a sale, it will continue to fully support current clients and cardholder activities. Cardholders should continue to use their cards unless notified otherwise.
Chase customers, including cardholders of Chase debit, credit, Chase Liquid and commercial cards, are not affected by this decision.
Source: JPMorgan Chase & Co.