Bye Bye Chase Liquid Reloadable Prepaid Card
Unfortunate news for Chase Liquid customers, J.P. Morgan has decided to discontinue the Chase Liquid Reloadable Prepaid card. Chase Liquid was first launched in 2012 and was aimed at low-income and unbanked consumers. In its place will be a new card called Chase Secure Banking, which require users to open up a bank account with Chase bank. Chase Liquid landing page has officially been replaced.
This is unfortunate for several reasons, the first being that those who have enjoyed Chase Liquid and cannot or do not want to open up a bank account, they're pretty much out of luck. Another terrible thing about this news is that Chase Secure Banking card customers will have to visit a Chase bank to load their card. There is no added advantage for the consumer.
Consumers especially millennial are visiting the banks less. Its very convenient to load your card at a retail store and maybe even do a little shopping while you are there. J.P Morgan decided to make this move because they preferred long-term customers. People who have bank accounts are typically stick with the bank for a long time as opposed to sticking with a prepaid debit card company. However, that's only good news for the banks. None of this is good news for the consumers. All is not bad however, because Chase Secure Banking cardholders will still be able to keep their Chase Liquid card. New customers cannot sign up for a Chase liquid. Chief executive of Chase Consumer Banking stated "A bank account can open doors to economic opportunity and improve the financial lives of so many across the country". We're not sure how or exactly when this will affect current Chase Liquid cardholders, but its sad to see the change.