Chase Adopts New Fee Disclosure - Card Issuers News


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Chase Adopts New Fee Disclosure

Chase Adopts New Fee Disclosure
The content is accurate at the time of publication and is subject to change.

People applying for a Chase Liquid prepaid card are the first to get a peek at the new disclosure form that aims to make terms and conditions clearer and fee schedules easier to understand.

The new form, created by the Pew Charitable Trusts, was prompted by a push by lawmakers to make prepaid fee disclosures clearer. Senator Mark Warner of Virginia introduced the legislation. “Prepaid cards are one of the fastest-growing segments of the digital economy, but aren’t required to have the same kinds of consumer protections as other types of credit cards,” said Senator Warner. His legislation proposed making the new disclosures a standard across the prepaid card industry.

Prepaid cards often have fees for things such as ATM withdrawals, loading money onto the card, monthly fees, activation fees, card replacement and more. But since fee disclosures look different for different prepaid cards, these fees may not always be clear to consumers. The Pew Foundation researched prepaid card fee disclosures and found that fees were difficult to understand, according to Susan Weinstock, director of Pew’s safe checking research department.

This is not the first time the Pew Foundation has sought to make financial institutions’ terms and conditions disclaimers clearer for consumers. Pew overhauled Chase Total Checking’s disclosure forms in December 2011.

Prepaid card fees vary

Prepaid cards, also called general purpose reloadable debit cards, are cards that customers load money onto up front and can add money to as needed. They have become increasingly popular as alternatives to credit cards and checking accounts. But fees vary greatly. Adopting a uniform disclosure box for prepaid cards may make it easier for customers to compare cards and make an informed decision about which card to purchase.

The Chase Liquid card charges customers a monthly fee of $4.95, but transactions and reloading are fee-free. The card is available at Chase bank branches. The new disclosure forms will be available online in March but won’t be in branches until June.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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